What Is The Impact Of The Covid-19 Crisis On The Truck-as-a-Service Market? January 12, 2022
According to the report, the global truck-as-a-service market is projected to surpass US$ 99.2 Bn by 2030, expanding at a CAGR of ~26% during the forecast period. Increased trend of online shopping is a major factor driving the road transportation for delivery of goods, which is likely to boost the truck-as-a-service market across the globe. Moreover, rise in penetration of advanced technologies in commercial vehicles, which helps to enhance the safety of drivers and avoid breakdown of vehicles, is anticipated to boost the truck-as-a-service market across the globe. Investments by various governments across the globe in fast movable consuming goods (FMCG) is likely to offer significant opportunities for truck transportation service providers, which in turn is estimated to boost the truck-as-aservice market.
In addition, rise in adoption of technology in transportation, including next-gen global positioning, helps to track vehicle location. Modern GPS business solutions enable constant two-way communication and boosts transparency between owner and driver, which propels the truck-as-a-service market. A GPS vehicle tracking system is automated and provides real-time updates on a remote device. This helps in quick decision-making, which is likely to augment the truck-as-a-service market across the globe.
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Expansion of Truck-as-a-Service Market
The change in trade policies by the Trump Administration, such as withdrawal of trade agreement with South Korea and continuous fluctuation on tariff on import and export to China, is likely to keep the market volatile during the forecast period. Surge in trade volume owing to rising bilateral trade among countries is projected to boost the truck-as-a-service market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of