Freight Trucking Market Research Report—Global Forecast till 2030

Freight Trucking Market Research Report: By Vehicle Type (Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles), by Cargo Type (Dry Bulk, Liquid Bulk, and Refrigerated Products), by End Use (Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, Food & Beverages,and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030

ID: MRFR/PNT/8717-HCR | May 2021 | Region: Global | 160 pages

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Freight Trucking Market Scenario


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.


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 the fast-moving consumers has increased the market development of the freight trucking market share. Due to the increase in the population globally, the market value gets high. The increase in the demand for the freight trucking market growth is because of the rapid increase in urbanization and growth in the population.


The overall growth of the freight trucking market, is gradual and steady before the spread of the Covid, once the pandemic got relaxed and the government added the vaccination system to control the covid made the covid be in control. After the covid, the freight trucking market can reach a tremendous height. Because of the increase in urbanization and the rapid increase in population. Even many governments are planning to expand their hospitals and health care centres with the new technologies.


COVID Analysis


Because of the rise of the COVID all over the world, the market value got reduced. There are many reasons which caused the reduction of the market value during the pandemic issue. The major issue was the strict restriction of many governments. As the lockdown was implemented the labour and the migrant workers returned to their home town. Due to this, there was a shortage of labour, which caused the major drawback while shifting things from one place to the other.  The government have taken many initiatives to control the spread of the pandemic which may lead to great disaster across the world.


But once the lockdown was released by the government at first the demand was at a low value. After some time the market value got its peak and increased its transport.


Market Dynamics



  • Crucial Market drivers


One of the best markets is used in the transportation of goods and cargo from one place to another. these are heavy are used in the growing construction, and oil and gas industry worldwide. This acts as the driving force for the international agreements between the countries and the organization. the increase in rapid urbanization is one of the key market drivers.



  • The growth opportunities


the increase in the growth of urbanization and the construction works paves the way for the opportunity of the freight trucking industry. Moreover, the increase in the advancement of the government buildings in many regions paves the way for the growth of the freight trucking market. the government buildings like the hospitals, health care centres are also initiatives taken by the government.



  • market The market restraints


freight trucking when compared to sea shipment is one of the restraining factors. Also, the spread of the COVID across the world has caused a restriction in the freight trucking market. As the government has announced many restrictions to be followed to avoid the spread of the COVID, the people are in the hurry to control the spread of the COVID.



  • The market challenge


The main challenge is the lockdown of the COVID, as many raw materials and products for the construction have been blocked because of the lack of transportation. Many government projects have been stopped because of the increase in the spread of the pandemic. there was a lack of transportation and lack of labour in the site is one of the main challenges faced during the spread of the pandemic



  • Cumulative growth analysis


Before the pandemic, the growth was steady and stable. Once after the pandemic created the loss by blocking the transportation, lack of raw materials, lack of labours caused the drastic change in the market. the construction companies are facing a great loss because of the outbreak of the pandemic.



  • Value chain analysis


The overall growth of the freight trucking industry is steady. But the other labours works are getting spoiled by the outbreak of the pandemic. So the overall growth was stable at the present but in future, the freight trucking industry has the high chance of getting demand in the constructional works. The increase in the demand for the Freight Trucking market is because of the increase in urbanization. And because of the initiatives that are taken by the government.


Freight Trucking Market


Market segment overview



  • By application type


 



  1. Industrial and manufacturing

  2. Oil and gas

  3. Energy and mining

  4. Defence

  5. Chemicals

  6. Food and beverages

  7. Pharmaceuticals and health care


 



  • By product type


 



  1. Flatbed truck

  2. Truck trailer

  3. Lorry tank

  4. Refrigerated truck

  5. Heavy truck


 



  • By size


 



  1. Heavy truck

  2. Medium truck

  3. Light truck


 



  • By cargo type


 



  1. Dry bulk goods

  2. Oil and diesel

  3. Postal

  4. Others


 



  • by distance


 



  1. short distance

  2. long distance


 



  • By region


 


North America



  1. US

  2. Canada


Europe



  1. UK

  2. Span

  3. Germany

  4. Italy

  5. Russia

  6. France

  7. Rest of Europe


Asia pacific



  1. Japan

  2. India

  3. China

  4. Australia

  5. South Korea

  6. South-East Asia

  7. Rest of Asia Pacific


 


Latin America



  1. Mexico

  2. Brazil


Middle East Africa



  1. South Africa

  2. UAE

  3. Saudi Arabia

  4. Rest of MEA


Competitive landscape


The increase in urbanization and the increase in the population which has increased the technologies has several growths towards the increase in demand for the growth of the freight trucking industry. In recent days the trouble which been created because of the restrictions done by the spread of the pandemic caused a severe loss in the freight trucking market. many companies are working hard to regain their place in the market. To develop their business after the post covid many companies are trying hard to expand their position in the market.


Even small business companies are also working hard to expand their business after getting the proper financial source.


Regional analysis


The Asia Pacific has the dominating shareholding in the freight trucking market. this share is because of the increase in the demand for urbanization in the market. later the initiatives taken by the government is one of the main reasons for the growth of the Asia Pacific region. As the government is taking the responsibility to increase their economic level. The growing urbanisation and the hospitals and health care centres that are been built by the government has increased the market value of the Asia Pacific region.


The second region which has the dominating share hold next to the Asia pacific is north America.  The trucking and the transportation of the bulk products to the construction site has increased the value of the market.


Later all the regions in the world have slight growth in the freight trucking industry. But it is expected to get the gradual growth in the future. Because of the decrease in urbanization, the market value is reduced.


Key players



  1. Interlogix Pty.Ltd

  2. Tuma transport

  3. Fed Ex corporation

  4. Ceva holding LLC

  5. United parcel service Inc

  6. Nippon Express Co, ltd


 


Recent developments



  1. The technology advancement in the truck models with improved cargo space

  2. As the people are working hard to expand their business and make their position in the market.

  3. Increased in the freight trucking market to integrate the new tracking technologies.

  4. After the post covid days people are working hard to get back their work and reach the position in the market.


Market overview



  • Brief definition about the market

  • COVID analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Market segmentation

  • Competitive landscape

  • Regional analysis

  • Key players

  • Recent development



Report Scope:
Report Attribute/Metric Details
  Market Size

  • 2027: USD 4032 Billion
  • 2030 : Significant value
  •   CAGR    5.9% CAGR (2022-2030)
      Base Year   2021
      Forecast Period   Â 2022 to 2030
      Historical Data   2019 & 2020
      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

  • growing logistics industry
  • rapid deployment of technology for delivery tracing
  • customer convenience
  • smooth transportation
  •   Key Market Drivers

  • growing construction, and oil & gas industry worldwide
  • Growing international trade agreements between countries and organizations
  • rapid expansion of fast-moving consumer products


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    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 2022-2030.

    Truck trailer, refrigerated truck, flatbed truck

    Heavy trucks, medium trucks, light trucks

    Oil and gas, industrial and manufacturing, defence, energy and mining, chemicals, pharmaceutical and healthcare, food and beverages.

    Asia Pacific region is the leading shareholder in the Freight Trucking Industry. Because of the initiatives are taken by the government to develop their region.

    Advancement in the freight trucking machines like the truck. The newly developed truck and the new freight machines have been launched in the market.