Truck-as-a-Service (TaaS) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Truck-as-a-Service (TaaS) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Truck-as-a-Service (TaaS) Market

The Truck-as-a-Service (TaaS) market size was valued at USD 150.72 billion in 2023, and the market is now projected to grow from USD 160.03 billion in 2024 to USD 405.03 billion by 2032, exhibiting a CAGR of 14.2% during the forecast period of 2024-2032.

After the lift up of widespread, there was an increment in e-commerce exercises, which driven to an increment within the demand for items such as collapsing cartons, boxes, and defensive packaging for online conveyances. In addition, cafes and eateries exchanged toward takeout and nourishment conveyance models, and there was more request for paper utilized in sacks, wraps, and food holders. Furthermore, a critical rise within the request for certain items from the end-use businesses will proceed to drive the Truck-as-a-Service (TaaS) market growth amid the estimate period.

A significant impact on the Truck-as-a-Service (TaaS) market growth was caused by the devastation of pandemic. The worldwide lockdowns, limitations on development, and disturbances to supply chains come about in a decrease in transportation request, influencing TaaS suppliers. Businesses confronting financial vulnerabilities and supply chain disturbances reevaluated their coordination techniques, affecting the selection of TaaS arrangements.

Autonomous trucking has too developed as a transformative innovation, promising to revolutionize the coordination and transportation industry. The slant expands past the hypothetical investigation of completely independent trucks to viable applications including driver-assistive innovations and platooning. The mechanical drift of independent driving and IoT adjusts with broader industry objectives of progressing effectiveness, lessening upfront costs and tackling towards the challenge such as the deficiency of qualified drivers.

Comprehensive Analysis of Truck-as-a-Service (TaaS) Market

The structure for Truck-as-a-Service (TaaS) market on the division of truck type is bifurcated into two as heavy-duty trucks and light duty trucks. Among the two types of truck, the light duty trucks flourished as the dominant one. On the bifurcation of services, the market is sectioned as rental and leasing, truck platooning, digital freight brokerage, telematics. The telematics is categorized as the leading section of the service segment. On the report of end-users, the market is further fragmented into agriculture, apparel and footwear, automobiles, building material, petrochemicals, electronics, machinery, retail and pharmaceuticals. The part agriculture denoted a larger share of the end-user segment.

The North American continent proved to be the leading truck-as-a-service market share, and it shows a strong and overwhelming nature in the global market with an esteem valuation of USD 81.97 billion. North America region is as of now overwhelming with the expanded a well-established coordination foundation, progressed innovative selection, and a solid center on maintainability characterize the locale. The U.S. and Canada, in specific, are seeing expanded TaaS appropriation, driven by the require for effective and versatile transportation arrangements.

Globalized market for the truck-as-a-service is exceedingly separated and competitive. In terms of promote share, the few major players are confined to rule out the market by publicizing inventive bundling inside the bundling industry. These major players are persistently centering on headway and developing their client base over the locales. A cluster of noticeable players working on the market pool are stated as: Omnitracs LLC (U.S.), Convoy Inc. (U.S.), Transfix (U.S.), Trimble Transportation (U.S.), Fleet Complete (U.S.), Volta Trucks (Sweden), Microlise Limited (India), OCTO Telematics Limited (Italy) and others.

By September month 2023, the company Volta Trucks, a commercial vehicle producer and administrations supplier, marked an organization with Spryker. In this respect, Volta Trucks points to streamline truck proprietorship and quicken the move to an all-electric fleet through its inventive TaaS advertising. Spryker will offer assistance quicken its vision by bringing the TaaS demonstrate to life carefully and creating basic advanced usefulness whereas keeping up adaptability to adjust. The imaginative venture will be actualized in organization with Amazon Web Administrations.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2017-2030

Base Year 2022

Estimated Year 2023

Forecast Period 2023-2030

Historical Period 2017-2021

Growth Rate CAGR of 14.2% from 2023 to 2030

Unit Value (USD Billion)

Segmentation

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

By Geography

North America (By Truck Type, By Service Type, and By End Use)

U.S. (By End Use)

Canada (By End Use)

Mexico (By End Use)

Europe (By Truck Type, By Service Type, and By End Use)

UK (By End Use)

Germany (By End Use)

France (By End Use)

Rest of Europe (By End Use)

Asia Pacific ( By Truck Type, By Service Type, and By End Use )

China (By End Use)

Japan (By End Use)

India (By End Use)

South Korea (By End Use)

Rest of Asia Pacific (By End Use)

Rest of the World ( By Truck Type, By Service Type, and By End Use )


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