New York (US), May 15, 2023 (GLOBE NEWSWIRE) --
Freight Trucking Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Freight Trucking Market Information by Vehicle Type, End Use, and Region - Forecast till 2030”, Freight Trucking Market Size was valued at USD 2700.1 Billion in 2021. The Freight Trucking market industry is projected to grow from USD 2844.5 Billion in 2022 to USD 4000.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.35% during the forecast period (2022 - 2030).
Market Synopsis
Freight Trucking is a method of transportation that involves the movement of goods and cargo via trucks and other heavy-duty vehicles. This mode of transportation is used to move a variety of goods, including raw materials, finished products, and other materials that need to be transported across different regions.
The use of Freight Trucking is widespread across various industries, including manufacturing, retail, construction, and agriculture. It is a cost-effective and reliable mode of transportation that enables businesses to move goods quickly and efficiently across different regions. Freight Trucking is also used for international transportation, where goods are transported from one country to another.
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Market Competitive Landscape:
The affluent companies in the Freight Trucking industry include
- Cargo Carriers
- UPS
- FedEx
- Ceva Holdings
- Tuma Transport
- Swift Transport
- Interlogix
- Kuehne+Nagel
- Transtech Logistics
- Procet Freight
- Concargo and J&J
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2030 | USD 4000.12 Billion |
| Compound Annual Growth Rate (CAGR) | 4.35% (2022-2030) |
| Base Year | 2021 |
| Market Forecast Period | 2022-2030 |
| Historical Data | 2018 & 2020 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Growing construction, and oil & gas industry worldwide Growing international trade agreements between countries and organizations |
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June 2021
Daimler Trucks North America announced the launch of its new Freightliner Cascadia truck model. This new model is equipped with advanced safety features, fuel-efficient engines, and other innovative technologies that are expected to boost efficiency and reduce operating costs for trucking companies.
Market USP Covered:
Market Drivers:
The Freight Trucking Market is expected to witness significant growth in the coming years due to various market-driving factors. One of the primary factors driving the market growth is the increasing demand for e-commerce and online retail services. As the retail industry is shifting towards e-commerce, there has been a surge in demand for last-mile delivery services, which are primarily carried out by freight trucks. This trend is expected to continue in the coming years, leading to an increased demand for freight trucking services.
Another significant factor driving the Freight Trucking Market is the growth of the manufacturing and construction industries. These industries rely heavily on transportation services to move raw materials and finished goods to different locations. As the manufacturing and construction sectors continue to grow, the demand for transportation services is also expected to increase, thereby driving the growth of the Freight Trucking Market.
Moreover, the rising demand for sustainable transportation is leading to an increased adoption of electric and hybrid trucks, which is further driving growth in the market. With concerns over environmental pollution and the need to reduce carbon emissions, companies are increasingly adopting eco-friendly transportation solutions. This has led to a rise in the demand for electric and hybrid trucks, which are more energy-efficient and environmentally friendly than traditional diesel trucks.
Market Restraints:
The Freight Trucking Market is not without its challenges. The high cost of fuel, maintenance, and compliance with regulations can impact the profitability of trucking companies. Additionally, the shortage of qualified truck drivers and the aging trucking workforce can impact the capacity of the industry to meet the growing demand for transportation services.
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COVID 19 Analysis
The COVID-19 pandemic has significantly impacted the Freight Trucking market, with both positive and negative effects. In the initial stages of the pandemic, the global lockdowns and disruptions in supply chains led to a temporary slowdown in demand for transportation services. Many companies had to shut down their operations or reduce their production output, leading to a decline in the demand for freight trucking services. However, as the pandemic continued, the shift towards e-commerce and online retail has boosted demand for last-mile delivery services, which is predominantly carried out by freight trucks.
The post-COVID scenario is expected to see a rebound in the Freight Trucking market, driven by the growth of e-commerce and the manufacturing and construction industries. The increasing adoption of electric and hybrid trucks is also expected to contribute to the market's growth, as the demand for sustainable transportation continues to rise. The market is likely to witness significant technological advancements, such as the adoption of autonomous trucks and real-time tracking technologies, which will further enhance the efficiency and effectiveness of freight trucking services.
Market Segmentation
By Vehicle Type
The Vehicle Type in the market includes Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles.
By End Use
The End Use in the market includes Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, Food & Beverages, and Others.
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Regional Insights
In terms of regional analysis, North America, Europe, and Asia-Pacific are the largest markets for Freight Trucking. North America is expected to remain a dominant market due to the presence of leading trucking companies and the growing demand for last-mile delivery services. Europe is also expected to grow at a significant rate due to the increasing demand for sustainable transportation and government initiatives to promote eco-friendly transportation. Asia-Pacific is expected to grow at a high rate due to the presence of emerging economies and the growth of e-commerce in the region.
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