Global 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.
Freight trucking involves the use of heavy-duty trucks for transporting commodities, goods, and cargo from one location to another. These trucks are equipped with robust chassis and powerful engines to handle heavy loads efficiently. Typically, they are employed to transport cargo between warehouses, factories, wholesalers, and retailers. Moreover, freight trucks come in various variants, including small pickups, semi-trailer trucks, and large haulers capable of carrying oversized cargo.
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Growth Factors of this market:
The global freight trucking market is experiencing significant growth, driven by several key factors. One such factor is the widespread adoption of telematics within the automotive sector, which is enhancing the efficiency and effectiveness of freight trucking operations. Additionally, the expansion of the e-commerce industry on a global scale is generating increased demand for freight trucking services to facilitate the movement of goods. Moreover, the ongoing trend of urbanization is contributing to the growth of the market by creating greater need for the transportation of goods within and between urban areas.
However, despite these positive drivers, the growth of the global freight trucking market is being hindered by certain challenges. One notable challenge is the presence of poor infrastructure in many regions, which can lead to delays and inefficiencies in freight transportation. Additionally, the relatively high logistics costs associated with trucking operations are acting as a deterrent to market growth.
Nevertheless, there are opportunities for growth within the market, particularly with the development of self-driving truck technology. As autonomous driving technology continues to advance, it is expected to revolutionize the freight trucking industry by offering increased efficiency, safety, and cost-effectiveness.
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).
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Market Regional Analysis:
The forecast suggests that the North American market is poised to experience a notable Compound Annual Growth Rate (CAGR) in revenue over the forecast period. This growth is primarily attributed to the escalating utilization of freight trucks in highly industrialized nations such as the United States and Canada. Conversely, rapid advancements are anticipated in the Asia Pacific region, driven by the burgeoning e-commerce sector in developing countries like China, Japan, and India.
Key Market Players included in this Report are:
- 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
- Others
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