Truck-As-A-Service Market Set to Reach $66.9 Billion by 2027, Driven by Automotive Industry Demand
The global truck-as-a-service market is expected to experience significant growth in the coming years, according to a new report by The Business Research Company. The market, which was valued at $22.2 billion in 2022, is projected to reach $28 billion in 2023, with a compound annual growth rate (CAGR) of 26.1%. Furthermore, the market is expected to reach a whopping $66.9 billion by 2027, with a CAGR of over 24%.
The growing demand for truck-as-a-service can be attributed to the automotive industry’s need for transportation services. This industry encompasses a wide range of businesses involved in the planning, production, promotion, and sale of automobiles. Truck-as-a-service offers valuable freight transportation services using insulated trucks, making it a crucial component of the automotive supply chain.
One of the key trends within the truck-as-a-service market is the emergence of product innovations. Major companies in the market are actively developing innovative products to enhance their market position. For example, Germany-based Quantron introduced the Qargo 4 EV in April 2022. This electric truck is specifically designed for their truck-as-a-service business model and 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. With a tested range of 230 km, the Qargo 4 EV is primarily tailored to meet the requirements of last-mile urban distribution.
The global truck-as-a-service market is segmented based on service and end-user. The services include digital freight brokerage, telematics, data analytics, and truck platooning. The end-users comprise the chemicals, pharmaceutical and healthcare, fast-moving consumer goods, food and beverages, and other industries.
North America currently holds the largest share in the truck-as-a-service market, highlighting the region’s strong presence in the automotive industry. However, other regions such as Europe and Asia-Pacific are also witnessing significant growth in this market.
The report by The Business Research Company provides valuable insights into market dynamics, emerging trends, and key players. This comprehensive analysis enables stakeholders, industry professionals, investors, and decision-makers to make informed decisions, develop strategic plans, and identify growth opportunities within the truck-as-a-service industry.
As the truck-as-a-service market continues to grow, companies like Daimler Truck AG, Fleet Advantage LLC, and Uber Technologies Inc. are well-positioned to capitalize on the increasing demand for innovative transportation solutions. With ongoing product innovations and a focus on fulfilling the needs of the automotive industry, these companies are set to play a significant role in shaping the future of the truck-as-a-service market.
In conclusion, the global truck-as-a-service market is poised for substantial growth in the coming years. Driven by the automotive industry’s demand for efficient transportation services, the market is expected to reach $66.9 billion by 2027. With product innovations and a focus on meeting industry requirements, major companies are well-positioned to seize the emerging opportunities within the truck-as-a-service industry.
