NEW YORK, Dec. 14, 2021 /PRNewswire/ — The Truck-as-a-Service Market research report has been added to Technavio’s catalog. The market is anticipated to witness healthy growth at a CAGR of 22.19%. This growth can be attributed to digital transformation in the trucking industry. However, shortage of truck drivers can hamper the growth of the market during the next few years.
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The truck-as-a-service market share growth by the digital freight brokerage segment will be significant during the forecast period. The digital freight brokerage segment is expected to grow at a rapid pace during the forecast period owing to an increase in the use of smartphones and rising penetration of wireless connectivity and other digital platforms. Nowadays, consumers prefer digital channels to purchase goods from OEMs owing to the quick and ease of transaction and saving in brokerage money.
Read the 120-page report with TOC on “Truck-as-a-Service Market Analysis Report by Service (digital freight brokerage, telematics, data analytics, and truck platooning) and Geography (North America, Europe, APAC, MEA, and South America) Forecasts, 2021-2025″: https://www.technavio.com/report/truck-as-a-service-market-industry-analysis
One of the key factors driving growth in the truck-as-a-service market is the digital transformation in the trucking industry. The trucking industry is undergoing a continuous digital transformation globally as OEMs and technology suppliers are recalibrating their business strategies. The intense competition is forcing fleet operators to increase their efficiency and reduce costs. This has resulted in a shift from truck-as-a-product to truck-as-a-service business models, thereby leading to the implementation of connected truck-enabled services and platform-based production. Many of the OEMs of trucks such as Daimler, Volvo, Ford Motor, and Ashok Leyland are focusing on implementing technologies such as telematics and autonomous trucking. The telematics services in trucks provide real-time information about the condition of the vehicle, traffic, loading capacity, and condition of cargo in the trucks. Autonomous trucking is an emerging concept, which includes the use of self-driving vehicles for commercial uses. Truck platooning is also an emerging concept. It refers to the linking of two or more trucks through automatic braking and a dedicated radio frequency that allows the vehicles to communicate with each other. Platooning helps save fuel due to reduced aerodynamic drag as the vehicles travel in close proximity. Such implementation of various technologies in trucking services is likely to fuel the market growth during the forecast period.
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Major Five Truck-as-a-Service Companies:
- AB Volvo
- Daimler AG
- Fleet Advantage LLC
- Fleet Complete
- Ford Motor Co.
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The shortage of truck drivers will be a major challenge for the truck-as-a-service market during the forecast period. Most of the drivers in the trucking industry are retiring, and most people are unwilling to take up this profession. There is a shortage of drivers, mainly due to the low remunerations for the drivers in most urban and semi-urban markets in various countries. The truck drivers are expected to work as many as 70 hours a week and stay away from home for weeks. The health-related fatalities for truck drivers are increasing, ranging from minor to major afflictions. Also, with the increasing pressure to deliver the freight to its destination as quickly as possible, drivers often skip sleep breaks, thereby leading to sleep deprivation. As the number of drivers decreases, there will be a reduction in the use of trucks for applications such as goods delivery. Hence, fleet operators cannot complete their delivery orders. The shortage of drivers leads to a delay in orders and makes goods more expensive as the freight rates increase. Thus, the end-users, such as fleet operators, will eventually reduce the use of truck services from OEMs as their profitability decreases. As the truck-as-service works on a pay-per-use model, the reduction in the use of truck services will negatively affect market growth.
Truck-as-a-Service Market Service Outlook (Revenue, USD bn, 2020-2025)
- Digital freight brokerage – size and forecast 2020-2025
- Telematics – size and forecast 2020-2025
- Data analytics – size and forecast 2020-2025
- Truck platooning – size and forecast 2020-2025
Truck-as-a-Service Market Geography Outlook (Revenue, USD bn, 2020-2025)
- North America – size and forecast 2020-2025
- Europe – size and forecast 2020-2025
- APAC – size and forecast 2020-2025
- MEA – size and forecast 2020-2025
- South America – size and forecast 2020-2025
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Related Reports on Industrials Include:
Industrial Truck Market by Product and Geography – Forecast and Analysis 2020-2024
Automated Guided Vehicle Market by Product and Geography – Forecast and Analysis 2021-2025
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Truck-as-a-Service Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 22.19% |
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Market growth 2021-2025 |
$ 24.92 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
17.17 |
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Regional analysis |
North America, Europe, APAC, MEA, and South America |
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Performing market contribution |
North America at 55% |
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Key consumer countries |
US, China, Canada, Germany, and UK |
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Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
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Companies profiled |
AB Volvo, Daimler AG, Fleet Advantage LLC, Fleet Complete, Ford Motor Co., Hino Motors Ltd., Microlise Group Plc, Tata Motors Ltd., Trimble Inc., and Volkswagen AG |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period, |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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