Dublin, May 10, 2024 (GLOBE NEWSWIRE) -- The "Local General Freight Trucking Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The local general freight trucking market size has grown marginally in recent years. It will grow from $131.36 billion in 2023 to $133.79 billion in 2024 at a compound annual growth rate (CAGR) of 1.8%. The local general freight trucking market size is expected to see marginal growth in the next few years. It will grow to $144.45 billion in 2028 at a compound annual growth rate (CAGR) of 1.9%.
The growth observed in the historical period can be attributed to several factors, including economic growth in emerging markets, expansion in the building and construction sector, and an increase in disposable income. The anticipated growth in the forecast period can be attributed to the increasing sales in e-commerce, a rise in urbanization, and growing demand for raw materials from the manufacturing industries. Key trends expected during this period include the use of artificial intelligence (AI), a focus on the Internet of Things (IoT), increased mergers and acquisitions, rising investments, and a surge in partnerships and collaborations.
The anticipated growth of the local freight trucking market in the forecast period is driven by the increasing sales in the e-commerce sector. E-commerce, involving online transactions for buying and selling goods and services, heavily relies on trucking for the transportation of items between locations. For example, in September 2022, the International Trade Administration reported that consumer e-commerce accounts for 30% of the UK's overall retail sector, representing a substantial increase from 20% in 2020. This surge in e-commerce sales, totaling more than $120 billion annually, amplifies the demand for efficient goods transportation, consequently fueling the growth of the local freight trucking market.
The growth of the local general freight trucking market is expected to be propelled by the increasing number of goods deliveries. The term 'goods delivery' refers to the process of transporting and supplying products to their intended destinations. Local general freight trucking plays a pivotal role in facilitating swift and cost-effective deliveries within specific geographic regions, addressing the immediate needs of businesses and consumers. For instance, Tesla Inc. reported a notable year-on-year growth in vehicle deliveries, reaching over 405,000 deliveries out of more than 439,000 produced vehicles in 2022. This rise in the number of goods deliveries is a significant factor driving the expansion of the local general freight trucking market.
A prominent trend in the local general freight trucking market is the integration of the Internet of Things (IoT) into the transportation sector. The IoT is poised to revolutionize the transport industry by collecting data related to market and technological advancements, employing data analytics, and automating mobility processes. Companies worldwide are leveraging IoT for improved productivity and efficiency, with applications ranging from data gathering to fleet management and location tracking. For instance, Kuehne + Nagel, a Swiss-based transport and logistics company, utilizes IoT for freight monitoring, providing real-time alerts about temperature, humidity, pressure, shock, and tilt at the parcel level.
Major players in the local general freight trucking market are strategically developing innovative hardware and software solutions, exemplified by products such as Vaux, to gain a competitive edge. Vaux represents a cutting-edge technology designed to streamline the transportation of goods by revolutionizing processes such as loading, unloading, and freight transfer. Combining both hardware and software elements, Vaux offers comprehensive visibility into freight movements within warehouse facilities, on loading docks, and during road transportation. Launched by ArcBest Corporation in March 2023, Vaux significantly enhances operational efficiency by enabling rapid unloading of an entire trailer's contents in less than five minutes, minimizing handling durations and optimizing logistics management.
Asia-Pacific was the largest region in the local general freight trucking market in 2023. North America was the second largest region in the local general freight trucking market share. The regions covered in the local general freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Topics Covered:
1. Executive Summary
2. Local General Freight Trucking Market Characteristics
3. Local General Freight Trucking Market Trends and Strategies
4. Local General Freight Trucking Market - Macro Economic Scenario
4.1. Impact of High Inflation on the Market
4.2. Ukraine-Russia War Impact on the Market
4.3. COVID-19 Impact on the Market
5. Global Local General Freight Trucking Market Size and Growth
5.1. Global Local General Freight Trucking Market Drivers and Restraints
5.1.1. Drivers of the Market
5.1.2. Restraints of the Market
5.2. Global Local General Freight Trucking Historic Market Size and Growth, 2018-2023, Value ($ Billion)
5.3. Global Local General Freight Trucking Forecast Market Size and Growth, 2023-2028, 2033F, Value ($ Billion)
6. Local General Freight Trucking Market Segmentation
6.1. Global Local General Freight Trucking Market, Segmentation by Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Truckload transportation
- Less-than-truckload transportation
- Intermodal transportation
- Dry-bulk transportation
- Other Types
6.2. Global Local General Freight Trucking Market, Segmentation by Size, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Heavy Trucks
- Medium Trucks
- Light Trucks
6.3. Global Local General Freight Trucking Market, Segmentation by Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
- Oil & Gas
- Industrial & Manufacturing
- Energy & Mining
- Food & Beverages
- Pharmaceuticals & Healthcare
- Other Applications
7. Local General Freight Trucking Market Regional and Country Analysis
7.1. Global Local General Freight Trucking Market, Split by Region, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
7.2. Global Local General Freight Trucking Market, Split by Country, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
A selection of companies mentioned in this report includes
- FedEx Corporation
- Deutsche Post DHL Group
- Yellow Corporation
- C.H. Robinson Worldwide Inc
- Old Dominion Freight Line Inc.
- XPO Logistics Inc.
- Landstar System Inc
- Knight Swift Transportation Holdings Inc.
- Schneider National, Inc.
- JB Hunt Transport Services Inc
- Luzhou Litong Industry Co., Ltd
- Yibin Dahuang Logistics Co., Ltd
- Infinity Cargo Logistics (China) Limited
- YAMATO TRANSPORT CO., LTD
- Nippon Express Company, Ltd
- Yamato Transport
- Coupang Fulfillment Services Ltd
- DONGWON LOEX Co., Ltd
- Federal Express Corporation
- Oocl Uk Branch
- Royal Mail Group Limited
- Gxo Logistics Uk Limited
- Dhl Freight Gmbh
- DHL Express
- TNT Expressare and Spares
- Van der Vlist Russia
- Logistics Ekol Romania
- Frigoexpres
- S.C. PHARAON SPEED EXPRESS SRL
- Pavages J.M. Beaulieu Inc Les
- Smart Move Facilities Services Inc
- Blackmine Outfitters Trucking Ltd
- J & S Services Inc
- R & C Weare Logging Ltd
- N. W. White & Company
- Bayshore Transportation System Inc
- Benny Whitehead Inc
- Koleaseco Inc
- Nippon Express
- Rodovitor Transport and Vehicle Rental
- Yusen Logistics
- Fox Brasil
- Panalpina
- Maxitrans
- Forward Movers
- Creek General Transport
- Prime Transport LLC
- Haulier refrigerated & Chiller Van Transport Dubai
- Ardh Al Madina Group
- Alpha Omega International Trading Cc
- Autocarrier Transport
- Fpt Group (Pty) Ltd
- Standard Vulcanizers
- Atteridgeville Bus Service (Pty) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/xpj28x
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