Dublin, Aug. 23, 2023 (GLOBE NEWSWIRE) -- The "Truck-as-a-Service Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global truck-as-a-Service market is on a fast track, projected to surge from $22.27 billion in 2022 to $28.08 billion in 2023, boasting an impressive compound annual growth rate (CAGR) of 26.1%. The market's journey is expected to continue with strong momentum, reaching $66.97 billion in 2027, driven by a CAGR of 24.3%.
Where is the largest and fastest growing market for truck-as-a-service? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? This report answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive Industry's Fuel
The burgeoning demand from the automotive industry is fueling the growth of the truck-as-a-service market. This sector encompasses a wide range of businesses involved in everything from vehicle planning, production, and promotion to sales. Truck-as-a-Service steps in to serve the automotive industry by offering a vital service: transporting various types of freight in insulated trucks. Notably, the growth of the truck-as-a-service market aligns with the automotive industry's steady rise. For instance, in the US, significant sales of both new and used cars and light trucks have been recorded. This growing need for transportation services across the automotive sector is a pivotal driving force behind the truck-as-a-service market's expansion.
Innovation in the Driver's Seat
Innovation is steering the truck-as-a-service market's growth trajectory. Key players in this market are focusing on developing innovative products to bolster their position. A prime example is Quantron, a German company specializing in vehicle electrification and hydrogen-powered e-mobility services. They recently introduced the Qargo 4 EV, an electric truck designed for their truck-as-a-service business model. This vehicle offers features tailored for last-mile urban distribution, combining a 3,300-millimeter wheelbase, a 4,500-kilogram gross vehicle weight, and a payload capacity of 1,600 kg. Notably, this electric truck boasts a tested range of 230 km, which can extend up to 350 km, and a top speed of 90 kilometers per hour.
Strategic Shifts and Expansions
The truck-as-a-service landscape is also witnessing strategic shifts. DB Schenker, a German logistics service provider, made a significant move by acquiring USA Truck. This acquisition is aimed at expanding DB Schenker's operations in North America, enhancing its reach and market share. USA Truck, a haul trucking, logistics, and supply chain provider, has been folded into this expansion strategy.
Geographical Engine
In 2022, North America held the driver's seat as the largest region in the truck-as-a-service market. This continent's dominance underscores its significance in this thriving market. The truck-as-a-service market report spans regions including Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
Market Players Leading the Pack
Notable players in the truck-as-a-service market include Daimler Truck AG, Fleet Advantage LLC, Fleet Complete, Trimble Inc, Volkswagen AG, Tata Motors Limited, PACCAR Inc, Volta Trucks, Uber Technologies Inc, Total Transportation Services, Continental AG, Ford Motor Company, Hino Motors Ltd, Michelin, Microlise Telematics Pvt Ltd, and AB Volvo. These industry leaders are steering the market's trajectory with their innovative solutions and strategic maneuvers.
Conclusion: Navigating a Roadmap of Growth
The global truck-as-a-service market is on a journey of rapid expansion, driven by the automotive industry's demands and innovation's creative forces. As the automotive sector thrives, the need for efficient freight transportation becomes more pronounced, providing fertile ground for the growth of truck-as-a-service solutions. With the market's focus on innovation, strategic acquisitions, and regional dominance, the road ahead promises significant milestones and transformative shifts in the way transportation services are provided globally.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 250 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $28.08 Billion |
| Forecasted Market Value (USD) by 2027 | $66.97 Billion |
| Compound Annual Growth Rate | 24.3% |
| Regions Covered | Global |
Key Topics Covered
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. Truck-as-a-Service Market Size and Growth
6. Truck-as-a-Service Market Segmentation
7. Truck-as-a-Service Market Regional and Country Analysis
8. Asia-Pacific Truck-as-a-Service Market
9. China Truck-as-a-Service Market
10. India Truck-as-a-Service Market
11. Japan Truck-as-a-Service Market
12. Australia Truck-as-a-Service Market
13. Indonesia Truck-as-a-Service Market
14. South Korea Truck-as-a-Service Market
15. Western Europe Truck-as-a-Service Market
16. UK Truck-as-a-Service Market
17. Germany Truck-as-a-Service Market
18. France Truck-as-a-Service Market
19. Eastern Europe Truck-as-a-Service Market
20. Russia Truck-as-a-Service Market
21. North America Truck-as-a-Service Market
22. USA Truck-as-a-Service Market
23. South America Truck-as-a-Service Market
24. Brazil Truck-as-a-Service Market
25. Middle East Truck-as-a-Service Market
26. Africa Truck-as-a-Service Market
27. Truck-as-a-Service Market Competitive Landscape and Company Profiles
28. Key Mergers and Acquisitions in the Truck-as-a-Service Market
29. Truck-as-a-Service Market Future Outlook and Potential Analysis
30. Appendix
A selection of companies mentioned in this report includes:
- Daimler Truck AG
- Fleet Advantage LLC
- Fleet Complete
- Trimble Inc.
- Volkswagen AG
- Tata Motors Limited
- PACCAR Inc.
- Volta Trucks
- Uber Technologies Inc.
- Total Transportation Services
- Continental AG
- Ford Motor Company
- Hino Motors Ltd.
- Michelin
- Microlise Telematics Pvt. Ltd.
- AB Volvo
For more information about this report visit https://www.researchandmarkets.com/r/ponzie
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