Freight Trucking Market: Global Industry Analysis and Forecast (2022-2029)

Freight Trucking Market size was valued at US$ 2.19 Tr. in 2021 and the total revenue is expected to grow at 4.7 % through 2021 to 2029, Freight Trucking Market is reaching nearly US$ 3.17 Tr. by 2029.

Freight Trucking Market Overview

A freight truck, also known as a heavy-duty vehicle, is a vehicle that is used to move products from one location to another. It is commonly used in logistics services and is particularly well suited to off-road driving. Freight trucks with advanced and high-powered engines can readily transport big loads. They can be classified into six types: semi-trailer trucks, straight trucks, jumbo trucks, tail-lift trucks, truck trailers, and flatbed trucks. They have a large carrying capacity. As a result, its benefits are expected to propel drive the freight trucking market forward over the forecast period. In September, transborder freight between Canada, the United States, and Mexico totaled $109.2 billion, down 3.4 % from August 2021 but up 13.3 % from September 2021 and 7.7% from September 2019.Global Freight Trucking MarketTo know about the Research Methodology :- Request Free Sample Report

Freight Trucking Market dynamics:

The transportation and logistics industries have seen constant progress. As truck manufacturers continue to roll out new truck models with enhanced cargo capacity and technologies, technological improvements are expected to drive the growth of the freight trucking market. A number of truck manufacturers are highly dependent on innovative technology to improve the vehicle's performance and functionality. The freight trucking market has been forced to integrate new tracking systems due to an increase in demand for order tracking. While technology continues to advance at a rapid speed, self-driving freight trucks will soon be on the road, especially in developed regions of North America and Europe. Food and beverage industry operators are largely focused on improving their product supply chain by reducing logistics and responding to the market's low volume, high-frequency requirements. Also, as a result of the intense competition in the food and beverage industry, some food corporations are increasingly focusing on adapting to new transportation networks and lowering costs. Freight trucking is one of the most widely used and popular methods of freight transportation globally, and this trend is expected to continue over the forecast period. The Freight Transportation Market's major driving drivers are undergoing technological advancements, with a special focus on long-distance freight trucking. The growing popularity of online shopping is fuelling the rise of the global freight transportation industry. The attractive steps taken by the e-commerce sector, particularly in emerging and developed countries, are driving demand for the freight transportation services market. Additionally, the market benefits from online shopping, as well as significant advancements in internet services around the world. The trend of home delivery, which has driven a significant increase in the use of freight transportation services. Ecommerce platforms and online shopping sites make arrangements for accurate and effective home delivery in order to achieve acceptance. This is in addition to current technical improvements, which are expected to assist the market's growth over the forecast period. The market's growth will be driven by rising demand from emerging markets. The need for long-distance freight trucking has increased in recent years.

Freight Trucking Market Segmentation:

Based on Application, the market is sub-segmented into Oil and Gas, Industrial and Manufacturing, Defence, Energy and Mining, Chemicals, Pharmaceuticals and Healthcare, Food and Beverages. The Oil and Gas segment is expected to have the highest market share, with a CAGR of xx%. Long-distance cargo transportation is becoming increasingly popular in both emerging and developed countries, which is driving up demand for freight trucking services. The growing demand for cold storage trucks for the transportation of perishable products, particularly food and drinks, is also driving market expansion. Flatbed trucks, truck trailers, lorry tanks, and refrigerated trucks are among the several types of freight trucks available on the market. Over the forecast period, the refrigerated truck is expected to grow at the fastest CAGR. Based on Distance, the market is sub-segmented into the short distance and long distance. The short distance segment leading the market over the forecast period. The volume of road transport via trucking reached 1800 billion tonne-kilometres in 2021 with a 77 % with a growing trend. One of the main reasons is the rapidly expanding e-commerce sector, which places a high demand on freight transportation despite not being environmentally friendly, long-distance or long-haul freight transportation by truck on the road has certain significant advantages over other modes.

Freight Trucking Market Regional Analysis:

North America region leading the market in 2021. In the year 2021, the freight trucking market in the United States is expected to be worth US$514.7 billion. In the global market, the country currently held a 24.07 % shares. China, the world's second largest economy, is expected to reach a market size of US$586.8 billion in 2027, representing a 6.3 % compound annual growth rate (CAGR) for the forecast period. Japan and Canada are two other important geographic markets, with growth forecasts of 2.5 % and 3.7 %, respectively, over the forecast period. Germany is expected to grow at a CAGR of around 2.6 % in Europe, while the rest of the European market will reach US$626.4 billion by the end of the analysis forecast period. Domestic industry and retailing expansion, investments in new road infrastructure, and rising demand for urban last mile delivery are only a few of the key reasons driving industry expansion in developed regions. On-road truck transport accounts for more than two-thirds of all domestic shipping in the United States. Developing countries' exports of manufactured goods and services to developed economies have expanded dramatically. Over48 % of exports from top export-oriented economies now travel to other developing countries, indicating that trade between emerging countries is rising significantly. Developing countries have seen a significant increase in last-mile delivery. As a result, demand for freight trucking in developing countries increases. The objective of the report is to present a comprehensive analysis of the global Freight Trucking Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding the global Freight Trucking Market dynamics, structure by analyzing the market segments and projects the global Freight Trucking Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global Freight Trucking Market make the report investor’s guide.

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Global Freight Trucking Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: US $ 2.19 Tr.
Forecast Period 2022 to 2029 CAGR: 4.7 % Market Size in 2029: US $ 3.17 Tr.
Segments Covered: by Type • Lorry Tank • Truck Trailer • Refrigerated Truck • Flatbed Truck • Heavy Truck • others
by Size •Heavy Truck • Medium Truck • Light Truck
by Cargo type • Dry Bulk Goods • Oil and Diesel • Postal • Others
by Distance • Short distance • Long distance
by Application • Oil and Gas • Industrial and Manufacturing • Defence • Energy and Mining • Chemicals • Pharmaceuticals and Healthcare • Food and Beverages

Freight Trucking Market, by Region

• North America • Europe • Asia Pacific • Middle East and Africa • South America

Freight Trucking Market Key Players are:

• Cargo Carriers • UPS • FedEx • Ceva Holdings • Tuma Transport • Swift Transport • Interlogix • Kuhne+Nagel • Transtech Logistics • Procet Freight • Concargo • JandJ Global • United Parcel Service. • Union Pacific Corp • NYK Group • SF Express • XPO Logistics • A.P. Moller Maersk • Canadian National • CMA CGM • DB SCHENKER • Deutsche Post Frequently Asked Questions: 1) What was the market size of Global Freight Trucking Market in 2021? Ans - Global Global Freight Trucking Market was worth US$ 2.19 Tr. 2021. 2) What is the market segment of the Freight Trucking Market? Ans -The market segments are based on Type, Size, Cargo type, distances and Application. 3) What is the forecast period considered for Global Freight Trucking Market? Ans -The forecast period for Global Freight Trucking Market is 2021 to 2029. 4) What is the market size of Global Freight Trucking Market in 2029? Ans – Global Freight Trucking Market is estimated as worth US$ 3.17 Tr. 5) Which region is dominated in Global Freight Trucking Market? Ans -In 2021, North America region dominated the Global Freight Trucking Market.
1. Global Freight Trucking Market : Research Methodology 2. Global Freight Trucking Market : Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Freight Trucking Market 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Freight Trucking Market : Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-17.6 Impact 4. Global Freight Trucking Market Segmentation 4.1. Global Freight Trucking Market ,by Type(2021-2029) • Lorry Tank • Truck Trailer • Refrigerated Truck • Flatbed Truck • Heavy Truck • others 4.2. Global Freight Trucking Market ,Size (2021-2029) • Heavy Truck • Medium Truck • Light Truck 4.3. Global Freight Trucking Market ,Cargo type (2021-2029) • Dry Bulk Goods • Oil and Diesel • Postal • Others 4.4. Global Freight Trucking Market ,Distance (2021-2029) • Short distance • Long distance 4.5. Global Freight Trucking Market ,Application (2021-2029) • Oil and Gas • Industrial and Manufacturing • Defense • Energy and Mining • Chemicals • Pharmaceuticals and Healthcare • Food and Beverages 5. North America Freight Trucking Market (2021-2029) 5.1. North America Freight Trucking Market ,by Type(2021-2029) • Lorry Tank • Truck Trailer • Refrigerated Truck • Flatbed Truck • Heavy Truck • others 5.2. North America Freight Trucking Market ,Vehicle type (2021-2029) • Heavy Truck • Medium Truck • Light Truck 5.3. North America Freight Trucking Market ,Cargo type (2021-2029) • Dry Bulk Goods • Oil and Diesel • Postal • Others 5.4. North America Freight Trucking Market ,Distance (2021-2029) • Short distance • Long distance 5.5. North America Freight Trucking Market ,Application (2021-2029) • Oil and Gas • Industrial and Manufacturing • Defense • Energy and Mining • Chemicals • Pharmaceuticals and Healthcare • Food and Beverages 5.6. North America Freight Trucking Market , by Country (2021-2029) • US • Canada • Mexico 6. European Freight Trucking Market (2021-2029) 6.1. European Freight Trucking Market ,by Type(2021-2029) 6.2. European Freight Trucking Market , Vehicle type (2021-2029) 6.3. European Freight Trucking Market ,Cargo type (2021-2029) 6.4. European Freight Trucking Market ,Distance (2021-2029) 6.5. European Freight Trucking Market ,Application (2021-2029) 6.6. European Freight Trucking Market , by Country (2021-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Freight Trucking Market (2021-2029) 7.1. Asia Pacific Freight Trucking Market ,by Type(2021-2029) 7.2. Asia Pacific Freight Trucking Market , Vehicle type (2021-2029) 7.3. Asia Pacific Freight Trucking Market ,Cargo type (2021-2029) 7.4. Asia Pacific Freight Trucking Market ,Distance (2021-2029) 7.5. Asia Pacific Freight Trucking Market ,Application (2021-2029) 7.6. Asia Pacific Freight Trucking Market , by Country (2021-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. Middle East and Africa Freight Trucking Market (2021-2029) 8.1. Middle East and Africa Freight Trucking Market ,by Type(2021-2029) 8.2. Middle East and Africa Freight Trucking Market ,Vehicle type (2021-2029) 8.3. Middle East and Africa Freight Trucking Market ,Cargo type (2021-2029) 8.4. Middle East and Africa Freight Trucking Market ,Distance (2021-2029) 8.5. Middle East and Africa Freight Trucking Market ,Application (2021-2029) 8.6. Middle East and Africa Freight Trucking Market , by Country (2021-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Freight Trucking Market (2021-2029) 9.1. Latin America Freight Trucking Market ,by Type(2021-2029) 9.2. Latin America Freight Trucking Market , Vehicle type (2021-2029) 9.3. Latin America Freight Trucking Market ,Cargo type (2021-2029) 9.4. Latin America Freight Trucking Market ,Distance (2021-2029) 9.5. Latin America Freight Trucking Market ,Application (2021-2029) 9.6. Latin America Freight Trucking Market , by Country (2021-2029) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Cargo Carriers 10.1.1. Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. UPS 10.3. FedEx 10.4. Ceva Holdings 10.5. Tuma Transport 10.6. Swift Transport 10.7. Interlogix 10.8. Kuhne+Nagel 10.9. Transtech Logistics 10.10. Procet Freight 10.11. Concargo 10.12. JandJ Global 10.13. United Parcel Service. 10.14. Union Pacific Corp 10.15. NYK Group 10.16. SF Express 10.17. XPO Logistics 10.18. A.P. Moller Maersk 10.19. Canadian National 10.20. CMA CGM 10.21. DB SCHENKER 10.22. Deutsche Post

About This Report

Report ID 36166
Category Automotive and Transportation
Published Date DEC 2022
Updated Date