Global Freight Trucking Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- July 13, 2023
- AUTOMOTIVE, NEWS
- Freight Trucking Market, Freight Trucking Market Size
- 0 Comments
Heavy-duty trucks are used by freight trucking to move cargo and merchandise from one location to another. It is mostly used for transporting large and heavy goods. A rising demand for door-to-door delivery is anticipated to fuel the freight trucking market. Additionally, the industry is supported by rising import and export operations of products and services globally. Moreover, the growing rate of e-commerce industry is also expanding the market growth. Due to the efficiency of freight trucking as a means of transportation for goods and services, it is in great demand across a variety of industries, including oil & gas, manufacturing, construction, mining, chemicals, and other sectors. The growing expansion and acquisitions of the market key players to advance the services of freight trucking are also a key factor driving the growth of the market. For instance, In February 2021, CEVA Logistics announced the expansion of its rapid LTL (Less-than-truckload) services from China to Southeast Asia.
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The freight trucking market is expected to grow at a steady rate of around 5% owing to the increasing demand for the door-to-door transport service and growing urbanization. Rapid expansion of fast-moving consumer products are also driving the growth of the market.
Based on type, the market is segmented into lorry tank, truck trailer, refrigerated truck, and flatbed truck. The truck trailer is expected to hold a significant share of the market throughout the forecast period owing to the growing construction and oil & gas industry worldwide, growing industrial and manufacturing units, and to get the material supplied with ease around the construction site. Hence, these are the factors driving the growth of the market.
Based on cargo type, the market is categorized into dry bulk goods, oil & diesel, postal, and others. Among these, the oil & diesel category is expected to hold higher CAGR during the forecast period owing to the expanding manufacturing industry and increasing demand for safe and efficient transport of combustible fluids such as oil & diesel.
Based on end-users, the market has been classified into manufacturing, retail & e-commerce, transportation, heathcare, food & beveragres, oil & gas and others. The manufacturing category is to witness higher CAGR during the forecast period owing to the growing industrialization and urbanization across the emerging countries and increasing demand for commodities and manufactured goods among the populace. The growing expansion and acquisitions by the market key players are also a prime factor driving the growth of the market. For instance, In September 2022, DB Schenker, one of the world’s leading logistics service providers, announced the completion of its acquisition of USA Truck
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For a better understanding of the market adoption of the All-Terrain Vehicle industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period owing to the rising levels of industrializations in APAC’S growing nations, particularly China, India, South Korea, and Japan. The region’s market growth is being supported by rising import and export activity in these growing economies. It is anticipated that rising urbanisation and rising living standards in Asia and the Pacific will have an impact on the expansion of door-to-door transportation services. In addition, one of the key drivers anticipated to fuel market expansion throughout the forecast period is an increase in demand for online retail services.
Some of the major players operating in the market include Canadian National Railway Company, A.P. Moller – Maersk, CEVA Logistics, CMA CGM Group, DHL Paket GmbH, Deutsche Post AG, Estes Express Lines, FedEx, NIPPON EXPRESS HOLDINGS and United Parcel Service of America, Inc.
Global Freight Trucking Market Segmentation
Market Insight, by Type
· Lorry Tank
· Truck Trailer
· Refrigerated Truck
· Flat Bed Truck
Market Insight, by Cargo Type
· Dry Bulk
· Goods Oil
· Diesel Postal
· Others
Market Insight, by End-Users
· Manufacturing
· Retail & E-Commerce
· Transportation
· Healthcare
· Food & Beverages
· Oil & Gas
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Canadian National Railway Company
· A.P. Moller – Maersk
· CEVA Logistics
· CMA CGM Group
· DHL Paket GmbH
· Deutsche Post AG
· Estes Express Lines
· FedEx
· NIPPON EXPRESS HOLDINGS
· United Parcel Service of America, Inc
