Is the industrial vehicle, van, and truck rental market growing? Where does the industry stand today, and what are the current trends?
While the industrial and transport activity is in full upheaval, many manufacturers and industry players are showing a growing interest for the heavy trucks rental market. The truck and industrial vehicle rental sector offers companies a valuable added service. It also provides a strong growth driver. This strategy helps secure long-term customer loyalty and revenue. How can you migrate towards this new activity and what is its real interest? Is there a business risk? Why are industry players increasingly turning to myrentcar’s vehicle rental management software? These are just some of the questions we will answer in this truck rental market research.
What is the rental truck market?
The rental truck market represents all the industry players offering a short or long term industrial vehicle rental service. To summarize, this is a demanding market that requires cutting-edge technology, with offerings ranging from trucks to tippers and vans. The truck rental services market is often associated with complementary offerings such as delivery services, rentals with drivers, technical maintenance, vehicle replacement, and repair operations.
What are truck rental market trends?
Truck rental market trends have evolved significantly, particularly due to crises such as the Covid-19 pandemic and the implementation of new regulations. Indeed, the growth of this market has been affected by the health crisis which has strongly impacted the demand for leasing companies. As a result, the investment plans of truck rental companies and their customers have changed considerably to adapt to the new legislation.
Heavy vehicle regulations are becoming increasingly strict. In this context, companies aim to strengthen their market position. Competition is intensifying across the truck rental sector. New entrants include car rental players and manufacturers. Takeovers and mergers are reshaping the market landscape. Fraikin, for example, bought the 3rd biggest player in the European truck rental market, Via Location, to create an entity with revenues of nearly €1 billion.
What is the truck rental market size?
It is estimated that the truck rental market size currently represents nearly 15% of total truck registrations. The business risk is therefore low if investments are controlled. We are talking about a constantly increasing double-digit growth including the large groups and many manufacturers. Indeed, this sector is the perfect complementary activity to increase market share and this is reflected in numerous mergers and acquisitions of transport companies with the common objective of democratizing this economic model. This momentum is also driven by the steady growth of the global truck rental market size, which continues to expand year after year.
Truck rental market analysis: What to know
A truck rental market analysis reveals key shifts in demand, usage, and industry trends. Firstly, and contrary to what one might think, the various takeovers and mergers of transport players to pool their rental offer together are not expanding their vehicle fleet. In fact, the trend is paradoxically moving towards a decrease in the number of trucks. This decrease, estimated at about -3% per year, aims at pivoting towards a sustainable and profitable business model by refocusing the offer according to the demand and by optimizing the fleet rotation and its total cost of ownership.
Secondly, the growth of the global truck rental market marks the arrival of a revolution in corporate SaaS management systems. Several management tools have emerged in the truck rental sector. They simplify daily tasks for rental companies and fleet managers. These solutions handle all truck rental specificities efficiently. Their goal: optimize operations and boost profitability in a growing market. As demand continues to rise, the rental truck market size is expanding significantly, reflecting the strategic importance of digital tools.
What is the state of the truck rental software market?
The truck rental software market is evolving rapidly to meet the growing needs for digitalization, automation, and fleet efficiency. Based on its experience, hitechsoftware has positioned itself as a major player in helping industrial vehicle rental companies in their transition and growth. Specialized in the development of rental management solutions, hitech today equips many references in the industry and heavy goods vehicles such as Benalu, Berger, Legras or Iveco with its truck rental software myrentcar. How does myrentcar stand out when you compare the truck rental market and look for the ideal partner for industrial vehicle leasing?
Myrentcar is an online platform accessible from smartphone, tablet, or computer. It allows full management of truck, van, or vehicle rentals. From planning to invoicing, it covers all key rental operations. Myrentcar also integrates accounting features for complete digitalization. It offers a strong competitive advantage in the truck rental market. This digitalization includes new powerful technologies such as the digital signature and the myrentpad vehicle inventory application. Managing your maintenance, your drivers, your fines and even the allocation of your financing is done in a few clicks. In our truck rental market report, myrentcar stands out as the leading management software. This is why implementing the myrentcar solution has become the top recommendation for renting vehicles in this rapidly growing sector.
Get a demo
