The Freight Trucking Market size is expected to reach USD 3895 Bn by 2030, the market was valued at USD 2840 Bn in 2022 and will grow at a CAGR of 4.25% over the forecast period of 2023-2030.
These are the trucks that are most frequently used to deliver freight across great distances. They are made up of a trailer in the back and a tractor unit in front. Depending on the type of product being transported, the trailer may be a dry van, refrigerated (reefer), flatbed, or tanker. Smaller vehicles with an enclosed cargo space known as "box trucks" are frequently employed for local or regional delivery. They frequently be seen delivering goods to shops, eateries, and warehouses. Vehicle carriers for autos, dump trucks for bulk commodities, and heavy-haul trucks for enormous and heavy loads are just a few examples of the specialized trucks needed for specific cargoes.
The supply chain, which links producers, suppliers, distribution centres, and retailers, is extremely important. It guarantees prompt and satisfactory delivery of the items. Trucks are versatile because they can go to distant locations and deliver products there without any delays. When compared to other forms of transportation like ships or railways, trucks can offer quicker delivery times. Truck routes are simple to modify to meet shifting customer and supply chain needs. Trucks provide door-to-door delivery, which reduces the need for further handling and transfers.
When items are carried using a combination of trucks, trains, ships, and planes, intermodal transportation systems may include trucking. This strategy aids in cost- and efficiency-saving optimization. In order to increase productivity and safety, the trucking sector is progressively embracing technology. This covers the application of automation technology, like Freight Trucking, GPS, telematics, and electronic logging devices (ELDs), to some tasks. There is an emphasis on making freight hauling more sustainable as environmental concerns increase. To reduce emissions, this involves the use of alternative fuels, electric trucks, and efficiency upgrades.
Driver
The rising shared mobility in automotive industry.
Shared mobility is becoming increasingly popular in the automotive sector, which signals a fundamental change in how individuals’ access and utilize transportation services. Urban mobility is changing as a result of this trend, which is also having an impact on vehicle design and other areas of the automotive industry. Due to the concentration of firms, employees, and visitors, commercial zones, particularly those in urban regions, can endure high levels of traffic congestion. By lowering the number of single-occupancy vehicles on the road, shared mobility services can assist alleviate congestion and enhance traffic flow. In business regions, shared mobility choices can offer affordable transit options for staff, customers, and visitors. For employees who use shared mobility services, employers may provide incentives or subsidies, which lowers commuting costs.
Restrain
Gasoline expenses are substantial in the trucking industry, and changes in gasoline prices can have an impact on operating costs.
Opportunity
The government support and the rising commercial activities in developed and emerging nations.
As part of their transportation strategy, several governments and towns are aggressively promoting shared mobility to ease traffic and boost air quality. Giving shared mobility providers incentives or regulatory support is a common way to do this. People who may not possess a personal vehicle, such as those with lower incomes, retirees, or people with impairments, can travel more easily thanks to shared mobility services. As shared mobility services become more integrated with public transit systems, customers will be able to plan multimodal trips that smoothly incorporate ridesharing, public transportation, and other modes of transportation.
Challenge
The industry's capacity may be impacted by the lack of competent truck drivers with that many years of experience.
Several shared mobility providers offer electric automobiles or other green modes of transportation. This supports sustainability goals by lowering emissions and enhancing air quality in commercial locations. By bridging the "last-mile" gap between public transit hubs and ultimate destinations in commercial zones, shared mobility services can facilitate access to shops and services for commuters and tourists. Shared mobility services are frequently offered on-demand through smartphone apps, giving users flexibility and convenience. People are more likely to pick shared transportation choices over private vehicles because of this accessibility. In business regions, shared mobility choices can offer consumers, visitors, and employees affordable transit options. For employees who use shared mobility services, employers may provide incentives or subsidies, which lowers commuting costs.
Impact of Russia Ukraine War:
Business closures, bankruptcy, and industry consolidation are all possible outcomes of economic downturns. Less shipments need to be delivered when enterprises collapse or scale back operations, which influences the trucking industry. Trucking companies may prioritize increasing operational efficiency to weather a recession. To sustain profitability in a difficult economic environment, this can involve actions like route optimization, improved fuel management, and cost-cutting methods. Due to their limited financial resources and restricted access to finance, smaller, independent trucking companies and owner-operators may be particularly vulnerable during a recession. While some may struggle to survive, others might leave the business.
By Propulsion Type
Electric
ICE
By Vehicle Type
Light Commercial Vehicles
Medium Commercial Vehicles
Heavy Commercial Vehicles
By End Use
Industrial & Manufacturing
Construction & Mining
FMCG
Others
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
Regional Analysis
North America will be the region which will having a good growth during forecasted period because one of the biggest and most developed markets in the world is for freight transportation in the United States. It supports a large and varied economy, with a sizable number of commodities being moved via long-distance and local trucks. The adoption of digital freight brokerage and the expansion of e-commerce are important trends. Trade across its border with the United States has a significant impact on the country's trucking sector. Long distances, harsh weather, and various provincial rules present it with special difficulties. Mexico's trucking industry is distinguished by its involvement in the supply networks of North American producers. A significant factor is cross-border trade with the United States, with trucking businesses playing a crucial part in the movement of commodities between the two nations.
APAC is the region which has the highest share because the huge and varied freight trucking industry in China is fuelled by the country's manufacturing and export-focused economy. With an emphasis on modernizing truck fleets for efficiency and sustainability, the sector has undergone transformation. Given its vast geographic area and populace, India's trucking business is crucial to the logistics of the nation. It has issues with operational inefficiency, regulatory complexity, and infrastructure development. As the region's economies and trade expand, nations like Thailand and Vietnam are seeing expansion in their freight trucking sectors.
The major key players are Cargo Carriers, UPS, FedEx, Ceva Holdings, Tuma Transport, Swift Transport, Interlogix, Transtech Logistics Procet, Concargo and others.
| Report Attributes | Details |
| Market Size in 2022 | US$ 2480 Bn |
| Market Size by 2030 | US$ 3895 Bn |
| CAGR | CAGR of 4.25 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2019-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Propulsion Type (Electric, ICE) • By Vehicle Type (Light Commercial Vehicles, Medium Commercial Vehicles, Heavy Commercial Vehicles) • By End Use (Industrial & Manufacturing, Construction & Mining, FMCG, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | Cargo Carriers, UPS, FedEx, Ceva Holdings, Tuma Transport, Swift Transport, Interlogix, Transtech Logistics Procet, Concargo and others. |
| Key Drivers | • The rising shared mobility in automotive industry. |
| Market Restraints | • gasoline prices can have an impact on operating costs |
Ans: The CAGR growth rate recorded was 4.25%
Ans: The Freight Trucking Market size is expected to reach USD 3895 Bn by 2030, the market was valued at USD 2840 Bn in 2022 and will grow at a CAGR of 4.25% over the forecast period of 2023-2030.
Ans: APAC will be the region which will have the highest share.
Ans: The rising shared mobility in automotive industry.
Ans: Gasoline expenses are substantial in the trucking industry, and changes in gasoline prices can have an impact on operating costs.
Table of Content
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine war
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Freight Trucking Market, By Propulsion Type
8.1 Electric
8.2 ICE
9. Freight Trucking Market, By Vehicle Type
9.1 Light Commercial Vehicles
9.2 Medium Commercial Vehicles
9.3 Heavy Commercial Vehicles
10. Freight Trucking Market, By End Use
10.1 Manufacturing
10.2 Construction & Mining
10.3 FMCG
10.4 Others
11. Regional Analysis
11.1 Introduction
11.2 North America
11.2.1 North America Freight Trucking Market by Country
11.2.2North America Freight Trucking Market by Propulsion Type
11.2.3 North America Freight Trucking Market by Vehicle Type
11.2.4 North America Freight Trucking Market by End Use
11.2.5 USA
11.2.5.1 USA Freight Trucking Market by Propulsion Type
11.2.5.2 USA Freight Trucking Market by Vehicle Type
11.2.5.3 USA Freight Trucking Market by End Use
11.2.6 Canada
11.2.6.1 Canada Freight Trucking Market by Propulsion Type
11.2.6.2 Canada Freight Trucking Market by Vehicle Type
11.2.6.3 Canada Freight Trucking Market by End Use
11.2.7 Mexico
11.2.7.1 Mexico Freight Trucking Market by Propulsion Type
11.2.7.2 Mexico Freight Trucking Market by Vehicle Type
11.2.7.3 Mexico Freight Trucking Market by End Use
11.3 Europe
11.3.1 Eastern Europe
11.3.1.1 Eastern Europe Freight Trucking Market by country
11.3.1.2 Eastern Europe Freight Trucking Market by Propulsion Type
11.3.1.3 Eastern Europe Freight Trucking Market by Vehicle Type
11.3.1.4 Eastern Europe Freight Trucking Market by End Use
11.3.1.5 Poland
11.3.1.5.1 Poland Freight Trucking Market by Propulsion Type
11.3.1.5.2 Poland Freight Trucking Market by Vehicle Type
11.3.1.5.3 Poland Freight Trucking Market by End Use
11.3.1.6 Romania
11.3.1.6.1 Romania Freight Trucking Market by Propulsion Type
11.3.1.6.2 Romania Freight Trucking Market by Vehicle Type
11.3.1.6.4 Romania Freight Trucking Market by End Use
11.3.1.7 Turkey
11.3.1.7.1 Turkey Freight Trucking Market by Propulsion Type
11.3.1.7.2 Turkey Freight Trucking Market by Vehicle Type
11.3.1.7.3 Turkey Freight Trucking Market by End Use
11.3.1.8 Rest of Eastern Europe
11.3.1.8.1 Rest of Eastern Europe Freight Trucking Market by Propulsion Type
11.3.1.8.2 Rest of Eastern Europe Freight Trucking Market by Vehicle Type
11.3.1.8.3 Rest of Eastern Europe Freight Trucking Market by End Use
11.3.2 Western Europe
11.3.2.1 Western Europe Freight Trucking Market by Country
11.3.2.2 Western Europe Freight Trucking Market by Propulsion Type
11.3.2.3 Western Europe Freight Trucking Market by Vehicle Type
11.3.2.4 Western Europe Freight Trucking Market by End Use
11.3.2.5 Germany
11.3.2.5.1 Germany Freight Trucking Market by Propulsion Type
11.3.2.5.2 Germany Freight Trucking Market by Vehicle Type
11.3.2.5.3 Germany Freight Trucking Market by End Use
11.3.2.6 France
11.3.2.6.1 France Freight Trucking Market by Propulsion Type
11.3.2.6.2 France Freight Trucking Market by Vehicle Type
11.3.2.6.3 France Freight Trucking Market by End Use
11.3.2.7 UK
11.3.2.7.1 UK Freight Trucking Market by Propulsion Type
11.3.2.7.2 UK Freight Trucking Market by Vehicle Type
11.3.2.7.3 UK Freight Trucking Market by End Use
11.3.2.8 Italy
11.3.2.8.1 Italy Freight Trucking Market by Propulsion Type
11.3.2.8.2 Italy Freight Trucking Market by Vehicle Type
11.3.2.8.3 Italy Freight Trucking Market by End Use
11.3.2.9 Spain
11.3.2.9.1 Spain Freight Trucking Market by Propulsion Type
11.3.2.9.2 Spain Freight Trucking Market by Vehicle Type
11.3.2.9.3 Spain Freight Trucking Market by End Use
11.3.2.10 Netherlands
11.3.2.10.1 Netherlands Freight Trucking Market by Propulsion Type
11.3.2.10.2 Netherlands Freight Trucking Market by Vehicle Type
11.3.2.10.3 Netherlands Freight Trucking Market by Test Propulsion Type
11.3.2.11 Switzerland
11.3.2.11.1 Switzerland Freight Trucking Market by Propulsion Type
11.3.2.11.2 Switzerland Freight Trucking Market by Vehicle Type
11.3.2.11.3 Switzerland Freight Trucking Market by End Use
11.3.2.1.12 Austria
11.3.2.12.1 Austria Freight Trucking Market by Propulsion Type
11.3.2.12.2 Austria Freight Trucking Market by Vehicle Type
11.3.2.12.3 Austria Freight Trucking Market by End Use
11.3.2.13 Rest of Western Europe
11.3.2.13.1 Rest of Western Europe Freight Trucking Market by Propulsion Type
11.3.2.13.2 Rest of Western Europe Freight Trucking Market by Vehicle Type
11.3.2.13.3 Rest of Western Europe Freight Trucking Market by End Use
11.4 Asia-Pacific
11.4.1 Asia-Pacific Freight Trucking Market by country
11.4.2 Asia-Pacific Freight Trucking Market by Propulsion Type
11.4.3 Asia-Pacific Freight Trucking Market by Vehicle Type
11.4.4 Asia-Pacific Freight Trucking Market by End Use
11.4.5 China
11.4.5.1 China Freight Trucking Market by Propulsion Type
11.4.5.2 China Freight Trucking Market by End Use
11.4.5.3 China Freight Trucking Market by Vehicle Type
11.4.6 India
11.4.6.1 India Freight Trucking Market by Propulsion Type
11.4.6.2 India Freight Trucking Market by Vehicle Type
11.4.6.3 India Freight Trucking Market by End Use
11.4.7 Japan
11.4.7.1 Japan Freight Trucking Market by Propulsion Type
11.4.7.2 Japan Freight Trucking Market by Vehicle Type
11.4.7.3 Japan Freight Trucking Market by End Use
11.4.8 South Korea
11.4.8.1 South Korea Freight Trucking Market by Propulsion Type
11.4.8.2 South Korea Freight Trucking Market by Vehicle Type
11.4.8.3 South Korea Freight Trucking Market by End Use
11.4.9 Vietnam
11.4.9.1 Vietnam Freight Trucking Market by Propulsion Type
11.4.9.2 Vietnam Freight Trucking Market by Vehicle Type
11.4.9.3 Vietnam Freight Trucking Market by End Use
11.4.10 Singapore
11.4.10.1 Singapore Freight Trucking Market by Propulsion Type
11.4.10.2 Singapore Freight Trucking Market by Vehicle Type
11.4.10.3 Singapore Freight Trucking Market by End Use
11.4.11 Australia
11.4.11.1 Australia Freight Trucking Market by Propulsion Type
11.4.11.2 Australia Freight Trucking Market by Vehicle Type
11.4.11.3 Australia Freight Trucking Market by End Use
11.4.12 Rest of Asia-Pacific
11.4.12.1 Rest of Asia-Pacific Freight Trucking Market by Propulsion Type
11.4.12.2 Rest of Asia-Pacific Freight Trucking Market by Vehicle Type
11.4.12.3 Rest of Asia-Pacific Freight Trucking Market by Test Propulsion Type
11.5 Middle East & Africa
11.5.1 Middle East
11.5.1.1 Middle East Freight Trucking Market by country
11.5.1.2 Middle East Freight Trucking Market by Propulsion Type
11.5.1.3 Middle East Freight Trucking Market by Vehicle Type
11.5.1.4 Middle East Freight Trucking Market by End Use
11.5.1.5 UAE
11.5.1.5.1 UAE Freight Trucking Market by Propulsion Type
11.5.1.5.2 UAE Freight Trucking Market by Vehicle Type
11.5.1.5.3 UAE Freight Trucking Market by End Use
11.5.1.6 Egypt
11.5.1.6.1 Egypt Freight Trucking Market by Propulsion Type
11.5.1.6.2 Egypt Freight Trucking Market by Vehicle Type
11.5.1.6.3 Egypt Freight Trucking Market by End Use
11.5.1.7 Saudi Arabia
11.5.1.7.1 Saudi Arabia Freight Trucking Market by Propulsion Type
11.5.1.7.2 Saudi Arabia Freight Trucking Market by Vehicle Type
11.5.1.7.3 Saudi Arabia Freight Trucking Market by End Use
11.5.1.8 Qatar
11.5.1.8.1 Qatar Freight Trucking Market by Propulsion Type
11.5.1.8.2 Qatar Freight Trucking Market by Vehicle Type
11.5.1.8.3 Qatar Freight Trucking Market by End Use
11.5.1.9 Rest of Middle East
11.5.1.9.1 Rest of Middle East Freight Trucking Market by Propulsion Type
11.5.1.9.2 Rest of Middle East Freight Trucking Market by Vehicle Type
11.5.1.9.3 Rest of Middle East Freight Trucking Market by End Use
11.5.2 Africa
11.5.2.1 Africa Transfusion Diagnostics Market by country
11.5.2.2 Africa Freight Trucking Market by Propulsion Type
11.5.2.3 Africa Freight Trucking Market by Vehicle Type
11.5.2.4 Africa Freight Trucking Market by End Use
11.5.2.5 Nigeria
11.5.2.5.1 Nigeria Freight Trucking Market by Propulsion Type
11.5.2.5.2 Nigeria Freight Trucking Market by Vehicle Type
11.5.2.5.3 Nigeria Freight Trucking Market by End Use
11.5.2.6 South Africa
11.5.2.6.1 South Africa Freight Trucking Market by Propulsion Type
11.5.2.6.2 South Africa Freight Trucking Market by Vehicle Type
11.5.2.6.3 South Africa Freight Trucking Market by End Use
11.5.2.7 Rest of Africa
11.5.2.7.1 Rest of Africa Freight Trucking Market by Propulsion Type
11.5.2.7.2 Rest of Africa Freight Trucking Market by Vehicle Type
11.5.2.7.3 Rest of Africa Freight Trucking Market by End Use
11.6 Latin America
11.6.1 Latin America Freight Trucking Market by country
11.6.2 Latin America Freight Trucking Market by Propulsion Type
11.6.3 Latin America Freight Trucking Market by Vehicle Type
11.6.4 Latin America Freight Trucking Market by End Use
11.6.5 Brazil
11.6.5.1 Brazil America Freight Trucking by Propulsion Type
11.6.5.2 Brazil America Freight Trucking by Vehicle Type
11.6.5.3 Brazil America Freight Trucking by End Use
11.6.6 Argentina
11.6.6.1 Argentina America Freight Trucking by Propulsion Type
11.6.6.2 Argentina America Freight Trucking by Vehicle Type
11.6.6.3 Argentina America Freight Trucking by End Use
11.6.7 Colombia
11.6.7.1 Colombia America Freight Trucking by Propulsion Type
11.6.7.2 Colombia America Freight Trucking by Vehicle Type
11.6.7.3 Colombia America Freight Trucking by End Use
11.6.8 Rest of Latin America
11.6.8.1 Rest of Latin America Freight Trucking by Propulsion Type
11.6.8.2 Rest of Latin America Freight Trucking by Vehicle Type
11.6.8.3 Rest of Latin America Freight Trucking by End Use
12 Company Profiles
12.1 Cargo Carriers
12.1.1 Company Overview
12.1.2 Financial
12.1.3 Products/ Services Offered
12.1.4 SWOT Analysis
12.1.5 The SNS View
12.2 UPS
12.2.1 Company Overview
12.2.2 Financials
12.2.3 Product/Services Offered
12.2.4 SWOT Analysis
12.2.5 The SNS View
12.3 FedEx
12.3.1 Company Overview
12.3.2 Financials
12.3.3 Product/Services Offered
12.3.4 SWOT Analysis
12.3.5 The SNS View
12.4 Ceva Holdings
12.4.1 Company Overview
12.4.2 Financials
12.4.3 Product/Services Offered
12.4.4 SWOT Analysis
12.4.5 The SNS View
12.5 Tuma Transport
12.5.1 Company Overview
12.5.2 Financials
12.5.3 Product/Services Offered
12.5.4 SWOT Analysis
12.5.5 The SNS View
12.6 Swift Transport
12.6.1 Company Overview
12.6.2 Financials
12.6.3 Product/Services Offered
12.6.4 SWOT Analysis
12.6.5 The SNS View
12.7 Interlogix
12.7.1 Company Overview
12.7.2 Financials
12.7.3 Product/Services Offered
12.7.4 SWOT Analysis
12.7.5 The SNS View
12.8 Transtech Logistics
12.8.1 Company Overview
12.8.2 Financials
12.8.3 Product/Services Offered
12.8.4 SWOT Analysis
12.8.5 The SNS View
12.9 Procet
12.9.1 Company Overview
12.9.2 Financials
12.9.3 Product/Services Offered
12.9.4 SWOT Analysis
12.9.5 The SNS View
12.10 Concargo and Others
12.10.1 Company Overview
12.10.2 Financials
12.10.3 Product/Services Offered
12.10.4 SWOT Analysis
12.10.5 The SNS View
13. Competitive Landscape
13.1 Competitive Bench marking
13.2 Market Share Analysis
13.3 Recent Developments
13.3.1 Industry News
13.3.2 Company News
13.3.3 Mergers & Acquisitions
14. Use Case and Best Practices
15. Conclusion
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