Freight Trucking Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024

Description

The Global Freight Trucking Market was valued at USD 2.5 trillion in 2023 and is projected to grow at 4.2% CAGR from 2024 to 2032. This growth is largely driven by rapid urbanization and significant infrastructure development. As populations migrate to cities, the demand for goods and services escalates, creating a greater need for efficient freight trucking to facilitate infrastructure projects, supply chains, and retail distribution. The rise of large-scale urban initiatives and industrial zones requires the timely transportation of essential materials and machinery. In addition, the surge in consumer demand for fresh and perishable goods, coupled with stricter regulations surrounding the transportation of pharmaceuticals, has increased the necessity for temperature-controlled freight services.

The cold chain logistics sector, which relies on refrigerated trucks to maintain optimal product temperatures, has become essential to the trucking industry. This is particularly critical in sectors such as food and beverage and healthcare, where the safe transportation of items like vaccines is paramount. The freight trucking market is categorized by distance, with segments for local and long-haul services. As of 2023, the local trucking segment captured approximately 55% of the market share, to exceed USD 1.5 trillion by 2032. The growth of e-commerce has shifted consumer expectations, leading to increased demand for efficient local delivery services, particularly for last-mile logistics.

This segment is essential for the final step in the supply chain, ensuring products reach consumers or retail locations swiftly. Additionally, the market can be segmented based on vehicle type, including lorry tanks, truck trailers, refrigerated trucks, and flatbed trucks. In 2023, truck trailers accounted for about 36% of the market share, as they are vital for transporting non-perishable goods. With the growth of online shopping and the need for quicker deliveries, the demand for truck trailers is rising thanks to their capacity, durability, and adaptability to various transport needs.

Market Scope
Start Year	2023
Forecast Year	2024-2032
Start Value	$2.5 Trillion
Forecast Value	$3.5 Trillion
CAGR	4.2%

The North America freight trucking market represented 35% of the overall revenue in 2023. Trade agreements have enhanced cross-border commerce, making the role of freight trucking increasingly significant. Manufacturers depend on efficient trucking services to maintain robust supply chains and minimize delays, highlighting the necessity for effective freight solutions that streamline customs processes and enhance overall logistics efficiency.

Product Code: 5902

Chapter 1 Methodology & Scope

1.1 Research design
- 1.1.1 Research approach
- 1.1.2 Data collection methods
1.2 Base estimates & calculations
- 1.2.1 Base year calculation
- 1.2.2 Key trends for market estimation
1.3 Forecast model
1.4 Primary research and validation
- 1.4.1 Primary sources
- 1.4.2 Data mining sources
1.5 Market scope & definition

Chapter 2 Executive Summary

2.1 Industry 360° synopsis, 2021 - 2032

Chapter 3 Industry Insights

3.1 Industry ecosystem analysis
- 3.1.1 Truck manufacturers
- 3.1.2 Fuel and energy providers
- 3.1.3 Telematics providers
- 3.1.4 Technology providers
- 3.1.5 End users
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Patent analysis
3.6 Regulatory landscape
3.7 Analysis of road infrastructure quality, by region
3.8 Case studies
3.9 Impact forces
- 3.9.1 Growth drivers
- 3.9.2 Increase in the use of telematics in automotive sector
- 3.9.3 Rapid expansion of e-commerce sector
- 3.9.4 Expansion of cold chain logistics for perishable products
- 3.9.5 Rising demand for sustainable transportation solutions
- 3.9.6 Industry pitfalls & challenges
  - 3.9.6.1 Rising fuel costs
  - 3.9.6.2 Driver shortages and high turnover rates
3.10 Growth potential analysis
3.11 Porter's analysis
3.12 PESTEL analysis

Chapter 4 Competitive Landscape, 2023

4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix

Chapter 5 Market Estimates & Forecast, By Truck, 2021 - 2032 ($Bn, Fleet Size)

5.1 Key trends
5.2 Lorry tank
5.3 Truck trailer
5.4 Refrigerated truck
5.5 Flatbed truck
5.6 Others

Chapter 6 Market Estimates & Forecast, By Distance, 2021 - 2032 ($Bn, Fleet Size)

6.1 Key trends
6.2 Local
6.3 Long haul

Chapter 7 Market Estimates & Forecast, By Service, 2021 - 2032 ($Bn, Fleet Size)

7.1 Key trends
7.2 Full truckload
7.3 Less-Than-Truckload (LTL)
7.4 Specialized trucking
7.5 Courier and express services

Chapter 8 Market Estimates & Forecast, By Freight, 2021 - 2032 ($Bn, Fleet Size)

8.1 Key trends
8.2 Dry
8.3 Perishable
8.4 Bulk
8.5 Oversized & heavy goods
8.6 Others

Chapter 9 Market Estimates & Forecast, By End Use, 2021 - 2032 ($Bn, Fleet Size)

9.1 Key trends
9.2 Retail & e-commerce
9.3 Automotive
9.4 Oil & gas
9.5 Industrial & manufacturing
9.6 Pharmaceuticals
9.7 Chemicals
9.8 Construction & infrastructure
9.9 Food & beverages
9.10 Others

Chapter 10 Market Estimates & Forecast, By Region, 2021 - 2032 ($Bn, Fleet Size)

10.1 Key trends
10.2 North America
- 10.2.1 U.S.
- 10.2.2 Canada
10.3 Europe
- 10.3.1 UK
- 10.3.2 Germany
- 10.3.3 France
- 10.3.4 Italy
- 10.3.5 Spain
- 10.3.6 Russia
- 10.3.7 Nordics
10.4 Asia Pacific
- 10.4.1 China
- 10.4.2 India
- 10.4.3 Japan
- 10.4.4 Australia
- 10.4.5 South Korea
- 10.4.6 Southeast Asia
10.5 Latin America
- 10.5.1 Brazil
- 10.5.2 Mexico
- 10.5.3 Argentina
10.6 MEA
- 10.6.1 UAE
- 10.6.2 South Africa
- 10.6.3 Saudi Arabia

Chapter 11 Company Profiles

11.1 ArcBest Corporation
11.2 C.H. Robinson
11.3 CEVA Logistics
11.4 DHL Express
11.5 Estes Express Lines
11.6 FedEx
11.7 Hub Group
11.8 J.B. Hunt
11.9 Landstar System
11.10 Maersk
11.11 Marten Transport
11.12 Nippon Express
11.13 Ryder System
11.14 Saia
11.15 Schneider National
11.16 TFI International
11.17 UPS
11.18 Werner Enterprises
11.19 XPO Logistics
11.20 Yellow Corporation

Freight Trucking Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032