Freight Trucking Market: Overview
The global Freight Trucking market size was valued at USD 9.25 billion in 2022 and is expected to expand at a CAGR of 14.5% over the forecast period. Over the past few years, the freight trucking sector has undergone substantial changes due to changes in the way freight trucks are operated, the adoption of cutting-edge technologies, advancements in vehicle designs, and other reasons. Freight vehicle manufacturing is still rising internationally as a result of logistical requirements from numerous end-use industries, including food and beverage, oil and gas, energy and mining, chemicals, and more. A few of the factors that are projected to affect the expansion of the freight trucking business are the rise in automation, the explosive growth of e-Commerce, and the focus on industrialization by administrations throughout the Asia Pacific.
Freight Trucking Market - Growth Factors
In order to optimize their product fulfillment operations, market players in the food and beverage sector are primarily focused on streamlining logistics and satisfying the low-volume, high-frequency requirements of the industry. Due to the intense competition in the food and beverage business, many food companies are also focusing on cost reduction and adaptation to shifting transportation networks. Trucking is one of the most popular and often utilized methods of moving freight, and this pattern is anticipated to continue during the projected period.
Freight Trucking Market Market Trends
1. Increased transportation volumes would also be a result of swift urbanization, industrialization, and construction industry expansion, propelling the global freight trucking market forward.
2. The market for freight trucking is anticipated to grow during the forecasted period due to ongoing technological advancements.
3. During the predicted timeframe, it is anticipated that the marketing of the freight trucking business would increase due to the incorporation of new technologies into freight trucks and the tremendous growth of several industries around the world.
4. Trillions of dollars worth of goods are transported annually by the global freight industry to every region of the globe. Trucks are omnipresent in the freight ecosystem because practically every item or container, regardless of its country of origin, must be delivered by vehicle.
The Freight Trucking Market Segmentation
on the basis of Cargo Type is segregated into
Dry/Bulk Goods
Hazardous/Dangerous Goods
Temperature Controlled Goods
On the basis of Type, the market is categorized into
Closed Box & Refrigerated
Flatbed Truck
Curtain Side.
On the basis of Product, the market is bifurcated into
Low to Medium Truck Load (LTL)
Full Truck Load (FTL).
The Freight Trucking Market Regional Analysis
A geographical analysis predicts that the North American market would register a significant revenue CAGR throughout the forecast period. The increased use of freight trucks in industrialised countries like the U.S. and Canada is to blame for this expansion. On the other side, the e-commerce sector in developing nations like China, Japan, and India is expected to grow quickly, causing major development in the Asia Pacific region.
The Freight Trucking Market Key Market players
The major players in the market are:
A.P. Mller - Mrsk A/S
Canadian National Railway Company
CEVA Logistics
CMA CGM S.A.
DB SCHENKER
DHL International GmbH
Estes Express Lines
FedEx Corporation
JB Hunt Transport Services Inc.
Knight-Swift Transportation Holdings Inc.
Kuehne + Nagel International AG
Nippon Express Co., Ltd.
Procet Freight cc
R+L Carriers, Inc.
Saia
GEODIS
Swift Transportation Company
Transtech Logistics
United Parcel Service of America, Inc.
Werner Enterprises, Inc.
XPO Logistics Inc.
YRC Worldwide Inc.
Report scope
Global Freight Trucking Market: Historical Years- 2018-2021
Global Freight Trucking Market: Forecast Years- 2022-2030
Global Freight Trucking Market 2022- USD 9.25 billion
Global Freight Trucking Market CAGR- 14.5%
