Freight Trucking Market Size, Competitors Strategy, Regional Analysis and Industry Growth by Forecast to 2030

 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.

 

Competitive Analysis

Saia Inc. (U.S.), SNCF group (France), XPO Logistics (U.S.), CEVA Logistics (Switzerland), Estes Express Lines (U.S.), Yellow Corporation (U.S.), Nippon Express Co., Ltd. (Japan), Kuehne + Nagel International AG (Germany), ArcBest (U.S.), and CMA CGM S.A (France) are key players in the global freight trucking market. Acquisitions and mergers are strategies pursued by players in the market. Integration of freight brokerage experts to streamline supply chains is also on the agenda of trucking companies looking to expand their presence.

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Industry News

Uber Freight has agreed to acquire Transplace, a technology-driven logistics service, for USD 2.25 billion in order to expand its platform for shipping of goods.

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