The global freight trucking market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period. One of the major factors behind the inclination of the market includes the freight trucking market players undertaking innovations that are making logistic services easy, safe, and economical. Few of the innovations are –
- Platooning: This method allows trucks to run in a sequence, closely behind the other, automatically. These formations are controlled by computers that communicate with one another. For instance, in May 2020, U.S. states allowed platooning trucks.
- Internet of Things (IoT): This method forms a network of devices, vehicles, and appliances that can actively share data. By the implementation of the IoT in trucking, it makes location tracking, environment sensing, fleet management, eco-friendly shipping, along with supply-demand balance better. This innovation had received a lot of attention in the freight market. For instance, Kuehne + Nagel, a logistics company, has been using a cloud-based platform and sensors to notify shippers with real-time information about locations and conditions of critical freight in transit.
- Electric and Autonomous Trucks: Electric and autonomous vehicles have been already creating a buzz in the market. The same technology also increases the demand for trucks in the freight market. These trucks are eco-friendly, economical, and safer. With the increasing governmental norms for adapting electric vehicles, the demand for electric trucks is anticipated to grow in the upcoming years. For instance, in December 2021, FedEx received the first of 500 electric delivery light trucks from BrightDrop, which is the newly formed EV unit of General Motors.
The global freight trucking market is segmented based on the vehicle type, cargo type, and end-user. Based on the vehicle type, the market is segmented into light commercial vehicles and heavy commercial vehicles. Based on the cargo type, the market is sub-segmented into dry bulk, liquid bulk, and refrigerated products. Based on the end-user, the market has been segmented as industrial manufacturing, oil & gas industries, construction & mining industries, and others. The others type of segment includes chemical industries, agriculture industries, and food & beverages industries. Based on the cargo type, the dry bulk segment is expected to grow with the highest rest during the forecast period due to the continuous expansion of the manufacturing industries which has increased the demand in the freight trucking market globally.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Vehicle Type
- By Cargo Type
- By End-User
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Aramex International LCC, Deutsche Post AG, FedEx Corp., Hellmann Worldwide Logistics SE & Co. KG, and United Parcel Service of America, Inc.
Freight Trucking Market Segmentation
By Vehicle Type
- Light Commercial Vehicle
- Heavy Commercial Vehicle
By Cargo Type
- Dry Bulk
- Liquid Bulk
- Refrigerated Products
By End-User
- Industrial Manufacturing
- Oil & Gas industries
- Construction & Mining industries
- Others (Chemical Industries, Agriculture Industries, and Food & Beverages Industries)
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- P. Moller Maersk
- BDP International, Inc.
- Canadian National Railway Co.
- CEVA
- CMA CGM
- DB SCHENKER
- Estes Express Lines
- Expeditors International of Washington, Inc
- Kuehne + Nagel
- Nippon Express Co., Ltd.
- R+L Carriers,Inc.
- Saia LTL, Inc.
- SNCF Group
- Swift Transportation
- XPO Logistics Inc.
- Yellow Corp.
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