Pune, India., Dec. 06, 2023 (GLOBE NEWSWIRE) -- The global freight trucking market size stood at USD 2576.99 billion in 2022. The market revenue is predicted to increase from USD 2656.87 billion in 2023 to USD 3446.00 billion by 2030, registering a CAGR of 3.8% from 2023 to 2030. The growing usage of freight trucking services to shift products from delivery points to end user or customer destinations is driving market expansion. These trucks are heavy vehicles that are highly preferred as a way for other transport modes, including air transport, inland waterway transport, maritime transport, and rail transport. An increase in global trading activities is also boosting the freight trucking solution demand. Fortune Business Insights™ shares this information in its report titled “Freight Trucking Market, 2023-2030.”
Drivers & Restraints-
Rapid Adoption of Zero-emission and Energy-efficient Vehicles to Accelerate Market Growth
Growing preference for zero-emission, energy or fuel-efficient vehicles is driving the freight trucking service demand. The emergence of stringent emission standards is pushing service providers to adopt a new generation of clean energy vehicles, including fuel-cell electric vehicles and battery electric vehicles. An increase in fossil fuel prices due to its shortage has also boosted the usage of electric trucks. Market growth is attributed to the increasing emphasis on partnerships with other companies by logistics service providers to meet the electrified vehicle demand. Growing adoption of clean energy technology by key service suppliers and a rise in electrification investments by some of the national governing institutions due to its environmental benefits are the key factors propelling market development.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 3.8% |
| 2030 Value Projection | USD 3446.00 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 2656.87 Billion |
| Historical Data for | 2017-2021 |
| No. of Pages | 162 |
Competitive Landscape-
DHL Offers Several Services to maintain Its Dominance in the Global Market
A logistics company based in Germany, Deutsche Post AG (DHL) provides several services, including international express mail solutions, document and parcel shipping services, air, ocean, road, and rail freight, warehouse services, and transportation management. The business conducts activities in more than 200 countries and distributes 1,818,000,000 parcels each year.
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Segments-
Increasing Demand for Dry Vans due to their Versatility Fostered Segment Expansion
By truck type, the market is divided into refrigerated truck, tanker, dry van, and flatbed.
The dry van segment led the freight trucking market share. Increasing demand for dry vans due to their versatility is driving segment growth. These vans can ship a variety of products, such as consumer goods, electronics, furniture, groceries, and more.
Surging Need for Rapid Logistics Solutions in the Agriculture Sector Boosted Segment Expansion
In terms of end user, the market is segregated into automobiles, machinery, apparels & footwears, pharmaceutical products, retail, electronics, petrochemicals, agriculture, building materials, and others.
The agriculture segment commanded the global market. The increasing need for quick and timely logistics solutions for agricultural products is driving the segment growth. Growing preference for various trucks from many food product companies to supply raw materials to their production facilities efficiently is enhancing segment expansion.
| Segmentation | By Truck Type
|
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Regional Insights-
Increasing Demand for Green Logistics Solutions to Augment Market Growth in North America
North America is expected to lead the market over the projected period. Increasing adoption of green logistics solutions due to a rise in environmental concerns is driving the market growth in the region.
Europe and the Rest of the World also witnessed market expansion. Market growth in these regions is driven by rapid expansion in road transportation due to a rise in e-commerce platforms and increased port expansion.
Report Coverage:
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
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A list of prominent Freight Trucking manufacturers operating in the global market:
- C.H. Robinson Worldwide Inc. (U.S.)
- United Parcel Service, Inc. (U.S.)
- FedEx Corporation (U.S.)
- Deutsche Post AG (DHL) (Germany)
- Kuehne+Nagel International AG. (Switzerland)
- A.P. Moller - Maersk (Denmark)
- Schenker AG (Germany)
- Nippon Express Holdings, Inc. (Japan)
- Landstar System Holdings, Inc. (U.S.)
- DSV Solutions (Denmark)
COVID-19 Impact:
Restrictions in Transportation and Logistics Facilities amid the Pandemic Impeded Market Growth
The coronavirus pandemic restricted the freight trucking market growth. Restrictions in transportation and on logistics facilities due to the outbreak hampered demand for freight trucking services. Due to exit limitations in specific countries, top market participants witnessed variability in shifting products. Supply-demand imbalances amid the pandemic hindered logistics operations and restrained the market expansion.
However, freight trucking solution providers are focusing on enhancing the supply chain network to conquer the pandemic effects.
Notable Industry Development:
• June 2023: A well-established freight forwarder, Morgan Cargo, which is based in South Africa, the U.K., and Kenya with a great emphasis on the transportation of perishable goods, was acquired by Kuehne+Nagel. This acquisition will expand Kuehne+Nagel's perishables logistics service offerings while enhancing connectivity for customers to and from South Africa, the U.K., and Kenya, which includes innovative cold chain services.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Latest Technological Trend
- Porters Five Forces Analysis
- COVID-19 Impact
- Global Freight Trucking Market Analysis, Insights and Forecast, 2017-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Truck Type
- Refrigerated Truck
- Tanker
- Dry Van
- Flatbed
- Market Analysis, Insights and Forecast – By End User
- Automobiles
- Machinery
- Apparels & Footwears
- Pharmaceutical Products
- Retail
- Electronics
- Petrochemicals
- Agriculture
- Building materials
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia-pacific
- Rest of the world
- North America Freight Trucking Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Refrigerated Truck
- Tanker
- Dry Van
- Flatbed
- Market Analysis, Insights and Forecast – By End User
- Automobiles
- Machinery
- Apparels & Footwears
- Pharmaceutical Products
- Retail
- Electronics
- Petrochemicals
- Agriculture
- Building materials
- Others
- Market Analysis – By Country
- Market Analysis, Insights and Forecast – By Truck Type
- U.S.
- By End User
- Canada
- By End User
- Mexico
- By End User
- Europe Freight Trucking Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Refrigerated Truck
- Tanker
- Dry Van
- Flatbed
- Market Analysis, Insights and Forecast – By End User
- Automobiles
- Machinery
- Apparels & Footwears
- Pharmaceutical Products
- Retail
- Electronics
- Petrochemicals
- Agriculture
- Building materials
- Others
- Market Analysis – By Country
- Market Analysis, Insights and Forecast – By Truck Type
- U.K.
- By End User
- Germany
- By End User
- France
- By End User
- Rest of Europe
- By End User
- Asia pacific Freight Trucking Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Refrigerated Truck
- Tanker
- Dry Van
- Flatbed
- Market Analysis, Insights and Forecast – By End User
- Automobiles
- Machinery
- Apparels & Footwears
- Pharmaceutical Products
- Retail
- Electronics
- Petrochemicals
- Agriculture
- Building materials
- Others
- Market Analysis – By Country
- Market Analysis, Insights and Forecast – By Truck Type
- China
- By End User
- Japan
- By End User
- India
- By End User
- South Korea
- By End User
- Rest of Asia Pacific
- By End User
- Rest of the World Freight Trucking Market Analysis, Insights and Forecast, 2017-2030
- Market Analysis, Insights and Forecast – By Truck Type
- Refrigerated Truck
- Tanker
- Dry Van
- Flatbed
- Market Analysis, Insights and Forecast – By End User
- Automobiles
- Machinery
- Apparels & Footwears
- Pharmaceutical Products
- Retail
- Electronics
- Petrochemicals
- Agriculture
- Building materials
- Others
- Market Analysis, Insights and Forecast – By Truck Type
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