Overview and Scope
Truck-as-a-service refers to a type of service that is used when a large load is hauled from one location to another. Under Truck as a Service, each truck receives routine service, maintenance, inspections, and extended vehicle coverage during the truck’s holding time. It can be used to deliver goods to merchants, relocate people’s belongings to a new area, carry trucks to a dealership, and for other important hauling purposes.
Sizing and Forecast
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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Segmentation & Regional Insights
The truck as a service market covered in this report is segmented –
1) By Service: Digital Freight Brokerage, Telematics, Data Analytics, Truck Platooning
2) End-User: Chemicals, Pharmaceutical And Healthcare, Fast-Moving Consumer Goods, Food And Beverages, Other End-Users
North America was the largest region in the truck-as-a-service market in 2023. 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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the truck-as-a-service market report are 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
The truck-as-a-service market report table of contents includes:
1. Executive Summary
2. Truck-as-a-Service Market Characteristics
3. Truck-as-a-Service Market Trends And Strategies
4. Truck-as-a-Service Market – Macro Economic Scenario
5. Global Truck-as-a-Service Market Size and Growth
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32. Global Truck-as-a-Service Market Competitive Benchmarking
33. Global Truck-as-a-Service Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Truck-as-a-Service Market
35. Truck-as-a-Service Market Future Outlook and Potential Analysis
36. Appendix
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