Truck-as-a-Service (TaaS) Market Gains USD 29.49 in 2025 Driving 20.17% CAGR

According to Towards Automotive consultants, the global Truck-as-a-Service (TaaS) market is projected to reach approximately USD 161.76 billion by 2034, increasing from USD 24.41 billion in 2024, at a CAGR of 20.17% during the forecast period 2025 to 2034.

Ottawa, July 22, 2025 (GLOBE NEWSWIRE) -- The global Truck-as-a-Service (TaaS) market size reached approximately USD 29.49 Billion in 2025, with project–tions suggesting it will climb to USD 161.76 Billion in 2034, according to a report from Towards Automotive, a sister firm of Precedence Research.

The Truck-as-a-Service (TaaS) market has been gaining traction in recent periods due to its cost efficiency and low maintenance advantages for companies that transport goods, eliminating the need for huge investments in buying personal trucks and commercial vehicles. The array of various other advantages also helps the growth of the market.

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Key Highlights of the Truck-as-a-Service (TaaS) Market

By region, North America dominated the Truck-as-a-Service (TaaS) market due to its cost-efficiency, growth of e-commerce platforms, and flexible logistics solutions.
By region, Europe is expected to grow with a significant CAGR in the foreseen period due to surging demand for outsourcing logistics, maintaining cost-efficiency, and managing strict emission regulations led by the European government.
By truck type, the light-duty truck segment led the Truck-as-a-Service (TaaS) market due to its high usage for small business transportation, last-mile delivery services, and high demand in urban logistics.
By service type, the renting and leasing segment dominated the market due to the flexibility of the segment to use any type of commercial vehicle at lower prices compared to investing in a personal commercial vehicle.

Market Overview

Companies of different domains today are always in search of cost-efficient transportation methods. Investing in huge commercial vehicles for transportation is not every company’s cup of tea. Hence, under such circumstances, Truck-as-a-Service (TaaS) comes to the rescue. The service allows companies to use different types of commercial vehicles as per the company’s needs. It helps them to lower their transportation cost, curtail huge investments, enjoy smoother logistics, and utilize their time on different other vital aspects of the company.

Truck-as-a-Service (TaaS) market is growing significantly these days due to multiple factors contributing to its growth. The TaaS service helps companies to enjoy transportation at lower prices helping companies to manage cost-efficiency. The service also allows a smoother logistics system allowing companies to sit back and pay attention to other crucial tasks. One of the biggest advantages of the Truck-as-a-Service (TaaS) market is it allows companies to cut down the huge investments of purchasing different commercial vehicles to manage their transportation segment.

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Top Companies in Truck-as-a-Service Market & Their Offering:

Convoy Inc. (U.S.) – Offered a digital freight brokerage platform before being acquired by Flexport in 2023.
Trimble Transportation (U.S.) – Provides subscription-based fleet management and telematics solutions through its TMS platforms.
Omnitracs LLC (U.S.) – Delivers cloud-based telematics and routing solutions for optimized fleet performance.
Masternaut Limited (U.K.) – Offers subscription telematics services to enhance fleet tracking, efficiency, and compliance.
Transfix (U.S.) – Provides SaaS-based freight optimization tools after shifting from brokerage to a pure tech platform.
Fleet Advantage LLC (U.S.) – Specializes in flexible truck leasing and lifecycle analytics under a TaaS model.

New Trends of Truck-as-a-Service (TaaS) Market

The integration of AI in the Truck-as-a-Service (TaaS) market is helping the growth of the market. The technology allows companies to keep track of their products while in transit and also allows real-time monitoring for enhanced tracking and safety measures.
The high demand for last-mile delivery due to growing e-commerce platforms is also fuelling the growth of the Truck-as-a-Service (TaaS) market.
The high demand for electric commercial vehicles to maintain the emission regulations of the government is also helping the growth of the market.
Telematics and data analytics help trucks follow the best routes to maintain time schedules. It also helps in the growth of the market.

How is AI helping the growth of the Truck-as-a-Service (TaaS) Market?

AI is undoubtedly helpful for different types of domains for different reasons. Technology always helps to enhance a domain with the help of technology to improve its efficiency and profits as well. AI helps the Truck-as-a-Service (TaaS) market to enhance its growth with the help of different factors. The advanced technology helps to allow real-time monitoring for close tracking and ensuring complete safety of the products in transportation.

AI-powered algorithms allow companies in route optimization by detecting weather conditions, real-time traffic conditions, and other vital information to opt for the best route for enhanced time management. Predictive maintenance capability is another advantage of advanced technology. It helps companies with the timely maintenance of trucks by keeping track of the vehicle’s conditions to avoid possible downtime in the future.

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Market Dynamics

Driver

What are the growth drivers of the Truck-as-a-Service (TaaS) Market?

One of the major factors helping the growth of the Truck-as-a-Service (TaaS) market is the high adoption of electric trucks and commercial vehicles. Strict emission regulations by the government lead to enhanced sales of electric commercial vehicles further fuelling the growth of the market. Advanced technology is another major factor helping the growth of the market. AI algorithms help allow companies to opt for the best route, manage real-time traffic data, and study the current weather conditions to opt for the best route and follow the perfect time management.

Challenge

What are the Barriers to the Growth of Truck-as-a-Service (TaaS) Market?

Challenges faced by autonomous vehicles due to improper road conditions, issues in the operating software, and various other problems may interrupt the working of vehicles acting as a barrier to the growth of the Truck-as-a-Service (TaaS) market. The long-term initial cost also acts as a barrier to the growth of the market. The huge investment initially leads to many companies backing up with the option. Changing transportation regulations also act as a hurdle in the growth of the market. These regulations change as per different regions.

Opportunity

Easy Fleet Management Enhancing the Growth of the Truck-as-a-Service (TaaS) Market

The TaaS service helps companies to manage their logistics smoothly. The service keeps track of the products while in transit. The service also helps companies avoid various other types of costs such as insurance of commercial vehicles involved, maintenance and repair work of the vehicle, and various other operational costs incurred. Such factors act as an opportunity for the growth of the Truck-as-a-Service (TaaS) market.

More Insights of Towards Automotive:

Flatbed Trucks Market - The flatbed trucks market is forecasted to expand from USD 41.61 billion in 2025 to USD 55.02 billion by 2034, growing at a CAGR of 3.15% from 2025 to 2034.
Class 3 Truck Market - The class 3 truck market is anticipated to grow from USD 8.13 trillion in 2025 to USD 15.64 trillion by 2034, with a compound annual growth rate (CAGR) of 7.54%.
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Food Truck Market - The food truck market is forecast to grow from USD 5.82 billion in 2025 to USD 10.09 billion by 2034, driven by a CAGR of 6.34% from 2025 to 2034.
Utility Trucks Market - The utility trucks market is forecasted to expand from USD 81.3 billion in 2025 to USD 163.99 billion by 2034, growing at a CAGR of 8.04% from 2025 to 2034.
Military Trucks Market - The market is expanding at a CAGR of 3.40% between 2025 and 2034.
Aerial Ladder Trucks Market - The aerial ladder trucks market is anticipated to grow from USD 3.69 billion in 2025 to USD 6.52 billion by 2034, with a compound annual growth rate (CAGR) of 6.53%.
Europe Electric Truck - The Europe electric truck market is expected to increase from USD 2.16 billion in 2025 to USD 72.84 billion by 2034, growing at a CAGR of 49%.
Class 8 Truck Market - The class 8 truck market is set to grow from USD 96.69 billion in 2025 to USD 146.56 billion by 2034, with an expected CAGR of 6.93% .
Electric Pickup Truck Market - The electric pickup truck market is projected to reach USD 33.69 billion by 2034, growing from USD 6.39 billion in 2025, at a CAGR of 20.25%.

Segmental Analysis

By Truck Type

How Did Light Duty Trucks Segment lead the Truck-as-a-Service (TaaS) Market in 2024?

The light-duty trucks segment led the Truck-as-a-Service (TaaS) market due to its high utilization by small businesses. Such businesses require small commercial vehicles to fulfill their needs. Such vehicles also help in last-mile delivery services for small businesses. They help in managing fuel efficiency and allow businesses to manage their various costs. Hence, the segment helps the growth of the Truck-as-a-Service (TaaS) market. Such trucks are also helpful for businesses in various other forms such as lowering extra costs, offering flexibility, and helping to manage carbon emissions in the case of automobile trucks.

The heavy-duty trucks segment is observed to grow at a notable rate in the foreseen period. Heavy-duty trucks are highly useful for companies these days due to the growing rate of e-commerce platforms. Heavy-duty trucks also allow companies to transport high quantities of products at the same time with higher optimization. Hence, the heavy-duty trucks segment of the Truck-as-a-Service (TaaS) market is expected to grow in the foreseen period. Heavy-duty trucks are also essential for long-haul transportation and large-scale freight operations making the segment essential for the market.

By Service Type

How Did Rental and Leasing Segment dominated the Truck-as-a-Service (TaaS) Market?

The rental and leasing segment of the Truck-as-a-Service (TaaS) market dominated the market due to its multiple benefits for companies. The service allows the companies to rent or lease different types of commercial vehicles required for the businesses for their transportation requirements. The service allows businesses to rent or own different sizes of commercial vehicles for their transportation work without the hassle or huge vehicle buying investment. The service is also essential for small and medium-sized businesses to manage their transportation segment that cannot afford to buy commercial vehicles.

The telematics segment is observed to be the fastest-growing segment with the highest CAGR in the foreseen period. The segment signifies the importance of AI for the TaaS market. It helps companies in real-time tracking of the fleet for enhanced fleet management. Truck monitoring and data collection from trucks also help in the growth of the market. Enhanced operational efficiency and improved safety are also some of the helpful factors for the growth of the market in the forecast period.

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Regional Analysis

Which Region Dominated the Truck-as-a-Service (TaaS) Market?

North America dominated the Truck-as-a-Service (TaaS) market due to multiple growth factors aiding its growth. Growing e-commerce platforms leading to high demand for products in the least time is one of the major factors in the growth of the market in the region. The region has also observed growth due to advanced technologies in the segment. The service also provides various other benefits such as smoother logistics management, cost efficiency, and enhanced safety due to technological advancements.

Europe is observed to grow at a notable pace in the foreseen period helping the growth of the Truck-as-a-Service (TaaS) market. The region is observing growth due to reasons such as growing e-commerce platforms, strict government regulations for emission control, and a huge inclinational for outsourcing logistics management. It helps businesses to pay attention to other core activities and enhance business performance. Another major advantage of opting for TaaS services is curtailing the huge investment costs of purchasing different types of commercial vehicles.

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Recent Developments in Truck-as-a-Service (TaaS) Market

In May 2025, Chinese EV truck maker, Windrose Technology, announced the launch of its first EV long-haul sleeper truck in the U.S. The EV tractor touts a 420-mile range.
In May 2024, Volvo Trucks North America (VTNA) and Volvo Financial Services (VFS) collaborated to design 25 Class 8 Volvo VNR Electric trucks to simplify the acquisition and lower the major investment in battery-electric vehicles.

Top Companies of Truck-as-a-Service (TaaS) Market

Convoy Inc. (U.S.)
Trimble Transportation (U.S.)
Omnitracs LLC (U.S.)
Masternaut Limited. (U.K.)
Transfix (U.S.)
Fleet Advantage LLC. (U.S.)
Volta Trucks (Sweden)
OCTO Telematics Ltd. (Italy)
Microlise Limited. (India)
Fleet Complete (U.S.)

Segments Covered in the Report

By Truck Type

Light Duty Trucks
Heavy Duty Trucks

By Service Type

Digital Freight Brokerage
Telematics
Truck Platooning
Rental and Leasing

By End Use

Compact Equipment
Automobiles
Machinery
Apparels & Footwear
Pharmaceutical Products
Retail
Electronics
Petrochemicals
Agriculture
Building Materials
Others

By Region

North America
Latin America
Europe
Asia and Pacific
Middle East and Africa

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