The Truck-as-a-Service Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Truck-as-a-Service Global Market Report 2024, The truck-as-a-service market size has grown exponentially in recent years. It will grow from $27.69 billion in 2023 to $34.77 billion in 2024 at a compound annual growth rate (CAGR) of 25.6%. The growth in the historic period can be attributed to logistics and supply chain optimization, cost efficiency and scalability, last-mile delivery solutions, e-commerce growth, flexibility in fleet management.
The truck-as-a-service market size is expected to see exponential growth in the next few years. It will grow to $82.17 billion in 2028 at a compound annual growth rate (CAGR) of 24.0%. The growth in the forecast period can be attributed to rising demand for sustainable transport, globalization and trade expansion, urbanization and smart city initiatives, increased outsourcing of logistics, dynamic regulatory environment. Major trends in the forecast period include adoption of on-demand trucking platforms, collaborations with e-commerce and retail players, incorporation of advanced safety and security features, customization and tailoring of truck services, emphasis on flexible and scalable solutions.
The increasing demand from the automotive industry is expected to propel the growth of the truck-as-a-service market going forward. The automotive industry refers to a broad variety of businesses and institutions engaged in the planning, creation, production, promotion, and sale of automobiles. Truck-as-a-service benefits the automotive industry by providing the service of transporting any freight products from one location to another in an insulated truck. For instance, according to a report published by Zippia Inc., a US-based provider of online recruitment services, in 2020, 14 million units of new cars and light trucks and 39.3 million used light automobiles were sold more than in the US. In 2021, the American auto sector sold 15 million cars and light trucks. Therefore, the increasing demand from the automotive industry across the globe is driving the market for truck-as-a-service.
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The truck as a service market covered in this report is segmented –
1) By Service: Digital Freight Brokerage, Telematics, Data Analytics, Truck Platooning
2) End-User: Chemicals, Pharmaceutical And Healthcare, Fast-Moving Consumer Goods, Food And Beverages, Other End-Users
Major companies operating in the truck-as-a-service market are concentrating on developing innovative solutions such as usage-based truck leasing options. A usage-based truck leasing option refers to a flexible and dynamic leasing arrangement for commercial trucks, where the cost of the lease is determined based on the actual usage or mileage of the vehicle rather than a fixed monthly rate. For instance, in December 2023, Mack Trucks, Inc., a US-based truck manufacturing company announced the launch of ‘ElectriFi Subscription Program’. This subscription program is launched by the company for its MD Electric medium-duty truck. Through this subscription customers have the flexibility to pay based on the miles they drive each month, adopting a pay-as-you-go approach. Subscriptions commence with a minimum duration of three years, and customers have the option to extend up to six years. Upon reaching the subscription term’s conclusion, customers can choose to renew, acquire the truck, or conclude the contract. The subscription fee is tiered and determined based on minimum monthly mileage of 1,700 miles.
The truck-as-a-service market report table of contents includes:
1. Executive Summary
2.Truck-as-a-Service Market Characteristics
3.Truck-as-a-Service Market Trends And Strategies
4.Truck-as-a-Service Market analysis
5.Truck-as-a-Service Market Size And Growth
6.Truck-as-a-Service Segmentation
7.Truck-as-a-Service Regional And Country Analysis
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27.Truck-as-a-Service Competitive Landscape And Company Profiles
28.Truck-as-a-Service Key Mergers And Acquisitions
29.Truck-as-a-Service Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Volkswagen AG
- Daimler Truck AG
- C.H. Robinson Worldwide
- MAN Truck & Bus SE
- Ryder System, Inc.
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The automotive sector is a critical component of economic development and a huge contributor to the GDP of major global economies.
As advanced technologies percolate into the mainstream, global positioning systems (GPS), tracking, and platooning should be offered as standard features and not optional accessories.
Autonomous driving, shared mobility, electrification, and connected vehicles are predicted to be new avenues of growth during the forecast period.
Digital Retailing Likely to be Norm and Not Exception in Post COVID-19 WorldTruck dealers have demonstrated remarkable resilience while facing a triple whammy of economic recession, fluctuating fuel prices, and COVID-19 lockdowns.
Thus, the minimal incentive for capital needed to operate large fleets is anticipated to benefit the truck-as-a-service market for the foreseeable future.
Nonetheless, Asian economies should become increasingly important with the acceptance of smart devices in the truck industry there.
