Freight Trucking Market: Current Analysis and Forecast (2022-2028)
Emphasis on Type (Lorry Tank, Truck Trailer, Refrigerated Truck, and Flat Bed Truck); Cargo Type (Dry Bulk, Goods Oil, Diesel Postal, and Others); End-Users (Manufacturing, Retail & E-Commerce, Transportation, Healthcare, Food & Beverages, Oil & Gas and Others)); and Region/Country
Global Freight Trucking Market is expected to grow at a significant rate of around 5% during the forecast period. A heavy-duty vehicle, usually referred to as a freight truck, is used to transport items from one place to another. It has a lot of applications in logistics and is excellent for off-road travel. Bulk loads may be carried effortlessly by freight motor trucks that are expertly designed and driven. Trucks with freight engines that are highly advanced and powerful can transport bulk material with ease. The growing e-commerce businesses, to ensure the safety and security of goods, introduction of new technologies to track and trace the goods are the factors driving the growth of the market. For instance, ECU360 has launched Domestic Transportation Solution to connect shippers with carriers across the length and breadth of the United States. The solution is built in partnership with ECU Trucking and launched on ECU360’s platform to streamline and automate the cumbersome process of finding carriers or shippers, ability to track the shipment end-to-end, and obtain quotes for shipping goods
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. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst cargo type, oil & diesel category to witness higher CAGR during the forecast period”
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.
“Amongst end-users, the manufacturing to witness a higher CAGR during forecast period.
Based on end-users, the market has been classified into manufacturing, retail & e-commerce, transportation, healthcare, food & beverages, 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
“APAC to grow at a substantial CAGR during the forecast period”
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 urbanization 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.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global freight trucking market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Freight Trucking Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global freight trucking market were the three major steps undertaken to create and analyze the adoption of freight trucking in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global freight trucking market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the freight trucking market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the freight trucking market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, cargo type, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the freight trucking market. Further, we conducted factor analysis using dependent and independent variables such as various type, cargo type, and end-users of freight trucking. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the freight trucking market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global freight trucking market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the freight trucking market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global freight trucking market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global freight trucking market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, cargo type, and end-users in the global freight trucking market.
The main objective of the Global Freight Trucking Market Study
The current & future market trends of the global freight trucking market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the freight trucking market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of type, cargo type, and end-users.
- Define and analysis of the regulatory framework for the freight trucking
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the freight trucking market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the freight trucking market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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