The global freight trucking market is set to expand at 5.9% CAGR during the forecast period (2020-2026), according to the latest report by Market Research Future (MRFR). The report covers the ups and downs in freight trucking coupled with projections on growth for the forecast period in lieu of the COVID-19 pandemic in the background.
Market Scope
The global Freight Trucking Industry is driven by rise of international trade between countries and organizations. Huge demand for consumables and other goods in the online space has provide a golden opportunity for the market. Presence of ecommerce platforms and increased spending power of customers can bode well for the market. Expansion of healthcare and automotive sectors coupled with changes in their business models can augment the market size in the coming years.
But high costs of services as compared to sea shipments can hamper market growth.
COVID-19 Impact
The freight trucking market has been affected by the pandemic in 2020 with drivers opting to stay at home to preserve their health and logistic companies being temporarily restrained to continue their operations. Digitization of systems for monitoring of goods and transportation of essential goods for sanitization and safety of healthcare personnel has been embraced by trucking companies. Moreover, the use of trucks to deliver vaccines to hospitals to increase inoculation rates of citizens and reduce the hold of the virus is the prime strategy of companies during the pandemic.
Segmentation
By vehicle type, the heavy commercial vehicles type segment is anticipated to hold a significant market share owing to growing construction and logistics activities across the globe. Government investments in infrastructural projects is likely to drive the segment growth. Rise of commercial driver licenses and integration of AI and smart navigation systems to prevent accidents and monitor the safe transport of goods can augur favorably for the shipping companies.
By cargo type, the dry bulk segment accounted for a significantly large share in the global market. This is driven by demand for large cargo trucks for long-distance transportation. Huge demand for minerals, fertilizers, and other products coupled with transport of diesel and oil in drums or totes. But high prices for dry bulk shipping and need for insurance for safe delivery of goods may hamper the growth of the segment.
By end-use, the industrial & manufacturing segment accounted for a significantly large share in the global market owing to fast-paced industrialization globally to meet up growing demands of end-use industries. Huge demand for commodities and goods by customers can drive the market demand by the sector.
Regional Analysis
Asia-Pacific is expected to capture a major share of the freight trucking market owing to utilization of internet for tracking goods and focus on customer convenience. Rapid industrialization in India, China, South Korea, and Japan coupled with increasing trade activities are factors driving the demand for freight trucks. Soaring demand for online goods is likely to push the demand for trucks for safe transport for consumables and durables.
Competitive Analysis
Saia Inc. (U.S.), SNCF group (France), XPO Logistics (U.S.), CEVA Logistics (Switzerland), Estes Express Lines (U.S.), Yellow Corporation (U.S.), Nippon Express Co., Ltd. (Japan), Kuehne + Nagel International AG (Germany), ArcBest (U.S.), and CMA CGM S.A (France) are key players in the global freight trucking market. Acquisitions and mergers are strategies pursued by players in the market. Integration of freight brokerage experts to streamline supply chains is also on the agenda of trucking companies looking to expand their presence.
Industry News
Uber Freight has agreed to acquire Transplace, a technology-driven logistics service, for USD 2.25 billion in order to expand its platform for shipping of goods.
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