Freight Trucking Market Size, Share, Opportunities, And Trends By Truck Type (Refrigerated Truck, Tanker, Dry Van, Flatbed), By End User (Automobiles, Machinery, Apparels & Footwears, Pharmaceutical Products, Retail, Electronics, Petrochemicals, Agriculture, Building Materials, Others), By Distance (Less Than 50 Miles, 51 To 100 Miles, 100 To 200 Miles, 200 To 500 Miles, More Than 500 Miles), And By Geography - Forecasts From 2023 To 2028

The freight trucking market is projected to show steady growth during the forecast period.

The rise in industrialization, quick expansion in the construction sector, and year-over-year growth in domestic and international trades throughout the world are driving market growth. The freight trucking sector is expected to develop fast as e-commerce grows and technical improvements like GPS tracking, temperature-controlled compartments, and flatbed and load-to-road service become more common. Furthermore, rising industrialization, GDP growth in both established and developing nations, and transportation infrastructure development are expected to bring up profitable opportunities for the worldwide freight trucking industry.

Introduction:

A freight truck also referred to as a heavy-duty vehicle, transports commodities from one region to another. It is widely used in logistics and is ideal for off-road travel. Bulk loads may be easily transported by specially built and powerful freight motor vehicles. Trucks with highly developed and powerful freight engines can readily transport large goods. They can transport and are further subdivided into six components, including trailer trucks, semi-trailer trucks, giant trucks, and flatbed trucks. As a result, it is expected that its potential advantages would fuel the expansion of the freight transportation business throughout the predicted timeframe. The freight trucking sector is predicted to increase because of fast expansion in the online retailing market and technical improvement. Furthermore, technological advancements compatible with GPS tracking, temperature-controlled containers, and flatbed & load-to-road service are expected to bring profitable prospects to the freight trucking business. During the projected period, it is predicted that the significant rise of several industries across the world, as well as the development of new technologies in freight trucks, will boost the freight trucking market.

Drivers:

• Freight trucking aids in the reduction of logistical costs which is a primary market driver: Freight transportation is critical for logistical cost savings. It efficiently decreases transportation expenditures by managing inventories, using enhanced delivery networks, and simplifying operations. This strategic strategy improves supply chain efficiency, establishing freight trucking as a foundation for financial prudence in logistics operations.
• The need for door-to-door transportation and the expansion of the e-commerce sector is driving the freight trucking market: The e-commerce industry has provided lucrative prospects for dry van transportation. Additionally, because of the ever-changing technology, mobile phones, and the internet, having stuff at your fingertips has become a major trend. This has resulted in a tremendous expansion in the door-to-door transportation business. The rise in consumer goods demand is also driving up demand for freight trucking transportation. The increase in demand for food and food-related items owing to population expansion has resulted in a major increase in demand for refrigerated trucks which is eventually aiding in the market growth.
• Growing use of telematics in the automotive sector has a positive influence on market growth. Telematics is crucial in the development of innovative solutions for effective fleet management. Trucks equipped with telematics and wireless solutions may get real-time traffic reports, monitoring, tracking, and roadside help after a breakdown, among other benefits. This, in turn, improves fleet operating efficiency. Telematics systems also help with fuel cost savings, resource efficiency, and other tasks.
• Increased industrialization is creating a demand for freight transportation which is propelling market growth: Rapid expansion in industries all around the world has increased demand for big-haul transportation and flatbed trucking. Heavy machinery, irregular or complex-shaped equipment, and other heavy industrial commodities are transported on flatbed trucks. The rapid increase of urbanization and industry has necessitated large expenditures in construction and infrastructure. As a result, the need for heavy haul transportation is increasing hence driving the freight trucking market.

Products offered by key companies:

• Flatbed Shipping, C.H. Robinson Worldwide Inc.: Flatbed Freight Services from C.H. Robinson Worldwide Inc. provides a solution for efficient and dependable shipping. C.H. Robinson provides simplified logistics and exceptional experience for huge or unusual shipments, with an emphasis on secure and timely delivery. Clients benefit from the company's dedication to addressing specific freight requirements, delivering a smooth and dependable flatbed transportation experience.
• FedEx ColdChain, FedEx Corporation: FedEx ColdChain is FedEx Corporation's cutting-edge refrigerated freight service. FedEx maintains accurate climate control throughout the route to protect the integrity of temperature-sensitive packages. FedEx clients rely on them for dependable and secure shipping of perishable products, ensuring freshness at every mile.

Prominent growth is anticipated in the retail sector under the End-User segment.

The retail segment is anticipated to have a significant share of the market value and is predicted to witness a healthy CAGR over the projection period. Globalization has led to increased worldwide competition, which is a significant factor in its expansion. There is fierce competition for international merchants, especially in emerging countries like the Asia Pacific, where there is an increase in overseas activities. Enhancing the ease of movement among areas has emerged as a crucial element, bolstering economic growth. The retail industry is experiencing a notable increase in demand for road transport services due to the increased requirement for quick product delivery. This increase is a symbol of the vital role the freight trucking industry plays in satisfying the ever-changing needs of the competitive and global retail market.

The Asia Pacific region is expected to hold a significant share of the freight trucking market:

The Asia Pacific region is anticipated to hold a major market share and is likely to expand with a significant CAGR over the forecast period. Growing industrialization in APAC's growing nations, such as China, India, South Korea, and Japan, is likely to boost the market over the projection period. Increasing import and export activity in these rising economies is a sustaining driver for regional market expansion. Growing urbanization and rising living standards in the Asia Pacific are projected to affect the rise of door-to-door transportation services. Strong industrial development in China and India, as well as rapid expansion in the e-commerce sector, is expected to enhance the Asia Pacific freight trucking industry. The transportation of FMCG items in the region is extensive. Furthermore, the surge in military cargo transportation because of increased military spending in China and India is boosting the Asia Pacific freight trucking market.

Key developments:

• UPS bought MNX Global Logistics, a worldwide time-critical logistics service, in September 2023. MNX's expertise includes radiopharmaceuticals and temperature-controlled logistics. This allows UPS to expand in the healthcare business and time-critical, temperature-sensitive logistics.

Segmentation:

• By Truck Type
  • Refrigerated Truck
  • Tanker
  • Dry Van
  • Flatbed
• By End User
  • Automobiles
  • Machinery
  • Apparels & Footwears
  • Pharmaceutical Products
  • Retail
  • Electronics
  • Petrochemicals
  • Agriculture
  • Building Materials
  • Others
• By Distance
  • Less than 50 Miles
  • 51 To 100 Miles
  • 100 To 200 Miles
  • 200 To 500 Miles
  • More than 500 miles
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain  
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Others