Freight trucking is a cost-effective means of transport for goods and services; thus, it is in high demand in various industries, including oil and gas, manufacturing, construction, mining, chemicals, and others. In addition, the rising e-commerce sector is expected to increase the growth of the freight trucking market. These factors fuel the growth of the global freight trucking market to reach $ 1,110 billion by 2027, from $ 876 billion in 2020.
The Freight Trucking Market is segmented by type, applications such as oil and gas, industrial and manufacturing, defence, energy and mining, chemicals, pharmaceuticals and healthcare, food and beverages and others.
According to the latest research findings by Valuates Reports that covers global opportunity analysis and industry forecasts from 2021 to 2027, the global freight trucking market is anticipated to grow at 3% CAGR till 2027.
The report said that the expansion of the freight trucking sector has been aided by the growing number of international trade agreements between countries and organisations. In addition, freight trucking's market development has been aided by the rapid proliferation of fast-moving consumer goods.
Some of the major players in the freight trucking market include Cargo Carriers, UPS, FedEx, Ceva Holdings, Tuma Transport, Swift Transport, Interlogix, Kuhne+Nagel, Transtech Logistics, Procet Freight, Concargo and J&J Global.
Influencing Trends
The growing online retailing business is expected to drive the growth of the freight trucking market. The e-commerce market has grown significantly in recent years due to the ever-increasing number of individuals who use the internet, where every product is just a few clicks away. As a result, customers have been drawn to the e-commerce business, which has aided the freight trucking market's growth as ordered products are transported via various methods.
Rising public spending on electronics and consumables is expected to stimulate the demand for the freight trucking market. Furthermore, increasing technological advancements in the trucking industry are influencing the adoption of high-capacity trucks with various features such as refrigeration and improved performance for the efficient transportation of goods, which is expected to generate new opportunities for the freight trucking market the forecast period.
Due to rising demand for ready-to-eat snacks, perishable meals, energy drinks, and other products, the food and beverage sector is contributing to freight trucking market growth, the report said.
Moreover, the expansion of the pharmaceutical business has boosted the freight trucking industry as the number of temperature-controlled medical supplies and pharmaceuticals being transported increased.
A number of truck manufacturers are increasingly relying on innovative technology to improve the vehicle's performance and functionality. In addition, the freight trucking industry has been forced to embrace new tracking systems due to an increase in demand for order tracking. While technology continues to advance at a breakneck pace, self-driving freight trucks may soon be on the road, especially in developed portions of North America and Europe. Thus, growing technology developments are expected to create lucrative growth opportunities for freight trucking market players.
Market Share Analysis
According to Valuates Reports, the industrial & manufacturing segment is expected to be the most lucrative segment in terms of application.
The lorry tank segment is expected to be the most lucrative based on type. This is due to increased import and export operations and trade across different geographies.
The Asia Pacific segment is expected to be the most lucrative region based on region. During the projected period, the freight trucking market is expected to be driven by growing industrialisation in APAC's rising countries, such as China, India, South Korea, and Japan. The region's market growth is aided by increased import and export operations in these growing economies, the research firm added.
Courtesy: Valuates Reports. NB: Photo is representational; courtesy: Kuhne+Nagel.