Water Truck Rental Market

Water Truck Rental Market Growth Outlook (2023 to 2033)

Water truck rental services are gaining traction and are poised to grow at a rate of 3.3% during the forecast period and reach a valuation of US$ 1,329.2 million in 2023 from US$ 1,839.0 million in 2033.

Water trucks are vehicles that are used to transport and distribute water. These vehicles are widely used in different end-use industries from farming to dust control at construction sites. The market for renting water trucks has expanded significantly in recent years as a result of rising construction activities, expanding agricultural land, and the lower cost of renting compared to buying.

Report Attributes	Details
Water Truck Rental Market Size (2022A)	US$ 1,286.7 Million
Estimated Market Value (2023E)	US$ 1,329.2 Million
Forecast Market Value (2033F)	US$ 1,839.0 Million
Global Market Growth Rate (2023-2033)	3.3% CAGR
US Market Growth Rate (2023-2033)	3.5% CAGR
China Projected Market Value (2033F)	US$ 439.5 Million
Key Companies Profiled	BigRentz Herc Rentals Home Depot Rentals RentalMax Sunbelt Rentals United Rentals

Historic and Future Pathway Analysis for the Water Truck Rental Market

Small or medium-sized trucks with a tank for carrying water are known as water trucks or water tankers. These water trucks are widely used in soil compaction, dust control, firefighting, agricultural applications, emergency services, and many other applications. Commercial water trucks are equipped with a variety of water distribution tools, such as hoses, sprayers, cannons, and dribble bars to meet in order to cater the diverse requirements.

• Short Term (2023-2026): Growing construction and infrastructure development activities to drive the water truck rental market. Renting a water truck enables users to save on cost and also rent as per requirement based on construction activities, thus, creating a growth area for the water truck rental services market with the growing construction industry in order to control dust and meet other requirements.
• Medium Term (2026-2029): With the growing agricultural industry across the globe especially across emerging countries such as China and India is likely to create immense growth opportunities for water truck rental service providers.
• Long Term (2029-2033): With the growing technology and efforts towards sustainability introduction of autonomous and electric trucks is gaining traction. Rental service providers can upgrade their offerings and curb the demand pool to gain high-profit margins.

On the back of the aforementioned facts, the water truck rental market is expected to grow at a CAGR of 3.3% during the forecast period from 2023-2033, According to the Fact.MR, a market research and competitive intelligence provider.

Market share analysis of water truck rental based on the type and region is provided in a nutshell in the above image. Under the type segment, the rigid sub-segment dominates with a 58.2% market share in 2023.

Market Dynamics Outlook

“Growing Construction & Mining Industry Drives Water Truck Rental Services Demand”

The growing construction and mining industry has a significant impact on the demand for water truck rental services.

• The volume of construction output is projected to grow by 85.1% to reach US$ 15.5 trillion worldwide by 2030. This indicates a substantial expansion in construction activities across various regions.
• China, the US, and India are identified as the key contributors to global construction growth, accounting for 57% of the overall increase.

Growing construction and mining activities require large amounts of water to carry out their operations. These activities often take place in remote locations where access to clean water is limited, and transportation of water can be difficult. This is where water truck rental companies come into play.

Water trucks are specialized vehicles that are designed to transport large quantities of water to construction and mining sites for various purposes such as dust control, washing equipment, and irrigation. As construction and mining activities increase, the demand for water trucks also increases, thereby driving the water truck rental market.

In addition, many construction and mining companies prefer to rent water trucks rather than invest in purchasing them as it is more cost-effective and saves them from the hassle of maintenance and repair. As a result, water truck rental companies are likely to see continued growth in demand for their services as construction and mining activities continue to expand.

“Factors Affecting the Growth of the Water Truck Rental Market”

With the growing demand for water truck rental services, more companies are likely to enter the market, leading to increased competition. This puts pressure on rental prices, potentially affecting the profitability of existing rental service providers.

Further, the market has other restraining factors such as rental companies needing to acquire a large fleet of specialized water trucks and other equipment, which is expensive. As a result, it takes some time for rental companies to recover their investment, which limits the growth of the rental market.

Country-wise Insights

What are the Factors Driving Water Truck Rental Demand Across China?

China has experienced a significant boom in mining operations. The Chinese water truck rental service market is likely to create an absolute $ opportunity of US$ 142.3 million from 2023 to 2033, growing at a CAGR of 3.6%.

The growing mining sector in China is driving the water truck rental market due to the high demand for water in mining operations. The mining industry requires a significant amount of water for extracting minerals, cooling equipment, and suppressing dust. With China being the world’s leading producer of metals such as aluminum, steel, iron, gold, zinc, and rare earth, the water demand is substantial, creating immense opportunity for water truck rental companies.

In addition, the Chinese government’s push towards green mines has also increased the demand for water trucks. These green mines utilize water-efficient techniques and best practices to minimize water usage in mining operations. As a result, water trucks are essential to transport the exact amount of water needed for mining operations efficiently. The Chinese government’s emphasis on green initiatives has also led to the construction of mines in remote areas, which increases the demand for water truck rentals to transport water to these sites.

• With over 400 billion USD produced annually by China’s mining sector and more than 1,254 mining businesses listed in the national green mine directory at the end of 2021, the opportunities for water truck rental companies in China are enormous.
• The growing mining market in China, with almost 40,000 mines, guarantees a consistent demand for water trucks, which will further drive the rental market.

Thus, the mining sector in China, with its increasing emphasis on green initiatives, presents abundant opportunities for water truck rental companies to grow their business.

Why Indian Water Truck Rental Market is flourishing?

Construction sites require a large amount of water for various purposes such as dust control, site preparation, concrete mixing, and curing. India’s construction industry is rapidly expanding, with commercial and residential buildings, roads, bridges, and other infrastructure projects in increasing numbers. This demand for water in construction activities has resulted in a significant opportunity for water truck rental companies.

Numerous construction companies in India prefer to rent water trucks due to their cost-effectiveness. They access high-quality and well-maintained trucks for their projects without having to bear the costs and responsibilities of maintenance, repairs, and storage. As a result, the demand for water truck rental services is increasing, driving the growth of the rental market.

Furthermore, the government’s plans to improve the country’s infrastructure, including the development of smart cities and housing for all, and increasing investment in the road and transportation sector, will create more construction activities, further driving the demand for water truck rentals.

The Indian water truck rental services market is likely to grow at a rate of 3.7% from 2023 to 2033.

Category-wise Insights

Why Demand for Rigid Type Water Truck is Increasing?

With the increase in population and industrialization, the demand for water has also increased, resulting in the increased demand for water trucks. Rigid-type water trucks are efficient for carrying large volumes of water to remote locations, which are not easily accessible by pipelines.

These trucks are used for a wide range of applications such as firefighting, dust suppression, road construction, and many more, making them a versatile option. Additionally, the durability and low maintenance cost of the rigid-type water truck makes it a cost-effective option for end users renting a water truck, which drives the demand for water truck rental services.

The rigid-type water truck is likely to witness high demand and grow at a rate of 3.6% during the forecast period.

How Does the Increasing Farming Industry Drive Water Truck Rental Service Market?

The demand for water trucks arises due to the critical role water plays in farming operations, including irrigation, pest control, and cleaning. Many regions have limited access to water for irrigation, making it necessary to transport water from other sources using water trucks. As agricultural activities increase, the demand for water trucks to transport water for irrigation also increases.

During drought conditions, farmers turn to water truck rental companies to help fill the gap in their water needs. Water trucks deliver water in large quantities, ensuring that crops receive enough water even during dry spells. Thus, creating immense growth opportunities for the market players operating in the water truck rental market.

Eminent Player’s Key Stratagems

Prominent players operating in the water truck rental service market are United Rentals, Sunbelt Rentals, Herc Rentals, RentalHQ, Rent1, BigRentz, Home Depot Rentals, RentalMax, and Rent Equipment.

The water truck rental market is highly competitive and fragmented in all regions of the world. Water truck rental market players understand the significance of competitive pricing to attract customers. They analyze the market rates and set rental prices that are competitive while still allowing them to cover costs and generate profits.

Fact.MR has provided detailed information about the key rental service providers of water truck rental, their total fleet, service portfolio, and revenue growth, in the recently published report.

Segmentation of Water Truck Rental Industry Research

• By Type :

  • Rigid
  • Articulated
  • Special Purpose

• By Capacity Range :

  • Less than 2,000 Gallons
  • 2,000-4,000 Gallons
  • Above 4,000 Gallons

• By End Use :

  • Residential Use
  • Commercial Use
  • Farming
  • Municipal Use, Firefighting, and Disaster Relief
  • Construction and Mining

• By Region :

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & Oceania
  • Middle East & Africa