Truck-as-a-Service Market to Gain Value of US$ 172.3 Bn by 2031

As per the sales forecast for truck-as-a-service market presented by Transparency Market Research (TMR), the global market is projected to gain a value of US$ 172.3 Bn by 2031. Furthermore, the TMR study finds that the market for truck-as-a-service is expected to expand at a CAGR of 25.02% during the forecast period, from 2022 to 2031.

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Major companies such as Amazon, Uber, Tesla, and Google are increasing investments on LTL transportation. This factor is anticipated to support the growth of the truck-as-a-service market during the forecast period. This aside, the market is expected to be driven by a surge in the number of smaller shipments in the e-commerce sector, notes the TMR assessment that covers emerging trends of the truck-as-a-service market.

Truck-as-a-Service Market: Key Findings

The concept of truck-as-a-service is being increasingly adopted globally in order to transport different types of goods such as chemicals, consumer goods, and industry products via roadways. With rise in the adoption of technological advancements in the trucking industry, the companies operating in the global truck-as-a-service market are focusing on the development of solution- and service-based revenue models.
The use of machine learning-as-a-service is being increasing as a key part of smart transportation owing to varied advantages such as its ability to allow for exploring the multifaceted interactions of highways, roads, traffic, and different other facets of transportation. Due to rise in the adoption of telematics for trucks, there has been increase in the incorporation of varied services beyond tracking including asset management, driver behavior management, and prognostics in the transportation industry. These factors are driving the growth in the market.
The adoption of digitalization in freight brokerage processes is being rising in the recent years as this can assist in minimizing empty miles and emissions, lowering the cost of trucking, and advancing freight efficiency. Such factors, in turn, are likely to support the growth of the truck-as-a-service market during the forecast period, state analysts of a TMR study. Furthermore, the market is being driven by rising urbanization across many developed and developing countries.

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Truck-as-a-Service Market: Growth Boosters

Rapid development of the transport sector globally is expected to boost the growth prospects for truck-as-a-service market
The expansion of the e-commerce sector across the developed and developing nations is driving the market growth
Increase in the urbanization in many emerging economies is working as one of the important growth frontiers for truck-as-a-service market

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Truck-as-a-Service Market: Regional Analysis

The truck-as-a-service market in North America is projected to maintain its leading position during the forecast period owing to factors such as the expansion of medium and small-scale industries such as warehouses, manufacturing, and logistics across regional nations
The Asia Pacific market is anticipated to gain notable business opportunities during the forecast period due to rise in the demand and supply of food products and other goods owing to increasing population of many regional nations

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Truck-as-a-Service Market: Key Players

Some of the key players profiled in the report are:

Continental AG
Robert Bosch GmbH
Fleet Advantage
Daimler AG
Inseego Corporation
Hino Motors
Masternaut Limited
MAN Trucks
Mix Telematics International (PTY) Ltd.
Microlise Group Ltd.
Nikola Corporation
Navistar International
Omnitracs, LLC
OCTO Telematics Ltd.
PTC, Inc.
PACCAR Inc.
Tata Motors
Scania AB
Toyota Tsusho
TomTom Telematics BV
Trimble Inc.
Traton SE
Verizon Telematics, Inc.
Trukky
AB Volvo
Volkswagen Commercial Vehicles
ZF Friedrichshafen AG
Wabco
Zonar Systems, Inc.

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