Truck-as-a-Service Market Scope, Segment, Growth Trends, Opportunities and Forecast 2031
According to the report, the global truck-as-a-service market is projected to surpass US$ 99.2 Bn by 2030, expanding at a CAGR of ~26% during the forecast period. Increased trend of online shopping is a major factor driving the road transportation for delivery of goods, which is likely to boost the truck-as-a-service market across the globe. Moreover, rise in penetration of advanced technologies in commercial vehicles, which helps to enhance the safety of drivers and avoid breakdown of vehicles, is anticipated to boost the truck-as-a-service market across the globe. Investments by various governments across the globe in fast movable consuming goods (FMCG) is likely to offer significant opportunities for truck transportation service providers, which in turn is estimated to boost the truck-as-a-service market.
In addition, rise in adoption of technology in transportation, including next-gen global positioning, helps to track vehicle location. Modern GPS business solutions enable constant two-way communication and boosts transparency between owner and driver, which propels the truck-as-a-service market. A GPS vehicle tracking system is automated and provides real-time updates on a remote device. This helps in quick decision-making, which is likely to augment the truck-as-a-service market across the globe.
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Expansion of Truck-as-a-Service Market
The change in trade policies by the Trump Administration, such as withdrawal of trade agreement with South Korea and continuous fluctuation on tariff on import and export to China, is likely to keep the market volatile during the forecast period. Surge in trade volume owing to rising bilateral trade among countries is projected to boost the truck-as-a-service market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% year-on-year.
Based on service type, the truck-as-a-service market has been segmented into digital freight brokerage, platooning, digital retailing, telematics, business analytics, and blockchain. Telematics service is likely to be a highly lucrative segment during the forecast period. This is primarily due to technological developments, including connected vehicle, live traffic updates, and global positioning system, which is likely to propel the truck-as-a-service market across the globe.
In terms of end-use industry, the FMCG segment dominated the market, owing to the rise in low cost goods transportation across the globe. Various governments across the globe are trying to invest in the FMCG segment due to increase in the coronavirus pandemic across the globe. Rise in developments in transportation management system, payment gateway integration, and customer management boost the FMCG segment, which in turn is estimated to propel the truck-as-a-service market across the globe.
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Regional Analysis of Truck-as-a-Service Market
In terms of region, the global truck-as-a-service market has been segregated into North America, Europe, East Asia, South Asia, Middle East & Africa, and Latin America. North America dominated the global truck-as-a-service market in 2019. It is anticipated to hold a significant share during the forecast period due to expansion of logistics and warehouse industries, and production plants across North America. Followed by North America, Europe also held a major share of the truck-as-a-service market due to the expansion of the e-Commerce industry and consumer trend toward online shopping, which in turn is likely to boost the truck-as-a-service market across the globe.
Key Players
Prominent players operating in the truck-as-a-service market include Daimler AG, MAN Trucks, Nikola Corporation, Fleet Advantage, Trimble Transportation Enterprise Solutions Inc., Traton SE, Tata Motors., Scania AB, PACCAR Inc., and Navistar International.
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