Portland, OR, Nov. 16, 2022 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global freight trucking market generated $2,732 billion in 2021, and is expected to reach $4,457.4 billion by 2031, registering a CAGR of 5.1% from 2022 to 2031. The report provides an in-depth analysis of top segments, changing market trends, value chain, key investment pockets, competitive scenario, and regional landscape. The report is an essential and helpful source of information for leading market players, investors, new entrants, and stakeholders in formulating new strategies for the future and taking steps to strengthen their position in the market.
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Freight Trucking Industry Report Coverage & Details:
|Market Size in 2021||$2,732 billion|
|Market Size in 2031||$4,457.4 billion|
|No. of Pages in Report||257|
|Segments Covered||Truck Type, Cargo Type, End-User, and Region|
|Drivers||Rise in use of telematics in automotive sector|
|Expansion of the e-commerce industry|
|Surge in urbanization|
|Opportunities||Development of self-driving trucks|
|Higher logistics costs|
- The Covid-19 pandemic resulted in flight cancellation, implementation of quarantine measures, and trave bans, which disrupted the supply chain. This negatively affected the market.
- The prolonged lockdown led to workforce changes and temporary restrictions on the movement of goods. Moreover, several countries closed their boarders and imposed ban on the export-import on non-essential goods. This hampered the growth of the market.
The report segments the global freight trucking market on the basis of truck type, cargo type, end-user, and region.
Based on truck type, the refrigerated truck segment is expected to portray the highest CAGR of 6.8% during the forecast period. However, the dry van & box truck segment held the largest share in 2021, contributing to around one-third of the market.
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On the basis of cargo type, the temperature controlled goods segment is projected to manifest the highest CAGR of 6.4% during the forecast period. However, the dry bulk goods segment held the lion’s share in 2021, accounting for more than two-fifths of the market.
Based on end-user, the retail and e-commerce segment is estimated to register the highest CAGR of 6.5% during the forecast period. However, the others segment held the largest share in 2021, accounting for around one-third of the market.
The global freight trucking market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2021, holding more than two-fifths of the market. In addition, the region is projected to showcase the highest CAGR of 6.3% during the forecast period.
The global freight trucking market includes an in-depth analysis of the prime market players such as A.P. Moller – Maersk, Deutsche Post AG, Nippon Express Co., Ltd., Estes Express Lines, Saia, Inc., FedEx Corporation, J.B. Hunt Transport Services, Inc., Landstar System, Inc., Schneider National, Inc., United Parcel Service of America, Inc., XPO Logistics, Inc., CEVA Logistics AG, Knight-Swift Transportation Holdings Inc., Yellow Roadway Corporation, Old Dominion Freight Line, Inc.
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The report analyzes these key players in the global freight trucking market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
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