Global Truck-as-a-Service Market 2019-2023
About this market
Digital transformation in trucking industry will be a key factor driving the growth of the market. The digital transformation in trucking industry is on rise as OEMs and technology suppliers are recalibrating their business strategies. The truck manufacturers are focusing on leveraging technologies. Implementation of various technologies such as implementation of telematics in trucking services is likely to fuel the market during the forecast period. Technavio’ s analysts have predicted that the truck-as-a-service market will register a CAGR of nearly 22% by 2023.
Growth of e-commerce industry
The global truck-as-a-service market is witnessing the growth of e-commerce industry owing to the high penetration of internet and increased number of smartphone users. The growth in online shopping has a direct impact on the global truck-as-a-service market. E-commerce is generating more freight that moves by truck, which includes drayage, truckloads or last-mile. Thus, with the growth of e commerce industry the demand for truck as a service increases.
Shortage of truck drivers
Most of the drivers in trucking industry are retiring, and most people are unwilling to take up this profession. The health related fatalities of truck drivers are increasing, ranging from minors to major afflictions. As the truck-as-service works on a pay-per-use model, the reduction in the use of truck services will negatively affect the market growth.
For the detailed list of factors that will drive and challenge the growth of the truck-as-a-service market during the 2019-2023, view our report.
The market appears to be concentrated and with the presence of few companies. Factors such as the growth of e-commerce and the digital transformation in trucking industry, will provide considerable growth opportunities to truck-as-a-service manufactures. Daimler AG, Fleet Advantage LLC, Fleet Complete, Trimble Inc., and Volkswagen AG are some of the major companies covered in this report.
Technavio Announces the Publication of its Research Report – Global Truck-as-a-Service Market 2019-2023
Technavio recognizes the following companies as the key players in the global truck-as-a-service market: Daimler AG, Fleet Advantage LLC, Fleet Complete, Trimble Inc., and Volkswagen AG.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the advent of over-the-air software updates.”
According to the report, one of the major drivers for this market is the digital transformation in trucking industry.
Further, the report states that one of the major factors hindering the growth of this market is the shortage of truck drivers.
Daimler AGFleet Advantage LLCFleet CompleteTrimble Inc.Volkswagen AG
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