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Freight Trucking Market Worth USD 4032 Billion by 2026 Witnessing a CAGR of 5.9% – Report by Market Research Future (MRFR)
New York, US, May 09, 2022 (GLOBE NEWSWIRE) — Freight Trucking Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Freight Trucking Market Information by Vehicle Type, Cargo Type, End-User, and Region – Forecast till 2026”, the market is estimated to grow at a CAGR of 5.9% CAGR to reach USD 4032 Billion by 2026.
Market Scope:
Freight trucks are also often known as heavy-duty vehicles and help transport goods from one point to another worldwide. These are ideal for off-road driving and are commonly used by logistic companies. These are generally equipped with advanced and powerful engines to efficiently transport bulk loads. Other than this, these generally have a large carrying capacity and therefore, are used by several industries across the world.
Market Competitive Analysis:
The affluent contenders active in the freight trucking industry include:
- ArcBest (US)
- SNCF Group (France)
- Saia Inc. (US)
- Nippon Express Co., Ltd. (Japan)
- Kuehne + Nagel International AG (Germany)
- CMA CGM S.A (France)
- CEVA Logistics (Switzerland)
- XPO Logistics (US)
- Estes Express Lines (US)
- Yellow Corporation (US)
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Market USP Covered
Market Drivers
The logistics and transportation industries are witnessing consistent growth, in terms of technology. Technological developments are likely to enhance the growth rate of the freight trucking market, with truck manufacturers continuously rolling out new truck models with better cargo space as well as technologies. Numerous truck manufacturers are progressively leaning towards innovative technologies to better the performance as well as the functionality of the vehicle. The accelerated demand for the order tracking option in freight trucking compels the manufacturers to make use of advanced tracking technologies. With technologies continuously evolving at a rapid pace, self-driving freight trucks will be hitting the roads in most of the developed locations across North America as well as Europe. Self-driving freight trucking will soon be a reality, with the ongoing improvements in self-driving technologies.
Self-driving trucks in line with modern self-navigating systems will most likely turn mainstream during the assessment period. Companies in the freight trucking market will be focusing on taking advantage of the novel technologies, such as artificial intelligence (AI) along with sensors.
Furthermore, the rapid expansion rate of the e-commerce sector can offer a significant boost to the freight trucking market from 2020 to 2027. The competitive market landscape will become more intense as companies continue to focus on enhancing their service and reducing supply chain risks.
Market Restraints
Freight trucks need to be regularly maintained for smooth operation, which is generally very expensive. These are also heavier, larger, and bulkier vehicles, which leads to road traffic jams, particularly in crowded areas.
Furthermore, freight trucks often have to stop at the toll booths, which not only results in loss of time but causes significant spending. In both emerging and developed countries, lower focus on improving transportation facilities and the lack of advanced road infrastructure can also have a negative impact on the freight trucking market between 2020 and 2027.
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COVID-19 Analysis
The freight trucking market has been seeing a major decline since the outbreak of the COVID-19 pandemic. The pandemic has had an adverse effect on various businesses worldwide, particularly in regions like Europe and North America.
The transportation industry has been seriously impacted by the pandemic, given the adverse circumstances and economic crash. To prevent the virus from spreading further, companies are shutting down operations and production facilities while the government has restricted many of the manufacturing production activities. This has brought down the demand and the consumption rate of freight trucks across most of the major end-use industries.
However, the consistent growth of the e-commerce sector and the surge in online shopping among consumers will ensure smooth growth of the freight trucking market.
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Segment Overview
Depending on vehicle type, the key segments are Medium Commercial Vehicles, Heavy Commercial Vehicles, and Light Commercial Vehicles. The heavy commercial vehicles segment shall remain in the lead all through the evaluation period, due to the rapid expansion of the worldwide e-commerce sector. Consumers nowadays are able to order products online, which are then shipped from the warehouses using heavy trucks, since these can carry several commodities in one go.
Cargo types are Liquid Bulk, Refrigerated Products, and Dry Bulk. The dry bulk goods segment can anticipate exhibiting significant growth thanks to the growth of the manufacturing industry across the globe.
Major end-users in the market are food & beverage, Oil & Gas, Industrial & Manufacturing, Chemicals & Agri-Products, Construction & Mining, and others. Out of all these, the industrial and manufacturing segment can amass significant revenues in the forthcoming years.
Regional Analysis
Asia Pacific is the biggest shareholder of the freight trucking market and will continue to perform well in the next few years, thanks to the heightened urbanization rate. Government initiatives in line with the surging focus on improving the economic standards will also fuel the market demand. The surge in the number of hospitals as well as health care centers helmed by the government will further bolster the market value in the coming years.
North America, divided into Canada, Mexico and the US, will record substantial growth between 2020 and 2027. The market expansion in the region is the result of the dramatic growth of the transportation sector. In the United States, advances in road network transport, as well as the development of the transportation sector, will further enhance the market share.
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