The global freight trucking market is set to expand at 5.9% CAGR during the forecast period (2020-2026), according to the latest report by Market Research Future (MRFR). The report covers the ups and downs in freight trucking coupled with projections on growth for the forecast period in lieu of the COVID-19 pandemic in the background.
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Market Scope
The global freight trucking market is driven by rise of international trade between countries and organizations. Huge demand for consumables and other goods in the online space has provide a golden opportunity for the market. Presence of ecommerce platforms and increased spending power of customers can bode well for the market. Expansion of healthcare and automotive sectors coupled with changes in their business models can augment the market size in the coming years.
But high costs of services as compared to sea shipments can hamper market growth.
COVID-19 Impact
The freight trucking market has been affected by the pandemic in 2020 with drivers opting to stay at home to preserve their health and logistic companies being temporarily restrained to continue their operations. Digitization of systems for monitoring of goods and transportation of essential goods for sanitization and safety of healthcare personnel has been embraced by trucking companies. Moreover, the use of trucks to deliver vaccines to hospitals to increase inoculation rates of citizens and reduce the hold of the virus is the prime strategy of companies during the pandemic.
Global Freight Trucking Market - Segmentation
The report is segmented into vehicle types, cargo types, end-uses, and regions. The vehicle type segment is sub-segmented into light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles. Among these, the heavy commercial vehicle type segment accounts for the largest market share due to the growing construction and logistics activities across the globe.
The cargo type segment is sub-segmented into dry bulk, liquid bulk, and refrigerated products. Of these, the dry bulk segment accounts for a significantly larger share owing to rising trade volume from one region to another. The end-use segment is sub-segmented into oil & gas, industrial & manufacturing, construction & mining, food & beverages, chemicals & agri-products, healthcare, and others.
Of these, the industrial & manufacturing segment holds the largest market share owing to fast-paced industrialization globally. The region segment is sub-segmented into Europe, North America, Asia Pacific, and the Rest-of-the-World.
Global Freight Trucking Market - Regional Analysis
The Asia Pacific region dominates the global freight trucking market. Factors such as the steadily evolving construction and mining industry, alongside the huge demand for logistic services due to increasing imports and exports, positively impact market growth. Furthermore, rapidly increasing investments and demand for freight trucking propel the regional market growth.
Growing industrial projects have supported the product growth in the region. Supportive government initiatives and policies related to direct foreign investments boost market shares. Besides, the increasing industrialization and commercial & military activities coupled with the growing e-commerce industry and huge demand for online shopping in the region fuel the market growth in the region.
Global Freight Trucking Market - Competitive Analysis
Highly competitive, the freight trucking market appears to be fragmented, with several well-established players forming a competitive landscape. These players incorporate strategic approaches such as mergers & acquisitions, collaborations, expansions, and product/ technology launches to gain a significant competitive advantage in this market.
Major Players:
Players leading the global freight trucking market include Estes Express Lines (US), Yellow Corporation (US), XPO Logistics (US), CMA CGM SA (France), CEVA Logistics (Switzerland), Kuehne + Nagel International AG (Germany), Saia Inc. (US), Nippon Express Co., Ltd. (Japan), SNCF group (France), and ArcBest (US), among others.
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Industry/ Innovation/ Related News
Aug.31, 2021 --- Gatik AI, an autonomous vehicle startup, launched a self-driving technology combined with box trucks for hauling goods short distances. The company is expanding its autonomous box trucks operations in Texas, raising US$85 MN in a Series B round. In 2020, Gatik formed a manufacturing partnership with Isuzu, aiming to mass production of medium-duty autonomous trucks by early 2023.
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