E-tailing to Underscore Growth in Freight Trucking Market, Expected to Reach ~US$ 6 Bn by 2027: Transparency Market Research
- Increase in trade volumes and improvement in transportation infrastructure to drive growth into global freight trucking market from 2019 to 2027 - The growing trend of online shopping to support growth in the market over the forecast period, generating higher demand for robust transportation solutions ALBANY, New York, March 3, 2020 /PRNewswire/ -- Transparency Market Research, New York: Over the period 2019 to 2027, the global freight trucking market would chart a steady growth curve, owing to a sturdy nearly 5% CAGR (Compound Annual Growth Rate).
The growth rate would translate to a number of attractive opportunities emerging for the market players and an increased market worth of USD 6 billion by the end of this period. As per analysis of Transparency Market Research, "Shift to service-based business models from product-based business models is contributing massively to the growth of global freight trucking market. Major market players are investing here to carve off a notable share of the market growth.
Some of these companies include Google, Uber, Amazon, and Tesla. Market players would be wise to adopt digital technologies in order to increase efficiency in operations and smoothen supply chain." Key Findings of the Freight Trucking Market Study
- Lorry Tank and Truck Trailer to be lucrative segments owing to growth in cross-border and inter-state trade
- Refrigerated truck segment to chart a significant CAGR over the forecast period, owing to increase in perishable goods' export and import
- In terms of end-use, industrial and manufacturing segment would dominate the market landscape over the forecast period owing to rapid industrialization and increasing efforts directed towards improvement in infrastructure, particularly in developing nations
- Energy and Mining to follow industrial and manufacturing in terms of market share
- Asia Pacific to be a prominent regional market over the assessment period
Explore 219 pages of top-notch research, incisive insights, and detailed country-level projections.
Gain business intelligence on Freight Trucking market by Size: Heavy Trucks, Medium Trucks, and Light Trucks; Type: Lorry Truck, Truck Trailer, Refrigerated Truck, Flat Bed Truck, and Others; End Use: Oil & Gas, Industrial & Manufacturing, Defense, Energy & Mining, Chemicals, Pharmaceuticals & Healthcare, and Food & Beverages; Cargo Type: Dry Bulk Goods, Oil & Diesel, Postal, and Others; and Distance: 50 Miles or Less, 51-100 Miles, 101-200 Miles, 201-500 Miles, and Above 501 Miles - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/freight-trucking-market.html Global Freight Trucking Market: Key Driving Factors
Multiple factors underscore growth in the global freight trucking market over the assessment period. The prominent ones among them, as per Transparency Market Research, are increase in global trade and growth in e-commerce sector. A glimpse into drivers and trends is provided below:
- Improvement in transport infrastructure, particularly in developing countries to drive growth in the global freight trucking market
- Increase in disposable incomes leads to increase in online shopping and this includes shopping from websites in other countries; this increases need for robust logistics, leading to growth in freight trucking market
- Increase in bilateral trade and better access to internet to propel market onto a high growth trajectory over the stated period
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Key Impediments for Global Freight Trucking Market Players One of the most notable restraints that the global freight trucking market experiences is that it is comparatively slower. Besides, poor maintenance of trucks also limits the growth of the market from reaching a higher trajectory.
It is also noted that a large number of toll booths and plazas also lead to wastage of time, impacting timelines negatively. Global Freight Trucking Market: Region-wise Analysis
- Asia Pacific to maintain its dominance in the global freight trucking market over the forecast period owing to high freight volumes in Southeast Asian Nations (ASEAN) and China
- Improvement in infrastructure in terms of roads to support growth in the region; increase in cross country trade to underscore high trajectory
- Owing to better loads, Europe would also be a lucrative market
Analyze Global Freight Trucking market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study, Competition Landscape
The most notable players in the global freight trucking market are Ceva Holdings LLC, United Parcel Service, Inc., Tuma Transport, Cargo Carriers Limited, Werner Enterprises Inc.,Transtect Logistics ,FedEX Corporation, Concargo Private Limited ,Swift Transport, Interlogix Pty. Ltd., KUEHNE+NAGEL INC., Procet Freight, J&J Africa, and Tiger Africa Transport among others. It is a fragmented vendor landscape.
Besides, these key players are profiled in the market report prepared by Transparency Market Research. View Detailed Table of Contents at https://www.transparencymarketresearch.com/report-toc/13250 Some of the strategies that the global freight trucking market players are deploying to gain an edge over others are mergers and acquisition and synergistic collaborations.
One such instance noted in the recent past is the acquisition of Wira Logistics by Kuehne+Nagel in the year 2018. It provides the latter with better market penetration in Indonesia. Transparency Market Research has segmented the Freight Trucking market report based on size, type, end-use, cargo type, distance, and region.
- Freight Trucking Market, by Type
- Lorry Tank
- Truck Trailer
- Refrigerated Truck
- Flat Bed Truck
- Global Freight Trucking Market, by End Use
- Oil & Gas
- Industrial & Manufacturing
- Energy & Mining
- Pharmaceuticals & Healthcare
- Food & Beverages
- Freight Trucking Market, by Distance
- 50 Miles or Less
- 51-100 Miles
- 101-200 Miles
- 201-500 Miles
- Above 501 Miles
- Freight Trucking Market, by Cargo Type
- Dry Bulk Goods
- Oil & Diesel
- Freight Trucking Market, by Size
- Heavy Trucks
- Medium Trucks
- Light Trucks
- Freight Trucking Market, by Region
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
Intelligent Transport System (ITS) Market - Intelligent transportation system market is likely to witness considerable growth by 2027, Strong government support, research activities, and public-private partnerships aimed at improving the transportation network are key factors driving the ITS market. Truck-as-a-Service Market - Truck-as-a-Service Market is growing rapidly due to rapid changes and innovation in driver monitoring, transmission, infotainment system, truck safety. Truck-as-a-service market can be segmented into digital freight brokerage, telematics services, and business analytics.
Truck Refrigeration Unit Market - Truck refrigeration unit market is growing rapidly due to rise in demand for safe, high-quality fresh goods from consumers. Truck refrigeration unit market is segmented based on type, end-use industry, vehicle and region. Transportation Analytics Market - Transportation Analytics Market is mainly driven by varying travel demands, globalization, and hyper-urbanization; Emergence of smart vehicles on developed roads contributes toward better safety, communication facilities, and advanced infrastructure boost market growth.
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