The global freight trucking market size is projected to surpass US$ 6 Bn by 2027, expanding at a CAGR of 5.1% during the forecast period 2020 to 2027.
Freight trucking or freight transportation is arguably one of the most critical components of the modern-day supply-chain and logistics systems. Freight trucking has also played a key role in economic development and has emerged as a key aspect of the transportation sector worldwide. At present, stakeholders in the freight trucking market are seeking solutions to address a range of challenges, including traffic congestion, climate change, rising number of accidents, and noise pollution. The growing emphasis on curbing environmental degradation caused by freight transportation has raised alarm bells for fright truckers and persuaded them to lean toward energy-efficient fuels.
The freight trucking market growth can be attributed to increase in transport trade globally. In developing and major emerging economies, transportation of products and goods by means of roadways plays an integral role. Moreover, this mode of transport is cost-effective for door-to-door service owing to improved road infrastructure. This is anticipated to propel the freight trucking market during the forecast period.
Increasing industrialization and preference toward e-tailing is estimated to boost the freight trucking market. Online shopping is witnessing significant expansion owing to an increase in speedy internet access, which has led to a rise in preference toward e-tailing among consumers. Furthermore, convenience of shopping from home is projected to boot the e-commerce and drive the freight trucking market during the forecast period.
Freight trucks are bigger, heavier, and bulkier vehicles, which makes road freight transportation comparatively slower and hence, hampers the freight trucking market. Additionally, massive backlog in proper maintenance is also a major factor that is likely to hinder the freight trucking market during the forecast period. Furthermore, toll roads or booths leads to massive loss of time, which results in slow transportation of freight.
Automation and e-Commerce Boost LTL Transportation
The popularity of less than load (LTL) systems around a decade ago was largely due to the growing interest in large distribution center models, wherein trucks entered from one side and left from the other side. However, the past couple of years witnessed the revival of the less-than-load industry, primarily driven by the boom of the e-Commerce sector and significant penetration of automation in factories across the world. Moreover, evolving manufacturing models coupled with high demand from the LTL side are likely to boost LTL transportation in the near future.
Freight Trucking Market Evolving from Products to Services
Technological advancements have played a key role in the development of the freight trucking market, especially in the past four to five years - a trend that is expected to continue during the assessment period. The timeframe between 2014 and 2017 is regarded as one of the most critical phases within the freight trucking market, wherein the market changed focus from products to services. While the industrial world is no stranger to this transition, the transition has helped stakeholders involved in the freight trucking market. Some of the major trends that are likely to gain center stage in the freight trucking market landscape include autonomous mobility, electric mobility, and connected mobility.
As digitization continues to weave its way through various industries, the freight trucking market is on the verge of entering a new era. Stakeholders in the current market landscape are likely to explore beyond the progress made in chassis, telematics, safety, and other critical areas for opportunities presented by service-based business models. The shift from products to services will play an important role in improving efficiency in the freight trucking market.
The scope for freight trucking as a service is expected to gain significant momentum, as major companies including Google, Uber, Amazon, and Tesla have started investing resources in this field. The evolving market landscape will move the spotlight toward the basics of freight trucking such as human interactions to monitor freight trucking systems and the role of freight trucks in the development of economies.
Prominent players operating in the freight trucking market include Ceva Holdings LLC ,United Parcel Service, Inc., Tuma Transport ,Cargo Carriers Limited, Werner Enterprises Inc.,Transtect Logistics ,FedEX Corporation, Concargo Private Limited ,Swift Transport, Interlogix Pty. Ltd., KUEHNE+NAGEL INC., Procet Freight, J&J Africa, and Tiger Africa Transport.
The Freight Trucking market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Freight Trucking market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Freight Trucking market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Freight Trucking market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Freight Trucking market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Freight Trucking capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Freight Trucking by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Freight Trucking market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Freight Trucking market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Freight Trucking market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Freight Trucking industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Freight Trucking market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Freight Trucking market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Freight Trucking market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Freight Trucking market. These factors have benefited the growth of the global market for Freight Trucking. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Freight Trucking. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Freight Trucking are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
Primary research represents a bulk of research efforts, supplemented by extensive secondary research. Annual reports, press releases, and relevant documents of key players operating in various application areas have been reviewed for competition analysis and market understanding.
Secondary research also includes recent trends, technical writing, Internet sources, and statistical data from government websites, trade associations, and agencies. These have proved to be reliable, effective, and successful approaches for obtaining precise market data, capturing market participants’ insights, and recognizing business opportunities.
The study objectives of this report are: