LONDON, July 11, 2023 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Truck-As-A-Service Global Market Report 2023, the market will grow from $22.2 billion in 2022 to $28 billion in 2023, at a compound annual growth rate (CAGR) of 26.1%. Further, the market will reach $66.9 billion by 2027, with a CAGR of more than 24%. North America was the largest region in the truck-as-a-service market in 2022.
The growth of the truck-as-a-service industry is attributed to the increasing demand from the automotive industry, which encompasses a wide range of businesses involved in the planning, production, promotion, and sale of automobiles. Truck-as-a-service offers valuable transportation services for freight products using insulated trucks.
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Major truck-as-a-service companies are Daimler Truck AG, Fleet Advantage LLC, Fleet Complete, Trimble Inc, Volkswagen AG, Tata Motors Limited, PACCAR Inc, Volta Trucks, Uber Technologies Inc, Total Transportation Services, Continental AG, Ford Motor Company, Hino Motors Ltd, Michelin, Microlise Telematics Pvt Ltd, and AB Volvo.
A key trend within the truck-as-a-service market is the emergence of product innovations. Key companies operating in this market are actively developing innovative products to enhance their market position.
For example, in April 2022, Quantron, a Germany-based provider of vehicle electrification and hydrogen-powered e-mobility services, introduced the Qargo 4 EV, an electric truck designed specifically for their truck-as-a-service business model. This vehicle offers unique features such as a 3,300-millimeter wheelbase, a 4,500-kilogram gross vehicle weight, and a payload capacity of 1,600 kg. It is primarily tailored to meet the requirements of last-mile urban distribution. The Qargo 4 EV boasts a tested range of 230 km, although it can travel up to 350 km, and has a top speed of 90 kilometers per hour.
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The global truck-as-a-service market is segmented as-
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
The significance of the global truck-as-a-service market report lies in its ability to inform stakeholders, industry professionals, investors, and decision-makers about the state and future prospects of the market. By offering valuable insights into market dynamics, emerging trends, and key players, this report enables informed decision-making, strategic planning, and the identification of growth opportunities within the truck-as-a-Service industry. This report serves as a crucial resource for understanding the market landscape, facilitating market entry, and fostering sustainable growth in the rapidly evolving truck-as-a-Service sector. Its comprehensive analysis and actionable recommendations make it an essential tool for those seeking to capitalize on the market's potential and navigate the challenges ahead.
Truck-As-A-Service Global Market Report 2023 by The Business Research Company provides insights on the truck-as-a-service market size, truck-as-a-service market segments, truck-as-a-service market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 5,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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