USD 2.17 Trillion
Freight Trucking Market Size, Share, Growth Analysis, By Type(Truck trailer, Refrigerated truck, Flatbed truck, and Lorry truck), By End-use(Industrial and Manufacturing, Pharmaceutical & Healthcare, Oil & gas, and Other.), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20R2037 |
Region:
Global |
Published Date: March, 2024
Pages:
202
|Tables:
65
|Figures:
75
Freight Trucking Market Insights
Freight Trucking Market size was valued at USD 2.17 Trillion in 2022 and is poised to grow from USD 2.28 Trillion in 2023 to USD 3.42 Trillion by 2031, 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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Truck trailer
Fastest Growth
Refrigerated truck
Growth Rate
5.2% CAGR
Global Freight Trucking Market ($ Bn)
Country Share for North America Region (%)
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Freight Trucking Market Segmental Analysis
The global freight trucking market is segmented on the basis of type, end-use, and region. By type, the market is segmented into truck trailer, refrigerated transport, flatbed truck, lorry truck. By end use, the market is segmented into industrial and manufacturing, pharmaceutical & healthcare, oil & gas, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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.
Global Freight Trucking Market By Type
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Freight Trucking Market Regional Insights
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.
Global Freight Trucking Market By Region
- Largest
- Fastest
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Freight Trucking Market Dynamics
Freight Trucking Market Drivers
Increasing Globalization and International Trade Volumes:
- The growth of global trade and cross-border transactions drives the demand for freight trucking services as goods need to be transported efficiently and reliably.
Growing E-commerce Industry:
- The rise of e-commerce has led to a significant increase in the movement of goods, creating a higher demand for freight trucking services to fulfill customer orders and ensure timely deliveries.
Freight Trucking Market Restraints
Driver Shortage and Labor Challenges:
- The freight trucking industry faces a shortage of qualified drivers, which limits the capacity to meet the growing demand for transportation services. Additionally, labor regulations, work hours, and wage issues can pose challenges to the industry.
Rising Fuel Costs:
- Fluctuating fuel prices impact the operating costs of freight trucking companies, affecting their profitability. Higher fuel costs can limit the ability to offer competitive pricing and may require adjustments in pricing strategies.
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Freight Trucking Market Competitive Landscape
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
- Canadian National Railway Company - Canada
- DHL International GmbH - Germany
- Estes Express Lines - US
- FedEx Corporation - US
- JB Hunt Transport Services Inc. - US
- Knight-Swift Transportation Holdings Inc. - US
- Kuehne + Nagel International AG - Switzerland
- Nippon Express Co., Ltd. - Japan
- Procet Freight cc - South Africa
- R+L Carriers, Inc. - US
- Saia - Headquarters: US
- GEODIS - Headquarters: France
- Swift Transportation Company - US
- Transtech Logistics - India
- United Parcel Service of America, Inc. - US
- Werner Enterprises, Inc. - US
- XPO Logistics Inc. - US
Freight Trucking Market Recent Developments
- In February 2022, A.P. Moller Maersk made an acquisition of Pilot Freight Services (Pilot) to further expand its comprehensive logistics solutions and enhance its involvement in the supply chain of its clients.
- In July 2021, Geodis made an acquisition of Velocity Freight Transport Inc. in response to the growing customer demand for diverse transportation options, ensuring the flexibility and efficiency of their supply chains.
Freight Trucking Key Market Trends
- Shift towards Outsourcing: Many companies are opting to outsource their logistics operations to third-party logistics (3PL) providers to focus on their core competencies and reduce costs. This trend is driving the demand for freight trucking services as companies rely on 3PL partners for transportation and distribution services. Outsourcing allows businesses to access specialized expertise, gain flexibility, and optimize their supply chains, thereby boosting the growth of the freight trucking market.
Freight Trucking Market SkyQuest Analysis
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 2.17 Trillion |
| Market size value in 2031 | USD 3.42 Trillion |
| Growth Rate | 5.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Trillion |
| Segments covered |
|
| 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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Freight Trucking Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Freight Trucking Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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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