Truck-as-a-Service Market attracts Growing Investment

Rise in adoption of telematics systems and adoption of latest technologies in order to enhance driver and vehicle performance along with fuel economy, safe driving promotion and to avoid unwanted breakdowns adoption of latest technologies is increasing. Moreover, the trucking business has become highly competitive and truck manufacturers focusing on cutting-edge technology in order to capture the market. Truck manufacturers are emphasizing on those technologies that reduce downtime, enhance efficiency, and enhance safety parameters.

Adoption of highly technical electronic components transforming the product based business model into service based business model likely to drive the truck-as-a-service market. Rapid changes and innovation in driver monitoring, transmission, infotainment system, truck safety, comfort, and convince are likely to increase integration of technology during the forecast period. Expansion of the e-commerce industry in developing countries along with increasing industrialization and rise in number of manufacturing plants are anticipated increase the demand for trucking service technologies, which in turn is anticipated to drive the truck-as-a-service market during the forecast period.

The global truck-as-a-service market can be segmented into digital freight brokerage, telematics services, business analytics, and digitalization of retail and platooning. Telematics services for commercial vehicle is likely to expand significantly during the forecast period which is anticipated to propel the truck-as-a-service market during the forecast period. Telematics services such as live traffic updates, road side assistance, and smart routing are likely to be integrated by fleet owners in order enhance safety. Rise in demand for goods tracking, optimizing operational activities, and real-time connectivity is projected to boost the telematics services segment during the forecast period.

The digital fright brokerage segment is anticipate expand at a rapid pace during the forecast period owing to an increase in use of smartphone technology, growing penetration of wireless connectivity and other digital platforms. Currently, consumers prefer digital channels to purchase goods from OEMs owing to the quick and ease of transaction and saving in brokerage money. Consequently, the digital fright brokerage segment is likely to expand significantly during the forecast period.

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Developments in autonomous vehicles is likely to create more opportunities in the field of autonomous services such as platooning technology. Furthermore, rising connectivity, data security, and government mandates regarding vehicle safety are projected to boost the demand for advanced technology.