PUBLISHER: The Business Research Company | PRODUCT CODE: 1674033
PUBLISHER: The Business Research Company | PRODUCT CODE: 1674033
Truck transport denotes a method of shipping goods that involves the use of motor vehicles, such as trucks and tractor-trailers, for over-the-road cargo transportation. These trucks, particularly heavy ones designed for transporting sizable loads, play a crucial role in delivering services in rural areas and covering short distances, minimizing the risk of damage to transported goods.
Within the truck transport market, two primary types are identified general freight trucking and specialized freight trucking. General freight trucking is dedicated to handling and moving goods, whether locally or over long distances, often utilizing containers. The market further classifies trucks by size, categorizing them as heavy trucks, medium trucks, and light trucks. Additionally, applications for truck transport span various sectors, including oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, along with other industries.
The truck transport market research report is one of a series of new reports from The Business Research Company that provides truck transport market statistics, including truck transport industry global market size, regional shares, competitors with a truck transport market share, detailed truck transport market segments, market trends and opportunities, and any further data you may need to thrive in the truck transport industry. This truck transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The truck transport market size has grown strongly in recent years. It will grow from $2275.23 billion in 2024 to $2488.54 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to rapid urbanization, artificial intelligence in trucks manufacturing and low interest rate environment.
The truck transport market size is expected to see strong growth in the next few years. It will grow to $3399.5 billion in 2029 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to increasing investments in truck transportation in end use industries and increased mergers and acquisitions will drive market growth. Major trends in the forecast period include focus on fleet regionalization, focus on platooning, use of big data analytics, use of artificial intelligence and focus on launching new trucks based on iot (internet of things).
The growth of the truck transport market is supported by the stable economic growth anticipated in numerous developed and developing countries. Stable economic growth refers to consistent and sustainable increases in a nation's economic output, marked by moderate inflation, low unemployment, and balanced trade. Economic growth is considered stable when there is a balance between demand and supply, effective government policies, and low inflation, creating a favorable environment for investment and job creation. This stable economic growth enhances the truck transport market by increasing the demand for goods, boosting trade activities, and promoting infrastructure investment. For example, in October 2024, the House of Commons Library, a UK-based library and information resource for the lower house of the British Parliament, reported that the UK's GDP in Q2 2024 was 2.9% higher than its pre-pandemic level in Q4 2019, while the Eurozone's GDP increased by 3.9%, with Germany's GDP rising by 0.2%. The US recorded the highest GDP growth among G7 economies during this time, at 10.7%. Thus, stable economic growth is expected to drive the truck transport market's growth.
The growth of the e-commerce industry is projected to further propel the truck transport market in the future. E-commerce involves the exchange of goods and services or the transfer of money or data over an electronic network, primarily the internet. Truck transportation plays a vital role in the e-commerce sector by ensuring the timely and reliable delivery of products to customers' homes, thereby facilitating efficient and dependable order fulfillment. For instance, in February 2023, the US Central Bureau, a US-based government agency, reported that U.S. retail e-commerce sales increased by 6.5% in the fourth quarter of 2022 compared to Q4 2021 and by 4.1% from Q3 2022 on an unadjusted basis. Additionally, total e-commerce sales for the entire year of 2022 rose by 7.7% compared to 2021. Therefore, the expansion of the e-commerce industry is driving the growth of the truck transport market.
The outbreak of COVID-19 disease (COVID-19) has acted as a massive restraint on the truck transport market in 2020 as governments imposed lockdowns and restricted the movement of people and goods to contain the transmission. COVID-19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People's Republic of China, and has spread globally, including Western Europe, North America, and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of 'lock down' and harming businesses throughout 2020 and into 2021. However, the truck transport market has started recovering from the shock.
Truck transportation companies are widely embracing fleet regionalization as a strategic approach to diminish operational costs and enhance transportation efficiencies. Consequently, businesses in the truck transportation sector are progressively shifting their focus from international and national operations to a more regional level. The adoption of fleet regionalization allows these companies to optimize operational efficiencies, curtail costs, and enhance both driver and truck turnaround times. Key benefits associated with fleet regionalization include expanded ports of entry, improved intermodal system capabilities, and shorter travel distances.
Leading companies in the truck transport market are intensifying their efforts to introduce hydrogen-fuel cell electric trucks, aiming to gain a competitive advantage in the industry. These commercial vehicles utilize hydrogen as a fuel source, generating electricity through a chemical reaction within fuel cells. For instance, in September 2022, Nikola Corporation, a US-based automotive company, unveiled its inaugural hydrogen fuel cell electric truck named Tre FCEV. This Class 8 semi-truck boasts a range of up to 500 miles and a rapid refueling time of 20 minutes. The truck operates on a hydrogen fuel cell that converts hydrogen into electricity, powering the vehicle's motor. The Tre FCEV represents one of the first commercially available hydrogen fuel cell trucks, playing a pivotal role in steering the transportation sector towards a more sustainable future.
Major companies operating in the truck transport market include FedEx Corporation, Knight-Swift Transportation Holdings Inc., XPO Logistics, YRC Worldwide, J.B. Hunt Transport Services, Inc., LDI Dimotrans Group, Paige Logistics Ltd, Searcy Trucking Ltd, Transport Corporation of India, Vrl, Gati, ZARCAM, Agarwal Packers and Movers, United Parcel Service (UPS), Panalpina, TASA Logistica, Shanghai CNEX Express Co. Ltd, Deppon Logistics Co. Ltd, HOAU Logistics Company Limited, Sohgo Security Services Co., Ltd, Skelton Truck Lines, Amazon Japan G.K, Schneider National, Inc., Van der Vlist Russia, Super Terminals, Konoike Transport Co., Ltd, Fukuyama Transporting Co. Ltd, Shanghai ANE Juchuang Supply Chain Management Co., Ltd, Seino Transportation Co., Ltd, Gefco, Logistics Ekol Romania, Puma Cargo, Truckways Limited, Deutsche Post AG, Schneider Transport SA, Dachser Group SE & Co, HAVI Logistics GmbH, Yusen Logistics, Maxitrans, Frigoexpres, Schenker Aktiengesellschaft, J&R Transport Inc, Yamato Transport Co., Ltd, Panamerican Cargo, Nippon Express, MSC Mediterranean Shipping Company (Qatar) W.L.L, Brian Kurtz Trucking Ltd, SF Express Co. Ltd, Spoton logistics, JADE TRANSPORT LTD, Trans-Nationwide Express, Om Logistics, Landstar System, Inc., Trans Sese SL, Dibiagi Transporte Internaciona, Rodovitor Transport and Vehicle Rental, Pronto Cargo, Galeon Logistics, Qatar Navigation (Milaha), Sagawa Express Co., Ltd, Old Dominion, Fox Brasil, Norte Brasil Logistica, Primafrio SL, McKevitt Trucking Limited, TFI International, Novatrade Brasil, Almas Movers International, GWC (Gulf Warehousing Company QPSC), S.C. PHARAON SPEED EXPRESS SRL, Gulf Agency Company - GAC Qatar, N&N Logistics Inc, Bin Yousef Cargo, E2E Qatar, GMC Logistics, KOS Deliveries, Ts Network Co., Ltd, Admiral Trucker Limited, BTXpress Universal Limited, Ekene Dili Chukwu Nigeria Limited, Konek Group
Asia-Pacific was the largest region in the truck transport market in 2024. North America was the second largest region in the truck transport market. The regions covered in the truck transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the truck transport market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
The truck transport market includes revenues earned by entities by transferring or moving cargo, personal effects, or deliveries for businesses between places like residences and workplaces or between the point of production and the point of sale. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Truck Transport Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on truck transport market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for truck transport ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The truck transport market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.