The global truck-as-a-service market is expected to post a CAGR close to
22% during the period 2019-2023, according to the latest market research
report by Technavio.
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Technavio has published a new market research report on the global truck-as-a-service market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the increasing
implementation of IoT in trucking. The adoption of IoT is rapidly
changing the trucking industry as IoT-based gadgets play an important
role in various trucking operations such as fleet management, public
transit management, smart inventory management, optimal asset
utilization, and geo-fencing. Integrating IoT enables companies to
manage the performance of their fleets and solve issues before they
occur. The connected devices help in enhancing driver experience and
bringing about a radical change in the approach to driving. The use of
IoT also facilitates truck platooning, and provides automated driving
support systems. Thus, the rise in adoption of IoT in trucking
operations will fuel the market growth during the forecast period.
As per Technavio, the adoption of blockchain in trucking will have a
positive impact on the market and contribute to its growth significantly
over the forecast period. This global
truck-as-a-service market 2019-2023 research report also
analyzes other important trends and market drivers that will affect
market growth over 2019-2023.
Global truck-as-a-service market: Adoption of
blockchain in trucking
Earlier, the traditional trucking practices included many time-consuming
manual processes such as paperwork filing and logging in of miles and
hours driven. This has been replaced with the adoption of technologies
such as blockchain, which offers a shared ledger technology, that can be
used to record digital transactions. The use of blockchain in trucking
helps in streamlining the freight transactions by improving visibility,
security, and accuracy of data. In addition, blockchain technology
ensures better utilization of assets and helps the trucking industry
forecast and predict volumes. It also helps to enhance payment
transactions and possibly eliminate the middleman in the trucking
business. Some of the major vendors that provide truck-as-a-service are
focusing on implementing blockchain which will fuel market growth during
the forecast period.
“The trucking industry is undergoing a digital transformation 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 the 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. The truck manufacturers are continuously
focusing on leveraging technologies, thereby driving the growth of the
overall global market,” says a senior analyst at Technavio.
Global truck-as-a-service market: Segmentation
This market research report segments the global truck-as-a-service
market by service (digital freight brokerage, telematics, data
analytics, and truck platooning) and geographical regions (North
America, Europe, APAC, MEA, and South America).
North America led the market in 2018, followed by Europe, APAC, South
America, and MEA respectively. During the forecast period, the North
American region is expected to maintain its dominance over the global
market and register the highest incremental growth due to the increasing
demand for truck rental services from businesses as well as households
in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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