The freight trucking market is estimated to be valued at USD 1,783.6 billion in 2021 and is poised to grow at a significant CAGR of 6.3% over 2022-2028. Heavy-duty trucks are used in freight trucking to transfer products and commodities from one location to another. It is mostly used for transporting large and heavy goods. During the forecast period, the global freight trucking market size is estimated to grow due to increased demand for door-to-door transportation services. The Global freight trucking market is segmented, based on Cargo, into dry/bulk goods, temperature-controlled goods, and hazardous/dangerous goods. Dry/Bulk Goods segment is estimated to occupy the largest share in 2021 and the temperature-controlled goods segment is anticipated to show the highest growth rate with a CAGR of 11.4% during the forecast period, which can be due to the growing demand for pharmaceutical/biopharmaceutical products and healthcare products, which require temperature-controlled transportation. Furthermore, rise in industrialization and rapid growth in the construction industry and year-over-year growth in domestic and international trades across the globe are fuel the growth of market. The freight trucking industry is anticipated to increase rapidly due to growth in online retailing business and technological advancements such as GPS tracking, temperature-controlled compartments, and flatbed and load-to-road service. Moreover, rapid industrialization, grow in GDP in developed and developing economies, and transportation infrastructure development are projected to open profitable options for the global freight trucking market.
Recent Market Developments:
In February 2022, A.P. Moller – Maersk acquired Pilot Freight Services (Pilot) to extend its integrated logistics offering deeper into the supply chain of its customers.
In July 2021, Geodis acquired Velocity Freight Transport Inc. to meet the increased customer demand for more transportation alternatives to ensure their supply chains remain agile and effective.