LONDON--(BUSINESS WIRE)--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.
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 analysis
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 Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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