Truck-as-a-Service Market Size Worth USD 172.3 billion by 2031, to Expand at a CAGR of 25.02% | Report by TMR
Expansion of the transport sector, advancements in digitized trucking, and rapid urbanization are driving the global truck-as-a-service market.
Wilmington, Delaware, United States, Nov. 03, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. –The global truck-as-a-service market stood at US$ 18.4 billion in 2021 and is projected to reach US$ 172.3 billion in 2031. The global truck-as-a-service market is anticipated to expand at a CAGR of 25.02% between 2022 and 2031.
Increase in trade agreements between developing nations is offering new opportunities to the logistics industry. Adoption of smart trucking is rising among light and heavy commercial vehicle owners. Roadways play an integral role in transporting products and goods in t he truck-as-a-service market. They offer cost-effective door-to-door services, owing to improved road infrastructure. Market players are introducing blockchain in trucking to facilitate reliable data verification in transport and logistics sectors.
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In terms of technology, the global truck-as-a-service market has been classified into telematics, digital freight brokerage, digital retailing, truck platooning, blockchain technologies, and business analytics. The telematics segment held major share of 66.62% of the global market in 2021. The segment is estimated to maintain its position in the market and advance at a CAGR of more than 26.14% during the forecast period. OTA updates can detect issues before devices launch, thereby reducing the time required for software development and quality assurance processes. OTA updates also enable OEMs to easily update the software on devices that are difficult to access such as advertising displays.
The global truck-as-a-service market has been segmented into automotive & transportation, manufacturing, retail, FMCG, chemicals, pharmaceutical & healthcare, hi-tech industry products, food & beverages, and others. The FMCG segment held major share of 25.57% of the global market in 2021. The segment is estimated to maintain its position in the market and advance at a CAGR of more than 24.41% during the forecast period. Rise in demand for fast-moving consumer goods across the globe during the COVID-19 pandemic and increase in expenditure on personal products are driving the segment. Extension of lockdown and shutdown of shops during the pandemic prompted consumers to opt for online shopping. Significant industries in developing countries are adopting road transportation to distribute fast-moving goods and commodities.
Truck-as-a-Service Market: Key Players
- Fleet Advantage LLC introduced the ATLAAS platform (Advanced Truck Lifecycle Administrative Analytics Software) with the addition of predictive Lifecycle Management Software (LMS). The platform offers pertinent fleet information with data analytics and visualizations needed to manage a fleet.
- Trimble Inc. introduced its new TMT Service Connect Module, enabling fleet shops using Trimble’s TMT Fleet Maintenance (TMT) software to be connected to more than 4,500 medium- and heavy-duty service locations, including many OEM dealers, throughout North America.
Competitive Landscape –
- Robert Bosch GmbH
- Continental AG
- Daimler AG
- Fleet Advantage
- Hino Motors
- Inseego Corporation
- MAN Trucks
- Masternaut Limited
- Microlise Group Ltd.
- Mix Telematics International (PTY) Ltd.
- Navistar International
- Nikola Corporation
- OCTO Telematics Ltd.
- Omnitracs, LLC
- PACCAR Inc.
- PTC, Inc.
- Scania AB
- Tata Motors
- TomTom Telematics BV
- Toyota Tsusho
- Traton SE
- Trimble Inc.
Key Takeaways of Market Report
- Global truck-as-a-service market to generate absolute dollar opportunity worth US$ 172.3 billion until 2031.
- Global truck-as-a-service market from 2022 to 2031 is 25.02%
- The global truck-as-a-service market is valued at US$ 20 billion in 2022.
- The global truck-as-a-service market stood at US$ 18.4 billion in 2021.
Truck-as-a-Service Market: Growth Drivers
- Less-than-load (LTL) systems were immensely popular a decade ago due to rise in adoption of large distribution center models, wherein trucks entered from one side and left from the other side. However, the last couple of years have witnessed the revival of the less-than-load industry with the rapid expansion of the ecommerce sector and significant penetration of automation in factories across the globe.
- Rise in the number of smaller shipments in the e-commerce sector is also boosting the demand for efficient less-than-load (LTL) transportation. Truck-as-a-service is expected to gain significant momentum, as companies such as Uber, Amazon, Google, and Tesla are investing heavily in LTL transportation.
- Independent access to online trade portals is augmenting the demand for e-tailing trade and business transactions among sellers and buyers. Favorable government regulations and increase in regional GDPs and per capita expenditure are driving the e-tailing market.
- Retailers are integrating brick-and-mortar stores, ecommerce sites, and catalogs to enhance their revenue streams. The resulting experience of shopping without boundaries for consumers is further propelling the e-tailing market. Availability of high-speed internet is easing the adoption of home delivery services, thereby offering new growth frontiers for the truck-as-a-service market.
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Truck-as-a-Service Market: Regional Landscape
- North America dominates the global truck-as-a-service market, and accounted for more than 34.80% share of the market in 2021. Growth of the market can be ascribed to the rapid expansion of small and medium-scale industries across the region such as logistics, warehouses, and manufacturing.
- The market in Asia Pacific is expected to grow significantly during the forecast period, owing to rise in the population across the region and the subsequent increase in the consumption and supply of food products and other goods. Furthermore, rapid economic expansion in China and Japan has led to surge in transport volumes of commodities, thereby offering lucrative growth prospects for the truck-as-a-service market players in the region.
Truck-as-a-Service Market: Segmentation
- Over-the-Air (OTA) Updates
- Digital Freight Brokerage
- Digital Retailing
- Omnichannel Retailing
- Truck Platooning
- Autonomous Driving Technologies
- Blockchain Technologies
- Business Analytics
- End-use Industry
- Automotive & Transportation
- Pharmaceutical & Healthcare
- Hi-tech Industry Products
- Food & Beverages
- North America
- Asia Pacific
- Middle East & Africa
- South America
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