Freight Trucking Market

• Rapid growth in the construction industry across the globe is expected to drive market growth.

Freight Trucking utilizes heavy-duty trucks for the transportation of goods and cargo from one place to another. It is primarily adopted for bulk and heavy commodities transport. Growing demand for door-to-door transport is expected to drive the freight trucking market during the forecast period. In addition to this, growing import and export activities of goods and services worldwide are the supporting factor for the market. The developing e-commerce sector is also expected to create a surge in demand for freight trucking over the forecast period.

Freight trucking is an efficient mode of transport for goods and services; hence their demand is very high in a wide range of industries, including oil & gas, manufacturing, construction, mining, chemicals, and other industries. Increasing public spending on goods and services is expected to boost the demand for trucking services in years to come. This is further expected to create lucrative opportunities for the revenue growth of freight trucking service providers.

Additionally, growing technological advancement in the freight market is influencing the adoption of high-capacity trucks with various features such as refrigeration and improved performance for the efficient transportation of goods is expected to generate new prospects for the market over the forecast period.

However, the unavailability of efficient transport infrastructure in developing and underdeveloped countries and stringent regulations regarding emission control from heavy-duty trucks are some of the factors expected to hinder the market growth over the forecast period.

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific has dominated the freight trucking market with the largest market share in 2019 and is expected to continue its dominance over the forecast period. Growing industrialization in emerging countries of APAC, including China, India, South Korea, and Japan, is expected to drive the market during the forecast period. Increasing import and export activities in these emerging economies are the supporting factor for the market growth in the region.

Growing urbanization and improving the standard of living in the Asia Pacific are expected to influence the growth of door-to-door transport services. In addition to this, a surge in demand for online retail services is one of the major factors expected to propel the market growth over the forecast period.

Figure 3:  FREIGHT TRUCKING MARKET SHARE BY REGION 2021 (%)Source: Secondary Research, Primary Research, Market Research Future Database, and Analyst Review

North America is also expected to experience significant growth during the forecast period. Trucking is the most widely used mode of transportation in North America for bulk cargo, commodities, goods, and services. It is expected to continue its dominance in the region for years to come. The presence of key players in the region is the supporting factor for market growth. The availability of technologically advanced high-capacity trucks provides fast transportation as compared to other modes. Moreover, the presence of well-established transportation infrastructure in developed countries of North America is expected to boost market growth over the forecast period.

Increasing awareness and adoption of electric trucks for trucking and a strong presence of EV charging infrastructure and service network are also expected to fuel the market growth in the years to come.

Major market players are spending a lot of money on R&D to increase their product lines, which will help the Freight Trucking market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Freight Trucking industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.

The major market players are investing a lot of money in R&D to expand their product lines, which will spur further market growth for Freight Trucking. With significant market development like new product releases, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations, market participants are also undertaking various strategic activities to expand their presence. To grow and thrive in a market climate that is becoming more competitive and growing, competitors in the Freight Trucking industry must offer affordable products.

Manufacturing locally to cut operating costs is one of the main business tactics manufacturers use in the Freight Trucking industry to benefit customers and expand the market sector. The Freight Trucking market has recently given medicine some of the most important advantages. Major hair care product market players, including Tuma transport, Fed Ex corporation, Ceva holding LLC, and others, are attempting to increase market demand by funding R&D initiatives.

United Parcel Service (UPS) is the world's largest package delivery company as well as a leader in the logistics and transportation services market. James Casey was the founder of the organization initially naming the business American Messenger Company, based out of Seattle, Washington. UPS delivers to 1.8 million shipping customers in 200 countries, in 2009 the company delivered over 3.8 billion packages worldwide. UPS is in a very competitive industry with rivals such as United States Postal Services and Federal Express to name a few. Moreover, UPS has kept pace with being a leader in the package delivery industry.