With the emergence and long-term Impact of COVID-19, Global Truck-as-a-Service (TaaS) Market to reach USD 436.01 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Truck-as-a-Service (TaaS) Market points towards a potential rise to USD 436.01 billion by 2030. Truck-as-a-Service (TaaS) is a business model where trucks and associated services are offered to customers on a subscription or pay-per-use basis, instead of needing to make an upfront purchase or sign long-term leasing agreements. Transport as a Service (TaaS) is revolutionizing the logistics sector with its advanced on-demand approach to transportation services. Truck-as-a-Service (TaaS) improves operational efficiency by streamlining route planning, facilitating smooth shipper-carrier matching, and using digital platforms and cutting-edge technology.
Because of its flexibility, organizations may better match transportation resources to demand, resulting in more economical operations and a reduction in wasteful spending. Its adaptable nature empowers businesses to adjust transportation resources according to demand, leading to more cost-effective operations and eliminating unnecessary expenses. The rising emphasis on sustainability, growing digitization in the transportation sectors, and increasing cost efficiency coupled with the rise in flexibility solutions are the major factors that are stipulating the market demand across the globe.
Geographically, the global Truck-as-a-Service (TaaS) market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the presence of widespread logistics infrastructure, rapid technological integration, and growing emphasis on sustainability. Specifically, the United States and Canada are experiencing a surge in Transport as a Service (TaaS) adoption, spurred by the demand for streamlined and scalable transportation solutions. This growth is further fueled by the presence of leading Truck-as-a-Service (TaaS) providers and a regulatory framework that fosters innovation and development within the market.
Whereas, Asia Pacific is expected to grow at the highest CAGR over the forecast years. The rapid urbanization, burgeoning population, and expanding e-commerce landscape are fueling the need for efficient logistics and transportation solutions. Furthermore, regional governments are actively investing in smart city endeavors, which in turn foster the adoption of Transport as a Service (TaaS). This trend aims to bolster mobility options and alleviate congestion, aligning with the overarching goal of enhancing urban living standards, which are significantly propelling the market demand across the region.
The global Truck-as-a-Service (TaaS) market is highly competitive owing to the presence of several key players such as Convoy Inc. (U.S.) Trimble Transportation (U.S.) Omnitracs LLC (U.S.) OCTO Telematics Ltd. (Italy) Microlise Limited (India) Masternaut Limited (U.K.) Transfix (U.S.) Fleet Advantage LLC (U.S.) Volta Trucks (Sweden) Fleet Complete (U.S.), and others.
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Key findings of the study suggest:
- Global Truck-as-a-Service (TaaS) Market is anticipated to grow with a healthy growth rate of more than 14.2% over the forecast period 2023-2030.
- In the Truck Type segment, Light Duty Trucks emerged out as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to growing emphasis on sustainability in the region.
- Asia Pacific is expected to grow at higher rate owing to rapid urbanization, burgeoning population, and expanding e-commerce landscape in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Truck Type:
- Light Duty Trucks
- Heavy Duty Trucks
By Service Type:
- Digital Freight Brokerage
- Telematics
- Truck Platooning
- Rental and Leasing
By End Use:
- Automobiles
- Machinery
- Apparels & Footwear
- Pharmaceutical Products
- Retail
- Electronics
- Petrochemicals
- Agriculture
- Building Materials
- Others
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. The company has a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. Bizwit incorporate big data, expert analysis, and huge industry database to deliver client focused business consulting reports. Our analysts perform unbiased measurement and assessment of market opportunities to comprehend detailed market forecast. Our team of key opinion leaders evaluates the market size, growth prospects, end-use, applications, value & supply chain and top vendors in the industry to help the clients to take conversant business decisions without any vague assumptions.
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