Truck Rental & Leasing in the UK - Market Research Report (2014-2029)

Broken truck: Industry revenue is expected to fall in 2023-24 due to slumped business confidence and inflationary pressures

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

Over the five years through 2023-24, revenue will contract at a compound annual rate of 4.3% to £2.8 billion. The industry's decline has primarily been a result of COVID-19 disruptions, decimating truck rental and leasing activity Revenue expanded in 2018-19, attributed principally to rising freight road transport volumes. The industry's performance is dependent on road freight volumes and activity in other downstream markets. The COVID-19 outbreak and lockdown measures, including the UK government's stay-at-home order and the closure of non-essential businesses for much of the year, decimated revenue. Forced retail store closures restricted the movement and distribution of consumer goods, causing revenue to fall. As the pandemic winds down, along with high e-commerce expenditure, road freight volumes have returned to pre-COVID-19 levels, aiding revenue.

Firms in this industry rent and lease trucks and motor vehicles weighing more than 3.5 tonnes. The industry includes the renting or leasing of heavy goods vehicles or trucks with drivers.