The global truck-as-a-service market is registering a healthy growth rate, reveals a new research study by Report Ocean. The study, titled “Global Truck-as-a-Service Market Size study, by Type (Digital Freight Brokerage, Telematics Services, Business Analytics and Digitalization of Retail and Platooning), By Application (Large Enterprises and Small and Medium-sized Enterprises (SMEs) and Regional Forecasts 2020-2027,” is a deep and detailed analysis of this market. Researchers performed a thorough assessment of every segment of this market to prepare this report. The past performance and future prospects of this market has also taken into consideration in this study.
The conjunction of technologies in the global trucking industry is providing a platform for the stakeholders to build service and solution-based revenue models. As commercial trucks are increasingly integrating with a wide range of services and telematics devices, various services, including asset management and driver behavior management services, are being enabled. Apart from this, the digitalization of the freight brokerage process is influencing the empty miles and emissions, in turn, improving the freight efficacy, which is lowering the cost of trucking, greatly. According to the report, all these factors are propelling the global truck-as-a-service market and are expected to continue doing so over the next few years.
The implementation of several technologies, such as telematics in trucking industry, is driving the global truck-as-a-service market. The Regulatory Impact Analysis of the US Department of Transportation Motor Carrier Safety Administration projected that the trucking industry would save US42.44 bn in administrative costs and more than thirty lives with the use of telematics. As a result, telematics is attaining popularity in the truck-as-a-service as it cuts the fuel cost, enhances the performance of the driver and the dispatcher, improves safety, and increases the mechanical alert functionality. With the use of telematics, transportation, truck-as a service, and supply chain-focused companies can position themselves for future success, creating a lucrative prospect for the growth of this market. However, analyzing truck data to improve service operation can be an issue for fleet managers, which may obstruct the growth trajectory of this market in the near future.
The regional analysis of the global truck-as-a-service market is also offered in this research report. As per the stud, the global market is spread across Asia Pacific, North America, Europe, Latin America and the Rest of the World. Asia Pacific is the dominant market and is anticipated to remain so during the forecast period. This region is poised to experience a infrastructure boom in the near future with a rise in projects shared among the residential, commercial, and the industrial sectors, which in turn, will support the Asia Pacific truck-as-a-service market over the next few years.
The key market players, including Daimler Truck & Bus, Fleet Advantage, MAN Truck & Bus, and Trimble Transportation Enterprise Solutions, are concentrating on various strategies, such as new product launches, technological advancements, and mergers and acquisitions, to remain in the competition.
Impact of Covid 19 on Global Truck-as-a-Service Market
The global truck-as-a-service market was seriously impacted by the Coronavirus pandemic. Various governments enforced lockdown in their respective countries, restricting on-road movements and transportations, which affected the transportation industry and related markets to a great extent over the last few months. However, now the restrictions on movement have been partially lifted and goods transportation has been permitted to take place, which is likely to aid in normalizing the situation in this market in the coming months.
- Asia Pacific is the dominant market and is anticipated to remain so during the forecast period.
- Implementation of telematics in trucking services is likely to support this market in future.
The global truck-as-a-service market is segmented into:
- Digital Freight Brokerage
- Telematics Services
- Business Analytics
- Digitalization of Retail and Platooning
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
- North America
- Asia Pacific
- Latin America
- Rest of the World
Companies Mentioned in the Report
- Daimler Truck & Bus
- Fleet Advantage
- Fleet Complete
- MAN Truck & Bus
- Trimble Transportation Enterprise Solutions
- Traton SE
- Tata Motors
- Scania AB
- PACCAR Inc.
- Navistar International
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