The global freight trucking market was valued at $2,732 billion in 2021, and is projected to reach $4,457.4 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
Heavy-duty trucks are used in freight trucking to transfer commodities, goods and cargo from one location to another. These powerful engines and sturdy chassis allow these heavy-duty trucks to readily transport bigger loads. These vehicles typically move product between factories, warehouses, wholesalers, and retailers. Also, these vehicles come in a variety of variations, including tiny pickups, semi-trailers, huge commodities, and heavy haulers that can carry oversized items.
Market dynamics:
The logistics and transportation sectors have continually advanced. The market for freight trucking is anticipated to develop as truck manufacturers continue to release new truck models with improved cargo capacity and technologies. Several truck manufacturers rely heavily on cutting-edge technology to enhance the functioning and performance of their vehicles. Due to a rise in the need for order tracking, the freight trucking industry has been pushed to adopt new tracking technologies.
Operators in the food and beverage sector are primarily focused on streamlining logistics and meeting the low volume, high frequency demands of the market in order to improve their product supply chain. Also, some food firms are putting more emphasis on adapting to new transportation networks and cutting costs as a result of the fierce rivalry in the food and beverage industry. One of the most common and well-liked ways to move goods around the world is via truck, and this trend is anticipated to last throughout the projected period.
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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. Møller – Mærsk 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.
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The main forces influencing the freight transportation market are evolving technologically, with long-distance freight trucks receiving particular attention. The worldwide goods transportation sector is expanding as a result of the rising popularity of online shopping. Demand for goods transportation services is increasing as a result of the enticing actions the e-commerce industry is taking, particularly in developed and emerging markets. Additionally, the market gains from global improvements in internet services as well as from online purchasing. Global e-commerce industry expansion, rising urbanization, and increased usage of telematics in the automobile sector are all contributing to the worldwide freight trucking market’s explosive growth. However, a lack of adequate infrastructure and greater logistics expenses are impeding the market’s expansion. Additionally, it is anticipated that the development of self-driving vehicles would present expansion prospects during the projected period.
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.
Key Benefits For Stakeholders
• Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the freight trucking market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the freight trucking market analysis from 2021 to 2031 to identify the prevailing freight trucking market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• The report includes the analysis of the regional as well as global freight trucking market trends, key players, market segments, application areas, and market growth strategies.
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