NAICS 532120 Quarterly Industry Report
Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasi
Comprehensive industry research for valuation professionals, business owners, buyers, and lenders
NAICS Code: 532120Sector: Real Estate and Rental and Leasing (53)Updated: Q1 2026
About This Report
This industry profile for Truck, Utility Trailer, and RV Rental and Leasing (NAICS 532120) draws on data from the U.S. Census Bureau[5], Bureau of Labor Statistics[6], and SBA size standards[7]. Published by Fair Market Value and updated quarterly, it provides fleet managers, rental operators, and transportation analysts with classification guidance and market context. The editorial analysis reflects the independent assessment of FairMarketValue.com's research team.
Industry Snapshot
Key metrics for the truck, utility trailer, and rv (recreational vehicle) rental and leasi industry.
NAICS Sector
53
Real Estate and Rental and Leasing
Industry Definition & Overview
Truck, Utility Trailer, and RV Rental and Leasing (NAICS 532120) encompasses establishments primarily engaged in renting or leasing trucks, truck tractors, buses, semi-trailers, utility trailers, or recreational vehicles without drivers. Per the U.S. Census Bureau[5], this industry serves moving, construction, logistics, and leisure travel markets across short-term rental and long-term leasing arrangements.
The industry generated approximately $34.4 billion in revenue in 2025, with operations spread across roughly 21,736 establishments nationwide. Operational characteristics vary by segment; RV rental companies frequently operate with smaller fleets, with 56% maintaining 10 or fewer units and only 8.5% exceeding 50 vehicles. Truck rental operations focus on commercial hauling and personal moving needs, while utility trailer rentals serve construction and landscaping businesses. E-commerce expansion has become a primary growth driver, creating sustained demand for last-mile delivery vehicles and distribution fleet capacity.
Per the Bureau of Labor Statistics[6], employment in the rental and leasing sector continues to grow alongside logistics demand. Revenue margins typically fall between 10% and 20%, with fuel costs accounting for 25% to 40% of total operating expenses. Fleet maintenance, insurance, and seasonal demand fluctuations complicate profitability planning for operators of all sizes. Digital booking platforms, telematics fleet tracking, and fuel-efficient vehicle adoption represent current trends reshaping operations across all segments of this diverse industry.
What's Included in This Industry
- Moving truck rental for residential and commercial relocations
- Commercial truck leasing for business transportation
- Semi-trailer and truck tractor rental for freight hauling
- Utility trailer rental for construction and landscaping
- Recreational vehicle rental for leisure travel and camping
- Bus rental without operators for group transportation
- Short-term daily and weekly vehicle rental agreements
- Long-term fleet leasing contracts for business operations
- Fleet maintenance and vehicle management services
- Digital booking and reservation platforms
NAICS Classification Hierarchy
| Level | Description | Code |
|---|---|---|
| Sector | Real Estate and Rental and Leasing | 53 |
| Subsector | Rental and Leasing Services | 532 |
| Industry Group | Automotive Equipment Rental and Leasing | 5321 |
| NAICS Industry | Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing | 53212 |
| National Industry | Truck, Utility Trailer, and RV (Recreational Vehicle) Rental and Leasing | 532120 |
Related NAICS Codes
| Code | Description | Relationship |
|---|---|---|
| 532111 | Passenger Car Rental | Passenger Car Rental serves short-term personal transportation needs, complementing truck rental within the broader automotive equipment rental and leasing sector |
| 532112 | Passenger Car Leasing | Passenger Car Leasing provides long-term vehicle arrangements for passenger vehicles, contrasting with the commercial focus of truck and trailer leasing operations |
| 484110 | General Freight Trucking, Local | General Freight Trucking (Local) provides driver-operated hauling services, representing the full-service alternative for businesses choosing not to rent self-drive trucks |
| 484121 | General Freight Trucking, Long-Distance, Truckload | General Freight Trucking (Long-Distance, Truckload) offers long-haul transportation with drivers, serving customers who need turnkey shipping rather than renting vehicles |
| 532210 | Consumer Electronics and Appliances Rental | Consumer Electronics and Appliances Rental applies similar asset management and leasing business models to equipment rather than vehicles across comparable rental economics |
| 532490 | Other Commercial and Industrial Machinery and Equipment Rental and Leasing | Other Commercial and Industrial Machinery Rental covers heavy equipment categories outside vehicles, representing parallel rental business models in construction and industrial sectors |
Geographic Concentration
Top states by share of national establishments.
| # | State | % Est. | Total Est. |
|---|---|---|---|
| 1 | California | 10.2% | 643 |
| 2 | Texas | 9.6% | 603 |
| 3 | Florida | 6.4% | 402 |
| 4 | Pennsylvania | 6.0% | 380 |
| 5 | Ohio | 4.5% | 287 |
| 6 | New York | 4.1% | 257 |
| 7 | Georgia | 4.0% | 253 |
| 8 | Illinois | 3.8% | 239 |
| 9 | North Carolina | 3.1% | 195 |
| 10 | Tennessee | 2.8% | 179 |
% Of Establishments
0%
10%
Source: County Business Patterns, U.S. Census Bureau[3]
SBA Lending Summary
280
Total SBA Loans
$72.1M
Total Loan Volume
$258K
Average Loan Size
10 yrs
Average Loan Term
10.55%
Average Interest Rate
952
Jobs Supported
Source: SBA 7(a) Program Data, U.S. Small Business Administration — FY 2025[4]
Key Insight: The SBA size standard for NAICS 532120 is $47.0 million in average annual receipts (SBA Size Standards[7]). This threshold reflects the capital-intensive nature of fleet acquisition and maintenance required to compete across truck, trailer, and RV segments. Independent operators and regional chains below this threshold qualify as small businesses for SBA programs. SBA 7(a) loans can fund fleet expansion, facility buildout, and working capital for qualifying rental and leasing companies. Additionally, 504/CDC loans[8] provide long-term, fixed-rate financing for major fixed assets such as real estate and equipment.
Top SBA Lenders
| # | Lender | Loans | Volume | Avg Loan |
|---|---|---|---|---|
| 1 | First Mid Bank & Trust, National Association | 8 | $23.5M | $2.9M |
| 2 | U.S. Bank, National Association | 16 | $16.7M | $1.0M |
| 3 | America First FCU | 8 | $7.6M | $956K |
| 4 | West Coast Community Bank | 8 | $4.4M | $554K |
| 5 | Zions Bank, A Division of | 24 | $3.5M | $145K |
Frequently Asked Questions
Common questions about this industry.
What types of businesses are classified under NAICS 532120?
NAICS 532120 includes establishments renting or leasing trucks, semi-trailers, utility trailers, buses, and recreational vehicles without drivers. Per the Census Bureau[5], this covers moving truck companies, commercial fleet lessors, RV rental agencies, and construction trailer rental firms.
How large is the truck rental and leasing industry?
The industry generated approximately $34.4 billion in U.S. revenue in 2025 across roughly 21,736 establishments. Per BLS data[6], employment continues growing alongside e-commerce logistics demand. The global truck rental market is projected to reach $269.6 billion by 2034 at a 7.5% annual growth rate.
What is the SBA size standard for NAICS 532120?
The SBA size standard is $47.0 million in average annual receipts (SBA Size Standards[7]). This high threshold reflects fleet acquisition costs and operational expenses required to compete in commercial vehicle rental and leasing.
What NAICS codes are related to truck rental and leasing?
Closely related codes include 532111 (Passenger Car Rental), 532112 (Passenger Car Leasing), 484110 (Local General Freight Trucking), 484121 (Long-Distance Truckload), and 532490 (Other Equipment Rental). Each represents a different approach to vehicle access and transportation services.
What are the major cost drivers for truck rental businesses?
Fuel costs account for 25% to 40% of total operating expenses, representing the largest variable cost. Fleet maintenance, insurance, depreciation, and labor represent additional significant expense categories. Revenue margins typically range between 10% and 20%, with seasonal demand fluctuations complicating fleet use planning.
Which industries work most closely with truck rental companies?
Moving services (484210) compete and partner with self-drive truck rentals. Insurers (524126) provide fleet coverage and customer protection products. Per BLS data[6], the construction, logistics, and e-commerce sectors are primary demand drivers for commercial truck rental operations.
Can you get an SBA loan for a truck rental business?
SBA loans are available for qualifying firms meeting the $47.0 million size standard. SBA 7(a) loans[9] can fund fleet acquisition, facility construction, technology systems, and working capital. The capital intensity of fleet operations makes financing a critical consideration for new and expanding operators.
How has e-commerce affected the truck rental industry?
E-commerce expansion has become a primary growth driver, creating sustained demand for delivery vehicles and distribution fleet capacity across last-mile logistics networks. Businesses increasingly rent or lease trucks to handle seasonal shipping peaks rather than maintaining year-round owned fleets, boosting usage at rental companies during holiday and promotional periods.
Sources & References
Government datasets and editorial sources used in this report.
- [1]U.S. Bureau of Labor Statistics, Quarterly Census of Employment and Wages bls.gov
- [2]U.S. Census Bureau, Economic Census census.gov
- [3]U.S. Census Bureau, County Business Patterns census.gov
- [4]U.S. Small Business Administration, SBA 7(a) Loan Program Data data.sba.gov
- [5]U.S. Census Bureau census.gov
- [6]Bureau of Labor Statistics bls.gov
- [7]SBA size standards sba.gov
- [8]504/CDC loans sba.gov
- [9]SBA 7(a) loans sba.gov
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