Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
In today's freight trucking market, the Internet of Things (IoT) is the next critical dynamic. The technologies of the IoT can provide real-time monitoring so trucking companies can monitor vehicle health, adjust to an optimal schedule for maintenance and repair work, and ultimately improve the performance of their fleets.
Market dynamics are also impacted by sustainability considerations. To achieve sustainable goals, trucking firms are greening their businesses, purchasing fuel-efficient vehicles, experimenting with alternative fuels and so on.
The freight trucking market is also integrating blockchain technology. Blockchain is a platform for trading across the supply chain that offers security and transparency. This is a trend that improves visibility, traceability and trust in freight transactions-benefiting both shippers and carriers.
Alongside, the market providers are focusing on data-driven decision making into its operations. These analytics tools gather insights into route optimization, fuel efficiency and overall performance. Through data-driven methods, freight carriers can make decisions grounded in fact that promote efficiency and reduce cost.
Last-mile delivery solutions are playing a more prominent role in the trucking sector. As online shopping is taking off, the need for efficient last-mile delivery services has grown in step. With the challenge of last-mile logistics, freight trucking companies are adapting to make sure delivery is both efficient and on time.
International politics and trade barriers have a direct impact on the freight transportation industry's dynamics. Political conflict, changes in trade policy, and variations in tariffs all make an impression on the transportation of commodities, the procedures used by shipping companies, and the need for trucking services generally.
Electric and autonomous trucks are a new factor on the freight trucking scene. These technological developments in electric vehicles and autonomous controls enable the possibility of higher efficiency, lower emissions, and even revolutionary changes in trucking operations.
Tracking and visibility are important dynamics shaping freight trucking services. As the market is facing a need for transparency, the industry has begun integrating technologies which provide real-time information on shipment status as well as the location and estimated arrival time of each vessel.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Vehicle Type, End-use, and Region |
Freight Trucking Market Highlights:
Global Freight Trucking Market Overview
The Freight Trucking Market Size was valued at USD 2700.1 Billion in 2021. The Freight Trucking industry is projected to grow from USD 2844.5 Billion in 2022 to USD 4000.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.35% during the forecast period (2024 - 2032). Freight Trucking Market is known for the transport of goods using heavy-duty vehicles from one place to another place. The freight trucking market is used to carry heavy load vehicles from one place to the other. The rapid expansion of fast-moving consumers has increased the market development of the freight trucking market share
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Freight Trucking Market Trends
-
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.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
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.
Freight Trucking Market Segment Insights
Freight Trucking Vehicle Type Insights
The Freight Trucking market segmentation, based on Vehicle Type, includes Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles. The heavy commercial vehicles segment is expected to register the highest growth during the forecast period, owing to the increasing import and export activities and trades across the various regions. Moreover, the refrigerated truck segment is also expected to experience significant growth due to the growing demand for fast-moving consumer goods and services.
Freight Trucking End-Use Insights
Based on End Use, the Freight Trucking market segmentation includes Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, Food & Beverages, and Others. The Industrial & manufacturing segment has dominated the market in 2019, followed by energy & mining, owing to the Growing industrialization and urbanization across emerging countries and increasing demand for commodities and manufactured goods among the populace.
Figure 2: Freight Trucking Market, by Vehicle type, 2021 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Freight Trucking Regional Insights
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, MRFR 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.
Freight Trucking Key Market Players & Competitive Insights
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.
List of the Key Companies in the Freight Trucking market include
- Cargo Carriers
- UPS
- FedEx
- Ceva Holdings
- Tuma Transport
- Swift Transport
- Interlogix, Kuehne +Nagel
- Transtech Logistics
- Procet Freight
- Concargo and J&J
Freight Trucking Industry Developments
In February 2022, A.P. Moller – Maersk acquired Pilot Freight Services (Pilot) to extend its integrated logistics offering deeper into the supply chain of its customers.
In July 2021, Geodis acquired Velocity Freight Transport Inc. to meet the increased customer demand for more transportation alternatives to ensure their supply chains remain agile and effective.In September 2023, The California Air Resources Board (CARB) adopted new regulations that will require all new heavy-duty trucks sold in the state to be zero-emission by 2045. The regulations also require truck manufacturers to begin selling a certain percentage of zero-emission trucks each year, starting in 2024.
In October 2023: The American Trucking Associations reported a record-high 80,000 driver shortage, exacerbating capacity constraints and driving up freight rates.
In November 2023: The Biden administration announced a new initiative aimed at attracting and retaining truck drivers, including funding for training programs and apprenticeship opportunities.
Freight Trucking Market Segmentation
Freight Trucking Vehicle Type Outlook
- Light Commercial Vehicles
- Medium Commercial Vehicles
- Heavy Commercial Vehicles
Freight Trucking End-use Outlook
- Industrial & Manufacturing
- Oil & Gas
- Construction & Mining
- Chemicals & Agri-Products
- Food & Beverages
- Others
Freight Trucking Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
