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Truck-as-a-Service Global Market Predicted to Augment and Reach over $82.17 Billion at a CAGR of 24.0% By 2028
Truck-as-a-Service Global Market
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the truck-as-a-service market. Major companies operating in the truck-as-a-service market are developing innovative products to strengthen their position in the market. For instance, in April 2022, Quantron, a Germany-based provider of vehicle electrification and hydrogen-powered e-mobility services intended for commercial vehicles, launched Qargo 4 EV, a brand-new electric truck for Quantron's truck-as-a-service business model. The truck has unique features such as a 3,300-millimeter wheelbase, a 4,500-kilogram gross vehicle weight, and a payload of 1,600 kg. A light vehicle created specifically to meet the needs of last-mile urban distribution. The new Qargo 4 electric vehicle Despite the manufacturer's assurance of 230 km of tested range, the range can travel as far as 350 km. The vehicle has a top speed of 90 kilometers per hour.
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Major Key Players of the Market:
Volkswagen AG, Daimler Truck AG, C.H. Robinson Worldwide, Inc., MAN Truck & Bus SE, Ryder System, Inc., Penske Truck Leasing Co, L.P., XPO Logistics, Inc., Landstar System, Inc., Knight-Swift Transportation Holdings Inc., Schneider National, Inc., Old Dominion Freight Line, Inc., ArcBest Corporation, YRC Worldwide Inc., Trimble Inc., Werner Enterprises, Inc., J.B. Hunt Transport Services, Inc., NFI Industries Inc., Saia, Inc., Universal Logistics Holdings, Inc., Marten Transport, Ltd., Covenant Logistics Group, Inc., Celadon Group, Inc., Heartland Express, Inc., USA Truck, Inc., Roadrunner Transportation Systems, Inc., Road One, Inc., P.A.M. Transportation Services, Inc., Fleet Complete, Estes Express Lines, Fleet Advantage LLC., A. Duie Pyle, AAA Cooper Transportation, Central Freight Lines Inc., Dayton Freight Lines Inc., New England Motor Freight, Inc., Oak Harbor Freight Lines Inc., Pitt Ohio Express, LLC, USF Reddaway Inc., Ruan Transportation Management Systems, Southeastern Freight Lines
Truck-as-a-Service Market 2024 Key Insights:
• 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%.
• Surging Demand From Automotive Industry Fuels Growth Of The Truck-As-A-Service Market
• Product Innovations Redefine The Truck-As-A-Service Landscape
• North America was the largest region in the truck-as-a-service market in 2023
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