The Freight Trucking Market is witnessing rapidly increasing revenues. Factors such as flourishing logistic businesses worldwide and rapid digitization and automation in the automotive industries escalate the market growth. Growing uses of freight trucking across industries and logistic businesses further substantiate market revenues.
With the rising export-import trades and shipment & courier businesses globally, the market is projected to perceive substantial traction in the recent future. In this regard, Market Research Future (MRFR) states that the global freight trucking market is expected to garner a value of USD 4032 BN by 2026, growing at an approximately 5.9% CAGR during the review period (2020 – 2026).
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Rising Trades Worldwide are Scaling Market Value
Additionally, rapidly growing automotive and healthcare sectors contribute to the market revenues hugely. Heavy industrialization and urbanization act as key tailwinds propelling the market expansion. Changes in manufacturing and retail business models and technological advancements support the growth of the market. The services offered by trucking solution providers add considerable value to the manufacturing industry.
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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