Is the industrial vehicle, van and truck rental market growing? Where is the industry at today? What are the 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. Indeed, the truck rental sector or other industrial vehicles allows them to offer their customers an additional service while securing an undeniable growth driver. How can you migrate towards this new activty and what is its real interest? Is there a business risk? Why are industry players in the truck rental market increasingly turning to myrentcar’s vehicle rental management software? These are just some of the questions we will answer in this analysis of the industrial vehicle rental market.
What is the truck rental market?
The truck rental market represents all the industry players offering a short or long term industrial vehicle rental service. To summarize, the truck rental sector is a demanding market that needs to be at the cutting edge of technology, with an offer ranging from trucks to tippers and vans. It is often associated with complementary services such as rental with drivers, technical maintenance, replacements or maintenance and repairs.
What are the trends in the industrial vehicle rental market?
Trends in the industrial vehicle rental market have changed significantly, particularly due to crises such as the Covid-19 crisis and new regulations. Indeed, the growth of the truck rental market has been affected by the health crisis which has strongly impacted the demand for rental companies. As a result, the investment plans of truck rental companies and their customers have changed considerably to adapt to the new legislation.
In this particular context and at a time when regulations affecting the circulation of heavy goods vehicles are becoming increasingly strict, companies and large groups are seeking to strengthen their position. There is strong competition within the market with the arrival of players from the car rental market and manufacturers through takeovers and mergers. Fraikin, for example, bought the 3rd biggest player in the truck rental market, Via Location, to create an entity with revenues of nearly €1 billion. So, what are the key figures and growth prospects for truck rental companies in the years to come?
What are the figures for the truck rental market?
What are the real figures for the truck rental market? It is estimated that the commercial vehicle rental market currently accounts for nearly 15% of 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, the truck rental 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.
What are the consequences of the industrial vehicle rental market?
The consequences of the industrial vehicle rental market are numerous. 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 truck rental market marks the arrival of a revolution in corporate SaaS management systems. Indeed, several management tools have been developed on the truck rental sector to facilitate the daily life of rental companies and fleet managers. These solutions make it possible to manage truck rental and all its specificities in order to optimize and make this booming business profitable. How does this software work and how can you identify the right platform?
Who are the best partners in the truck rental market?
With the plethora of existing offers, how can you find the best partners in the truck rental market? 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 Location, Legras or Iveco with its truck rental software myrentcar. But why is myrentcar the ideal partner in the industrial vehicle rental market?
The myrentcar software is an online platform that can be accessed via smartphone and computer and enables you to completely manage your truck rental business, van or other vehicle rental. From planning to invoicing and accounting, myrentcar ensures a complete digitalization of the rental business and represents a major competitive advantage in the truck rental sector. This digitalization includes new powerful technologies such as the digital signature and the rentpad vehicle inventory application. Managing your maintenance, your drivers, your fines and even the allocation of your financing is done in a few clicks from an easy-to-use interface. The myrentcar management software has become the reference in the fast-growing truck rental market. Surrounding yourself with the right partners is a major challenge for development, we recommend that you try myrentcar by filling out the form below!