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Numerous factors influence the Freight Trucking Market and shape its dynamics. industry leaders have become focused towards these market factors to overcome obstacles and seize opportunities. High fuel prices can impact profit margins, and companies may turn to fuel-efficient technologies or different pricing models as a result. Thus, directly related to fuel prices are the running costs of freight trucking companies. Fuel efficiency and cost control are important factors determining the industry's competitiveness.
The condition of transportation infrastructure has a great impact on the efficiency of freight trucking operations. Good roads, bridges and logistics centers improve the efficiency of deliveries. The capacity and performance of the industry depends on infrastructure investments and developments, or lack thereof. Freight trucking companies rely on labor availability and quality, especially for the employees driving trucks. Lack of drivers, attracting labor, and labor regulations all limit the industry's ability to keep pace with rising demand. Driver training and retention-related initiatives become key factors in the market.
Environmental considerations have now become an essential part of the freight trucking business. There is pressure on companies to become environmentally friendly, reduce emissions and find new fuels. In addition to meeting regulatory requirements, sustainability projects are also in harmony with increasing public scruples about environmentally friendly transportation.
Freight trucking is perhaps the industry most affected by weather conditions and climate events. There may be natural disasters, severe weather events or unexpected disruptions that compromise logistics networks. With the intrinsic variability in weather-related disruption, corporations must have robust risk management strategies.
The level of competition in the freight trucking market affects pricing, service offerings and overall industry dynamics. Through mergers and acquisitions in the competitive scenario, the market size is likely to witness changes. These economic factors may benefit the more established organizations, while small players have scope to explore niche markets or specialized services.
Besides, in the freight trucking business, security concerns are a major factor of priority. Cargo theft, vandalism or other security threats are all possible impeding factors for the supply chain. For instance, freight trucking companies invest in security measures, tracking technologies and risk mitigation strategies to ensure safe transport of the freight.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 2844.5 Billion |
| Growth Rate | 4.35% (2022-2030) |
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
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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
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