USD 24.92 Bn growth opportunity in Truck-as-a-Service Market | Digital transformation in the trucking industry to drive growth | Technavio
NEW YORK, May 13, 2022 /PRNewswire/ -- The "Truck-as-a-Service Market by Service and Geography - Forecast and Analysis 2021-2025" has been added to Technavio's offering. The 120-pages report segments the market by service (digital freight brokerage, telematics, data analytics, and truck platooning) and geography (North America, Europe, APAC, MEA, and South America). The report identifies 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 as dominant players in the market.
Technavio expects the global truck-as-a-service market to observe an incremental growth of USD 24.92 billion between 2020 and 2025, expanding at a CAGR of 22.19% during the forecast period.
Download a Sample Report for highlights on the market size, growth momentum, and other important statistics.
The market is fragmented and is characterized by a significant number of established vendors. The competition level in the market is increasing with rise in technological innovations. Major vendors are focusing on the introduction of electric trucks to meet the needs of end-users, such as fleet operators. For instance, in January 2019, Daimler delivered the first all-electric Freightliner eM2. Such new innovations are likely to provide vendors with a competitive edge over their counterparts.
Although the digital transformation in the trucking industry will offer immense growth opportunities, the shortage of truck drivers will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Purchase our full report for detailed insights on the vendor landscape, new products offered by vendors, and the factors impacting their growth.
Truck-as-a-Service Market 2021-2025: Segmentation
The global truck-as-a-service market is segmented as below:
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. In addition, the launch of several digital freight brokerage platforms to fulfill the increasing demands of end-users will contribute to the growth of the segment.
North America is expected to account for the largest share in the global truck-as-a-service market during the forecast period. The US and Canada are the major revenue contributors in the region. The increasing demand for truck rental services from both businesses and households is driving the growth of the regional market.
Truck-as-a-Service Market 2021-2025: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our truck-as-a-service market report covers the following areas:
We provide a detailed analysis of around 25 vendors operating in the truck-as-a-service market. Backed with competitive intelligence and benchmarking, our research report on the truck-as-a-service market is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Truck-as-a-Service Market 2021-2025: Key Highlights
Table Of Contents :
Five Forces Analysis
Market Segmentation by Service
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