USD 2.2 trillion
Report ID:
SQMIG20R2037 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
65
|Figures:
75
Global Freight Trucking Market size was valued at USD 2.2 trillion in 2022 and is poised to grow from USD 2.31 trillion in 2023 to USD 3.47 trillion by 2031, growing at a CAGR of 5.2% during the forecast period (2024-2031).
The global freight trucking market has experienced steady growth over the years, driven by factors such as increasing international trade, e-commerce expansion, and globalization. The growth of manufacturing industries, particularly in emerging economies, has created a higher demand for freight trucking services to transport raw materials and finished products. Additionally, the rise of e-commerce platforms has significantly contributed to the growth of the market, with increased online shopping leading to greater need for last-mile delivery services. However, the global freight trucking market also faces several challenges that impact its growth potential. One significant challenge is the increasing fuel prices, which directly impact the operating costs of trucking companies. Fluctuating fuel prices can significantly affect profit margins and overall competitiveness in the market.
Moreover, concerns over environmental sustainability and carbon emissions have led to stricter regulations and emission standards, requiring trucking companies to invest in greener and more fuel-efficient vehicles. This adds additional costs and challenges for market players. Another challenge is the shortage of qualified truck drivers, especially in developed regions. The trucking industry heavily relies on skilled drivers to ensure the timely and safe delivery of goods. However, the shortage of drivers, coupled with an aging workforce, poses a constraint on the market's growth potential. Efforts to attract and retain qualified drivers, through competitive wages, improved working conditions, and training programs, are essential to mitigate this challenge. Furthermore, the market faces intense competition among trucking companies, leading to price pressures and the need for differentiation through value-added services. Technological advancements, such as the integration of telematics systems and real-time tracking, are becoming essential to improve operational efficiency, optimize route planning, and enhance customer satisfaction.
US Freight Trucking Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 2.2 trillion
Largest Segment
Truck trailer
Fastest Growth
Refrigerated truck
Growth Rate
5.2% CAGR
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Global Freight Trucking Market is segmented by Truck Type, Cargo Type, End-User, and Region. Based on Truck Type, the market is segmented into Dry van & box truck, Refrigerated truck, Tanker truck, Flatbed truck, and Others. Based on Cargo Type, the market is segmented into Dry bulk goods, Liquids, Temperature controlled goods, and Others. Based on End-User, the market is segmented into Retail and E-Commerce, Industrial and Manufacturing, Healthcare, Automotive, and Others. Based on Region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Freight Trucking Market Analysis By Type
The dominant segment in the global freight trucking market is the truck trailer segment, given its versatility and widespread use for various types of cargo transportation. The fastest-growing segment is the refrigerated truck segment, driven by the increasing demand for temperature-controlled transportation of perishable goods.
Freight Trucking Market Analysis By End Use
The industrial and manufacturing segment is expected to hold a significant market share during the forecast period, driven by the rising demand for improved infrastructure and the growth of new industries, particularly in developing countries. The process of globalization and the increase in global trade volumes present opportunities for logistics service providers. However, with air transport continuing to offer higher value to end-users, freight trucking companies are expected to explore innovative ways to attract customers and provide long-term value.
The oil and gas segment are projected to contribute to the market growth at a high compound annual growth rate (CAGR) over the projected timeline. In both emerging and developed regions, the demand for long-distance freight transport significantly drives the need for freight transport services. Freight trucking plays a crucial role in the oil and gas industry, where a sense of urgency and exposure are vital. Oil and gas companies rely on third-party logistics (3PL) partners to thrive in challenging conditions. The increase in shale oil and gas extraction projects has led to remarkable growth in this segment.
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North America is expected to maintain its position as the dominant market in the coming years. This can be attributed to well-established industrial standards and practices. North America is projected to be at the forefront of freight trucking industry growth, thanks to its high level of technological innovation and the presence of leading solution providers in the market.
Asia-Pacific is anticipated to demonstrate a significant growth rate with a substantial compound annual growth rate (CAGR) over the forecast period. This growth is driven by the increasing middle-class population worldwide, which has resulted in higher consumption levels and a subsequent rise in the volume of goods being transported. Changes in consumer preferences and aspirations, where individuals are drawn to Western lifestyles, have also contributed to the demand for faster and more efficient supply chains. Additionally, the region has witnessed improvements in road transport networks and a growing inclination to establish industries, which further supports the growth of the freight trucking market in these areas over the years.
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Freight Trucking Market Drivers
Increasing Globalization and International Trade Volumes:
Growing E-commerce Industry:
Freight Trucking Market Restraints
Driver Shortage and Labor Challenges:
Rising Fuel Costs:
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The global freight trucking market is characterized by a highly competitive landscape with numerous players striving to gain market share. These companies compete based on factors such as service quality, pricing, geographical coverage, technological capabilities, and customer relationships. The market is dominated by established players with extensive logistics networks and a strong presence in key regions. These companies leverage their scale and expertise to offer a wide range of freight trucking services to cater to diverse customer needs. In addition to traditional trucking companies, there is increasing competition from technology-driven logistics startups that are disrupting the industry with innovative solutions. These startups leverage digital platforms, data analytics, and automation to streamline operations, enhance visibility, and improve the overall customer experience. They often specialize in niche segments or offer specialized services to cater to specific industries or customer requirements. The competitive landscape is also influenced by strategic partnerships, acquisitions, and alliances among market players. Companies often seek to expand their service offerings, geographical reach, and capabilities through mergers and acquisitions. These strategic moves allow them to enhance their competitive position and provide comprehensive end-to-end logistics solutions to customers.
Freight Trucking Market Top Player’s Company Profile
Freight Trucking Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global freight trucking market analysis, technological advancements, such as IoT, AI, and blockchain, are reshaping the industry and improving operational efficiency. The rapid growth of e-commerce is fuelling the demand for efficient and timely delivery services, while sustainability initiatives are driving the adoption of eco-friendly practices. The outsourcing of logistics operations to 3PL providers is gaining traction, enabling companies to focus on their core competencies. Last-mile delivery solutions are becoming increasingly important to meet customer expectations for faster deliveries. In terms of regional dynamics, North America stands out as the dominant market for freight trucking. This can be attributed to well-established industrial standards and advanced technology innovation in the region. North America benefits from a strong infrastructure and the presence of leading logistics service providers, contributing to its leadership position in the market.
On the other hand, the Asia-Pacific region is witnessing rapid growth and is projected to be the fastest-growing region in the global freight trucking market. The region's growing middle-class population and increased consumption have led to a surge in goods transportation demand. Changing consumer preferences and an attraction to Western lifestyles are driving the need for faster and more efficient supply chain solutions. Furthermore, the improvement of road transport networks and the development of industries in the Asia-Pacific region are also contributing to its growth potential.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.2 trillion |
Market size value in 2031 | USD 3.47 trillion |
Growth Rate | 5.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Trillion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Freight Trucking Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Freight Trucking Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Freight Trucking Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Freight Trucking Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG20R2037
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