Freight Trucking Market: Global Industry Analysis and Forecast (2023-2029)

Freight Trucking Market size was valued at US$ 2.29 Tr. in 2022 and the total revenue is expected to grow at 4.7 % through 2023 to 2029, Freight Trucking Market is reaching nearly US$ 3.16 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.To 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 2022 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 2022. 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:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 2.29 Tr.


Forecast Period 2023 to 2029 CAGR:
4.7 %
Market Size in 2029:
US $ 3.16 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 (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria, Turkey, Russia and Rest of Europe)
Asia Pacific (China, India, Japan, South Korea, Australia, ASEAN and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina, Columbia and Rest of South America)
Freight Trucking Market, Key Players are
1. Cargo Carriers
2. UPS
3. FedEx
4. Ceva Holdings
5. Tuma Transport
6. Swift Transport
7. Interlogix
8. Kuhne+Nagel
9. Transtech Logistics
10. Procet Freight
11. Concargo
12. JandJ Global
13. United Parcel Service.
14. Union Pacific Corp
15. NYK Group
16. SF Express
17. XPO Logistics
18. A.P. Moller Maersk
19. Canadian National
20. CMA CGM
21. DB SCHENKER
22. Deutsche Post

Frequently Asked Questions:

1) What was the market size of Global Freight Trucking Market in 2022?
Ans - Global Global Freight Trucking Market was worth US$ 2.29 Tr. 2022.

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 2023 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 2022, North America region dominated the Global Freight Trucking Market.