Global Freight Trucking Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Freight Trucking Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global freight trucking market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global freight trucking market size reached US$ 2.6 Trillion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.5 Trillion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
Freight trucking is the utilization of trucks for the overland transportation of goods, commodities, and cargo. It functions as a critical link between manufacturers, retailers, and consumers and is conducted by a wide variety of vehicles, including dry vans, flatbeds, and refrigerated trucks, each serving specific shipping needs. It allows easier transportation of products, which is essential for local resource accessibility and international trade. It simplifies door-to-door delivery and provides access to places that may not be accessible by air or train. It is more efficient for making short-distance deliveries than booking a spot on a cargo ship or flying an aircraft.
Global Freight Trucking Market Trends and Drivers:
At present, the rising number of online shopping platforms is catalyzing the demand for efficient and fast delivery services like freight trucking. Besides this, the growing advancements like global positioning system (GPS) tracking, automated scheduling, and fleet management software in freight trucking are offering a favorable market outlook. Moreover, the increasing improvements in road networks and transportation infrastructure to facilitate easier and quicker truck movement are supporting market growth. In addition, the rising adoption of just-in-time (JIT) inventory management in various industries, which demands quick and reliable freight trucking services to minimize stock holding costs, is strengthening the market growth. Furthermore, the need for specialized trucking services to transport equipment and materials to and from drilling and processing sites is propelling the market growth. Apart from this, the increasing security enhancements, such as real-time tracking and smart locks, are making freight trucking a more secure option for transporting valuable or sensitive goods. Additionally, the rising emergence of tailored solutions for specific industrial needs, such as cold chain logistics for pharmaceuticals or secured trucks for high-value goods, is contributing to the market growth. Moreover, the growing focus on core competencies by companies is leading to outsourcing their logistics and transportation needs.
Global Freight Trucking Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are:
A.P. Møller – Mærsk A/S, J & J Logistics LLC, J.B. Hunt Transport Services Inc., Landstar System Inc., Old Dominion Freight Line Inc., R+L Carriers Inc., Schneider National Inc., Swift Transportation Company (Knight-Swift Transportation Holdings Inc.), XPO Logistics Inc., Yellow Corporation, etc.
The report segmented the market on the basis of region, truck type, cargo type, distance, and end user.
Truck Type Insights:
- Dry Van and Box Truck
- Refrigerated Truck
- Tanker Truck
- Flatbed Truck
- Others
Cargo Type Insights:
- Dry Bulk Goods
- Oil and Diesel
- Postal
- Others
Distance Insights:
- 50 Miles or Less
- 51 to 100 Miles
- 101-200 Miles
- 201-500 Miles
- Above 500 Miles
End User Insights:
- Food and Beverages
- Industrial and Manufacturing
- Energy and Mining
- Oil and Gas
- Pharmaceutical and Healthcare
- Others
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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