Strong Growth Ahead: Truck-as-a-Service Market Size To Grow At Arecord 23.9% Cagr By 2029

The Truck-as-a-Service Market Report by The Business Research Company delivers a detailed market assessment, covering size projections from 2025 to 2034. This report explores crucial market trends, major drivers and market segmentation by [key segment categories].

What Is the Truck-as-a-Service Market Size and Projected Growth Rate?
In recent years, we have seen an incredible expansion in the truck-as-a-service market size. It's projected to rise from $34.25 billion in 2024 to $42.85 billion in 2025, indicating a compound annual growth rate (CAGR) of 25.1%. The remarkable increase during the historical period is largely due to factors such as logistic and supply chain enhancements, improved cost effectiveness and scalability, solutions for last-mile delivery, the surge in e-commerce, and the increased flexibility in fleet management.

Anticipations of considerable expansions are on the horizon for the truck-as-a-service market over the next years. The projections show that it will escalate to a sizable $100.87 billion in 2029, marking a compound annual growth rate (CAGR) of 23.9%. This projected expansion over the forecast period can be traced back to a growing demand for eco-friendly transportation, the surge in globalization and trade activities, city development and smart city drives, an uptick in outsourcing logistics, and fluctuating regulatory landscapes. Prominent trends that are expected during this period are the adaptability of on-demand trucking platforms, engagements with e-commerce and retail networks, the integration of cutting-edge safety and security measures, the customization of truck services and emphasis on flexibility and scalability of solutions.

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What Are the Major Segments in the Truck-as-a-Service Market?
The truck-as-a-service market covered in this report is segmented -

1) By Service: Digital Freight Brokerage, Telematics, Data Analytics, Truck Platooning
2) By End-User: Chemicals, Pharmaceutical And Healthcare, Fast-Moving Consumer Goods, Food And Beverages, Other End-Users

Subsegments:
1) By Digital Freight Brokerage: Online Freight Matching Platforms, Freight Management Solutions
2) By Telematics: Vehicle Tracking Systems, Fleet Management Solutions
3) By Data Analytics: Predictive Maintenance Analytics, Route Optimization Analytics
4) By Truck Platooning: Autonomous Platooning Solutions, Cooperative Driving Systems

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What Are The Driving Truck-as-a-Service Market Evolution?
The surge in demand from the automotive industry is projected to fuel the expansion of the truck-as-a-service market. The automotive industry encompasses numerous businesses and institutions that are involved in the conceptualization, manufacturing, marketing, and sales of motor vehicles. The truck-as-a-service provides a significant advantage to the automotive industry by offering transportation services for any cargo products between different destinations using a thermally-insulated truck. For example, as per a report published by the House of Commons Library, a government agency based in the UK, in September 2023, the automotive manufacturing sector contributed approximately $16.4 billion to the economy in 2022, making up 0.6% of the UK's total economic output. BMW announced a substantial investment of $750 million in the Oxford MINI plant on September 11, 2023, with a vision to transition its production to fully electric by 2030. The manufacturing of two new electrified models, the MINI Cooper 3-door and the MINI Aceman, is scheduled to begin in 2026. Therefore, the rising demand from the automotive industry worldwide is propelling the truck-as-a-service market growth.

Which Firms Dominate The Truck-as-a-Service Market Segments?
Major companies operating in the truck-as-a-service market include 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., 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, Dayton Freight Lines Inc., Oak Harbor Freight Lines Inc., Pitt Ohio Express, LLC, Ruan Transportation Management Systems, Southeastern Freight Lines

What Trends Are Expected to Dominate the Truck-as-a-Service Market in the Next 5 Years?
A rising trend in the truck-as-a-service market is the focus on product innovations. To consolidate their market position, leading firms in this domain are creating cutting-edge products. To illustrate, Quantron, a German enterprise specializing in hydrogen-powered e-mobility services and vehicle electrification for commercial vehicles, launched an avant-garde electric truck named Qargo 4 EV under their truck-as-a-service business in April 2022. The truck, developed with unique specifications such as a 3,300-millimeter wheelbase, a gross vehicle weight of 4,500 kilograms, and a payload capacity of 1,600 kilograms, is perfectly suited for urban last-mile delivery. Despite the manufacturer's claim of a 230 km tested range, the all-new Qargo 4 electric vehicle can cover distances up to 350 km and boasts a maximum speed of 90 kilometers per hour.

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Which Is The Largest Region In The Truck-as-a-Service Market?
North America was the largest region in the truck-as-a-service market in 2024. The regions covered in the truck-as-a-service market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Truck-as-a-Service Market?
2. What is the CAGR expected in the Truck-as-a-Service Market?
3. What Are the Key Innovations Transforming the Truck-as-a-Service Industry?
4. Which Region Is Leading the Truck-as-a-Service Market?

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