According to Precision Business Insights (PBI), latest report the global freight trucking market is expected to be worth USD 1,902.4 billion in 2022, growing at a 6.3% CAGR from 2022 to 2028. Global Freight Trucking Market is segmented into the following types: By Cargo Type (Dry/Bulk Goods, Temperature Controlled Goods, Hazardous/Dangerous Goods), By Type (Flatbed Truck, Closed Box & Refrigerated, Curtain Side), By Product (Low to Medium Truck Load (LTL), Full Truck Load (FTL)) and Geography (North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa) Forecast to 2028. Key player’s profiles in the Freight Trucking Devices market report are A.P.Moller Maersk, Canadian National, CEVA Logistics, CMA CGM, DB SCHENKER, Deutsche Post, DHL Paket GmbH, Estes Express Lines, FedEx Corporation, Kuehne + Nagel, Nippon Express Co., Ltd., R+L Carriers, Saia Motor Freight Line, SNCF Geodis, Swift Transportation, TNT Holding B.V., UPS Freight, XPO Logistics, Yamato Holdings Co., Ltd., YRC Worldwide Inc.
Rapid growth in E-commerce industry due to increase in internet penetration and smartphone adoption rate in developed and developing countries coupled with expansion of services by the market players for speed delivery are burgeon the growth of freight trucing market. Moreover, advancements in the logistics industry, grow in construction industry, and rise in per capita income fuel the growth of market over the forecast years. In addition, acquisitions and collaborations between the market players also immense boost to the market over the forecast timeframe. For instance, 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
Cargo Segment is Dominate the Freight Trucking Market
The Cargo segment is expected to account for larger revenue share in global freight trucking market and projected to grow at significant CAGR over 2022 and 2028. Cargo transportation is rapidly growing due to players are launching a cost-effective cargo transportation management system that enables not only large but also small and local firms to compete effectively on the global stage. Moreover, rise in construction sector and the rapid industrialization are expected to boost the cargo transportation market over the projected period. Furthermore, the demand for products and commodities has been spurred by the fast growth of transportation infrastructure across the world due to urbanization and technological advances over the last decade.
North America Leads Freight Trucking Market
North America is expected to hold largest market share in the global freight trucking market over the forecast period, and it is projected to grow at a double digit growth rate in the coming years. Increased consumer demand, a wide transportation network, and technological advancements, favorable regulations and rise in GDP are some of the factors influencing the market growth . Moreover, the presence of well-established transportation infrastructure in the developed countries of North America is expected to boost the market growth over the forecasting period
Strategic New Product Launches, Mergers, Acquisitions and Agreements are the key strategies adopted by market players
Global Freight Trucking Market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance,
- In June 2018: Landstar launched a mobile application, ‘Landstar Maximizer’, which helps its leased owner-operators to look and book their loads with the optimized combination to increase their revenues and keeps the truck loaded.
- In June 2018: United Parcel Service (UPS) invested USD 130 million for building five new Compressed Natural Gas (CNG) stations and to add more than 700 new CNG vehicles to its existing natural gas fleet throughout US.
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The freight trucking market detailed segmentation
Based on the Cargo Type
- Dry/Bulk Goods
- Temperature Controlled Goods
- Hazardous/Dangerous Goods
Based on the Type
- Flatbed Truck
- Closed Box & Refrigerated
- Curtain Side
Based on the Product:
- Low To Medium Truck Load (LTL)
- Full Truck Load (FTL)
Based on End-User Industry:
- Consumer Goods
- Oil & Gas
- Pharmaceutical & Healthcare
- Food & Beverages
Based on Geography:
- North America
- Asia Pacific
- Latin America
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