ID: MRFR/PNT/8717-HCR | May 2021 | Region: Global | 160 pages
Freight Trucking market size is anticipated to register a CAGR of ~5.9% between 2020 and 2026 and reach an approximate value of USD 4032 billion in 2026.
Growing international trade agreements between countries and organizations have significantly promoted the expansion of the freight trucking market. The rapid expansion of fast-moving consumer products has contributed to the market development of freight trucking. The flourishing global online retail industry requiring speedy parcel deliveries is one of the reasons for the growth of the market. The booming e-commerce industry across the globe, offering express deliveries has boosted the logistics sector and thereby leading to the market expansion of the market. Also, growth in the automotive and healthcare sectors has contributed largely to the augmentation of the market. Heavy industrialization and urbanization are prime factors that are propelling the market expansion. Rapid growth in the transport industry due to technological advancements is also aiding the growth of the market. The changes in manufacturing and retail business models coupled with improvements in technologies have generated considerable prospects for the freight trucking industry. The services offered by these providers add considerable value to the manufacturing industry. Progress in the construction industry is aiding in the market development as the need for construction equipment and raw materials hasbeen growing regularly. The food and beverages sector is contributing to the market growth owing to increased demand for ready-to-eat snacks, perishable foods, energy drinks, and others. The rise of the pharmaceutical industry has augmented the freight trucking industry through the rise in temperature-controlled transportation of medical supplies and medicines. The surge in the consumers of electronics devices such as laptops, mobiles, tablets, andT.V.shas created a need for relying on freight trucking providers for hassle-free and safe shipping of these devices from manufacturers to retailers and customers.
Key industry participants in the Freight Trucking industry include -
Yellow Corporation (U.S.), Estes Express Lines (U.S.), XPO Logistics (U.S.), CEVA Logistics (Switzerland),CMA CGM S.A (France), Kuehne + Nagel International AG (Germany), Nippon Express Co., Ltd. (Japan), Saia Inc. (U.S.), SNCF group (France), ArcBest (U.S.).
Freight Trucking involves the usage of different kinds of trucks for the transportation of goods from one place to the other on roads between manufacturers, distributors, retailers, and end-users. It involves the transportation of finished products, goods, raw materials, and other such products. It includes the usage of different vehicles like large commercial trucks, forklifts, pick-up trucks, flatbed trucks, and many others. The freight trucking service providers require special logistics modes of transport, permits, machinery, and agreements. The major benefit of freight trucking is that it enables door-to-door delivery of goods and materials with cost-effective means of cartage, loading, and unloading. Owing to a surge in demands, freight trucking providers are utilizing technological tools like delivery tracking using state-of-the-art mobile applications for customers to improve agility, transparency, and for timely product delivery. Usage of mobile technology for improving tracking and customer satisfaction is being adopted by more and more freight trucking firms to match themselves with technological advancements and gain competitiveness.
The global Freight Trucking market has been segmented based on Vehicle Type, Cargo Type, End-Use, and region. Based on Vehicle Type, the global market is divided into Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles. The heavy commercial vehicles type segment is anticipated to hold a significant market share owing to growing construction and logistics activities across the globe. Light commercial vehicles also own a good market share because of relatively low initial capital investment, as compared to other vehicles in the category. These vehicles are employed for domestic as well as international deliveries. Domestic deliveries are promoting market development owing to the developing manufacturing sector in different parts of the world.
Based on Cargo Type, the global market is segmented into dry bulk, liquid bulk, and refrigerated products. The Dry bulk segment accounted for a significantly large share in the global market owing to a rise in trade volume from one region to another. The development of the logistics industry in growing economies is further aiding growth prospects for the market of freight trucking. The rise in the shipping of dry bulk goods such as chemicals, Agri-products, minerals, and fertilizers are augmenting the development of the market owing to growing industrial activities and the need for fulfilling the growing demands of the fast increasing population across the globe.
Based on End Use, the global Freight Trucking market is segmented into Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, Food & Beverages, Healthcare, and Others. The Industrial & Manufacturing segment accounted for a significantly large share in the global market owing to fast-paced industrialization globally to meet up growing demands of end-use industries. The Construction & Mining segment too accounted for the growth of the market due to the rise in mining explorations and growth in the construction industry. The surge in infrastructural investments due to growing human needs is boosting market development. The flourishing automotive manufacturing business is assisting in the speedy expansion of the market. Growing material handling, chemical, and agriculture industry are further driving the market of freight trucking.
The Freight Trucking global market is expected to witness high growth during the forecast period owing to the growing construction, and oil & gas industry worldwide. Due to the growing logistics industry, rapid deployment of technology for delivery tracing, customer convenience, and smooth transportation will add to the market expansion of freight trucking.
Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia Pacific dominated the Freight trucking market in recent years. The steadily evolving construction and mining industry have supported the product growth in the region. Growing industrial projects have supported the product growth in the region. Supportive government initiatives and policies, as well as a rise in direct foreign investments, will further provide a boost to the market.
|Market Size||2027: USD 4032 Billion|
|CAGR||5.9% CAGR (2020-2027)|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Vehicle Type, Cargo Type, End Use|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Yellow Corporation (U.S.), Estes Express Lines (U.S.), XPO Logistics (U.S.), CEVA Logistics (Switzerland),CMA CGM S.A (France), Kuehne + Nagel International AG (Germany), Nippon Express Co., Ltd. (Japan), Saia Inc. (U.S.), SNCF group (France), ArcBest (U.S.).|
|Key Market Opportunities||
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
Freight forwarders tend to partner with several logistics companies either nationally or internationally. Logistics companies, unlike freight forwarders, own all of their own assets including intermodal fleets of trucks, boats, or planes, but without any access to actual shipping routes.
Freight Trucking market is predicted to grow at 5.9% through forecast period of 2020-2027.
The forecast period for Freight Trucking market research report is 2020-2027.
Global Freight Trucking Market is dominated by Asia Pacific region
The flourishing global online retail industry requiring speedy parcel deliveries is one of the reasons for the growth of the market.