Pune, July 08, 2024 (GLOBE NEWSWIRE) -- The Freight Trucking Market Size was recorded at USD 2670 Billion in 2023 and is expected to reach USD 3768.1 Billion in 2032, growing at a CAGR of 3.9% over the forecast period of 2024-2032.
The increasing e-commerce sector is a key driver of the freight trucking market, with online shopping generating a massive need for efficient door-to-door freight transportation. Customers need prompt and dependable delivery, which forces logistics firms to simplify processes and make use of strong trucking networks. Additionally, the demand for freight trucking services is driven by a growing focus across many industries on just-in-time inventory management. JIT practices require precise and timely delivery of raw materials and finished goods, making reliable trucking networks critical for smooth business operations. For Instance, according to the China Association of Automobile Manufacturers, China had shown a surge in sales rate of around 68% in 2023 to the previous year which is 81,000 Units, due to a strong export network, which raised the demand for heavy trucks.
In Addition, various companies also taking steps towards acquiring and merging to focus on innovation and expansion in the freight trucking market.
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In March 2023, DSV acquired S&M Moving Systems West and Global Diversity Logistics two U.S.-listed providers of logistic & freight transportation services. The transaction was structured to add depth to the growing semiconductor industry, supplementing its new operation at Phoenix-Mesa Gateway Airport and supporting cross-border services into Latin America.
Moreover, Fortem International has also announced Kuehne Nagel as the official logistics service provider for four of its international trade fairs in 2023. Under the agreement, Kuehne Nagel acts as an exclusive distributor, Sensible for an end-to-end logistics MES. As part of its promises to deliver sustainable logistics solutions, it will work closely together with Fortem International to reduce the trade show's carbon dioxide footprint.
Recent Developments
February 2024- Ryder purchased Cardinal Logistics, a North American provider of dedicated fleet trucking, to support its place as one of the top designers specializing in customized giving carriage (DCC) services on direct.
January 2024 - RXO releases AI-powered truck check-in technology for warehouses or delivery centers. The system equally makes the check-in and security process more convenient by recognizing trucks using video and then collecting data.
October 2023 - A.P. Moller Maersk and Kodiak Robotics jointly deploy the world's first commercial autonomous trucking lane between Houston, TX, and Oklahoma City forecasting a new era of driverless semi-hauler implementation.
Freight Trucking Market Report Scope & Overview:
| Report Attributes | Details |
| Market Size in 2023 | USD 2670 Billion |
| Market Size in 2032 | USD 3768.1 Billion |
| CAGR (2024-2032) | 3.9% |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Market Driver |
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Segment Analysis
By Truck Type: The dry van segment led the market with a revenue share of around 40% in 2023, the key to its multipurpose nature with the capability to carry consumer goods as well as groceries. Due to its popularity in the delivery of perishable goods, the market has seen a growth of around 25% in the last five years. According to Global Market News, at present North America holds around 30% of the Market share for Dry van containers.
By vehicle type: Heavy commercial vehicles account for the market leader in this segment with more than 30% of revenue share during the forecast period as a result of globalization and the significant increase in e-commerce. The models, which include heavy-duty trucks and tractor-trailers, serve the large demand for freight transportation among different business sectors.
By End-user: Agriculture captured the largest market share by end-use in 2023 as perishable goods require efficient transportation solutions. Growth in this segment happens because of the necessity for hour and temperature-controlled dispatches needed by enterprises like food, agriculture, etc.
Regional Analysis:
North America dominates the global freight trucking market, supported by a robust road transport network and technological advancements in logistics. Asia Pacific emerges as the fastest-growing region, fueled by expanding trade activities and infrastructure investments.
To increase operational efficiency, North American freight trucking companies are introducing a slew of technological innovations. This will allow IoT-integrated rail cars, tracks, and cargo to track their performance along with the conditions in which they are operating so that any mode of failure can be immediately addressed enhancing proactive decision-making. Blockchain technology ensures transparency and security in logistics, improving communication processes between all participants. It optimizes operations, predicts maintenance requirements, and increases the performance of assets using advanced analytics and big data. Automated technologies - such as self-driving trucks and drones - are being explored to enhance safety, save time on deliveries, and help reduce emissions. This shift towards electric trucks is more due to the yearning for reduced emissions and cheaper maintenance costs.
Europe and the Rest of the World also witness significant growth due to increasing e-commerce platforms and port expansions.
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Key Takeaways
- Rapid globalization and e-commerce expansion drive freight trucking market growth.
- Technological advancements in fleet management enhance operational efficiency.
- Increasing demand for just-in-time deliveries boosts the adoption of freight trucking services.
- Regional expansions and strategic acquisitions shape market competitiveness.
- Sustainability initiatives and regulatory measures influence market dynamics.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
5. Porter’s 5 Forces Model
6. Pest Analysis
7. Freight Trucking Market Segmentation, By Propulsion Type
8. Freight Trucking Market Segmentation, By Vehicle Type
9. Freight Trucking Market Segmentation, By End Use
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
13. Use Case and Best Practices
14. Conclusion
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