Freight Trucking Market to Grow at CAGR of 6.83% through 2032 - Rise in Technology Innovation & Presence of Market-Leading Solution Providers to Propel Growth
Freight trucking market size is anticipated to grow from USD 2,856.73 Billion to USD 5,530.97 Billion in 10 years. The primary drivers driving the market growth are the rising global E-commerce sector expansion, the growing use of telematics in cars, and the strategic initiatives of the industry's top competitors.
Newark, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 2,856.73 Billion in 2022 freight trucking market will reach USD 5,530.97 Billion by 2032. Freight trucking is the process of moving shipments of goods, such as commodities, from one location to another using heavy-duty vehicles. Freight trucks are updated in order to efficiently deliver large shipments. These vehicles also feature an inbuilt refrigeration system to facilitate the transportation of goods that is temperature sensitive.
Asia Pacific is anticipated to expand at the highest CAGR of 8.47% over the projection period.
Asia Pacific is expected to grow at the highest CAGR of 8.47% over the forecast period. The global middle class is growing, which has raised consumption levels and increased the amount of commodities that need to be transported. This growth is a result of this development. Faster and more effective supply chains are in demand due to shifts in consumer preferences and expectations, where people are encouraged to Western lifestyles. The region has also seen advancements in its road transport systems and an increasing propensity to develop new industries, both of which have contributed to the freight trucking market's expansion in these areas throughout time.
The tanker segment is expected to register the highest CAGR of 9.63% over the projected period in the freight trucking market.
The tanker segment is anticipated to grow at the highest CAGR of 9.63% in the freight trucking market. Trucks of this kind are needed because of the expansion of industries such as chemicals, petroleum, pharmaceuticals, food items, and dairy products. The region's growing industrial base, economic variety, and need for specialised transportation to service several industries are all factors contributing to the tanker segment's growth and subsequent increase in market share.
Over the projected period, the oil and gas segment is expected to register the highest CAGR of 9.39% in the freight trucking market.
Over the forecasted period, the oil and gas segment is anticipated to grow at the highest CAGR of 9.39% in the freight trucking market. The need for freight transport services is mostly driven by the requirement for long-distance goods transit in both developed and emerging regions. In the oil and gas sector, where exposure and a sense of urgency are essential, freight trucking is key. To succeed under difficult circumstances, oil and gas companies depend on third-party logistics (3PL) partners. This market has experienced impressive growth as a result of the rise in shale oil and gas extraction operations.
The market for freight trucking is expected to grow as a result of ongoing technical developments and manufacturers' growing emphasis on long-distance transportation. Furthermore, companies in developed and developing countries have been compelled by the rise of e-commerce to purchase or employ freight trucking services in order to transport substantial loads of cargo. In addition, since the COVID-19 epidemic, online shopping and home delivery of items have grown in popularity. Businesses are striving to deliver goods on schedule in order to satisfy the growing demand from clients, with the help of freight trucking services. Furthermore, as cities become more urbanised, there will be more people travelling, which will drive the freight trucking industry's growth.
Restraint: Expensive maintenance
Frequent, and sometimes costly, maintenance is required for cargo trucks to operate at peak efficiency. Additionally, they are bigger, heavier, and larger cars. As a result, they usually cause significant delays on the highways, especially in populous regions. In addition, these trucks are frequently stopped at toll booths and other similar places. This causes a large amount of money to be spent in addition to lost time. Inadequate road infrastructure and a lack of will to improve transportation facilities are expected to limit the expansion of the freight trucking market share in both developed and developing countries over the course of the projected period.
Report Scope
Base Year
2022
Forecast period
2023-2032
Report Coverage
Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends
Regional scope
Asia Pacific, Europe, South America, North America, and Middle East & Africa
Market Size(unit)
USD 5,530.97 Billion
Data Warehousing Market CAGR
6.83%
Segments Covered
Truck Type, End-use
Some of the major players operating in the freight trucking market are:
• Deutsche Post AG • Estes Express Lines • FedEx Corporation • Landstar System, Inc. • United Parcel Service of America, Inc. • CEVA Logistics AG • Yellow Roadway Corporation • Nippon Express Co., Ltd. • J.B. Hunt Transport Services, Inc. • XPO Logistics, Inc. • Old Dominion Freight Line, Inc. • Saia, Inc. • Knight-Swift Transportation Holdings Inc. • Schneider National, Inc.
Key Segments cover in the market:
By Truck Type:
• Tanker • Flatbed • Refrigerated Truck • Dry Van
By End-use:
• Oil and Gas • Defence • Pharmaceutical and Healthcare • Industrial and Manufacturing • Chemicals • Energy and Mining • Food and Beverages
By Region
• North America (U.S., Canada, Mexico) • Europe (Germany, France, U.K., Italy, Spain, Rest of Europe) • Asia-Pacific (China, Japan, India, Rest of APAC) • South America (Brazil and the Rest of South America) • The Middle East and Africa (UAE, South Africa, Rest of MEA)
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirements whether they are looking to expand or planning to launch a new product in the global market.
