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Freight Trucking Market To Reach A Valuation Of ~US$ 6 Billion By 2027

Freight Trucking Market

According to the report, the global freight trucking market is projected to reach ~US$ 6 Bn by 2027, expanding at a CAGR of ~5% during the forecast period. The growth of the freight trucking market can be attributed to increase in transport trade globally. In developing and major emerging economies, transportation of products and goods by means of roadways plays an integral role. Moreover, this mode of transport is cost-effective for door-to-door service owing to improved road infrastructure. This is anticipated to propel the freight trucking market during the forecast period.
Expansion of Freight Trucking Market
Surge in trade volume owing to rising bilateral trade among the countries is projected to boost the freight trucking market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% percent Year-on-Year.
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Increasing industrialization and preference toward e-tailing is estimated to boost the freight trucking market. Online shopping is witnessing significant expansion owing to an increase in speedy internet access, which has led to a rise in preference toward e-tailing among consumers. Furthermore, convenience of shopping from home is projected to boot the e-commerce and drive the freight trucking market during the forecast period.
Freight trucks are bigger, heavier, and bulkier vehicles, which makes road freight transportation comparatively slower and hence, hampers the freight trucking market. Additionally, massive backlog in proper maintenance is also a major factor that is likely to hinder the freight trucking market during the forecast period. Furthermore, toll roads or booths leads to massive loss of time, which results in slow transportation of freight.
Key Segments of Freight Trucking Market
Based on type, the freight trucking market has been segmented into truck trailer, lorry tank, flatbed truck, refrigerated truck, and others. Lorry tank and truck trailer are likely to be highly lucrative segments during the forecast period. This is primarily due to rise in trade volume from one region to another. The refrigerated truck segment is estimated to expand at a rapid pace during the forecast period, due to rising export and import of perishable goods across the globe.
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In terms of end use, the freight trucking market has been classified into oil & gas, energy & mining, industrial & manufacturing, defense, chemicals, pharmaceuticals & healthcare, and food & beverages. The industrial & manufacturing segment dominated the global freight trucking market due to a rise in the demand for better infrastructure and development of new industries especially in developing countries. The energy & mining segment followed the industrial & manufacturing segment, which accounts for around 20% share of the global freight trucking market.
Regional Analysis of Freight Trucking Market
In terms of region, the freight trucking market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominated the freight trucking market in 2018 and is anticipated to hold the leading share during the forecast period due to high freight transport in China & ASEAN. Improvement of road & transport network and cross-country trade over the years are likely to further boost the freight trucking market in the region.
Major Players
Prominent players operating in the freight trucking market include Ceva Holdings LLC ,United Parcel Service, Inc., Tuma Transport ,Cargo Carriers Limited, Werner Enterprises Inc.,Transtect Logistics ,FedEX Corporation, Concargo Private Limited ,Swift Transport, Interlogix Pty. Ltd., KUEHNE+NAGEL INC., Procet Freight, J&J Africa, and Tiger Africa Transport.
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