Freight Trucking Market Size - By Truck Type (Lorry Tank, Truck Trailer, Refrigerated Truck, Flat Bed Truck), By End Use (Retail & E-Commerce, Automotive, Oil & Gas, Industrial & Manufacturing, Pharmaceuticals, Food & Beverages), Distance & Forecast, 2023 – 2032

Freight Trucking Market Size

Freight Trucking Market size surpassed USD 285 billion in 2022 and is anticipated to grow at 4% CAGR from 2023 to 2032. The exponential growth of e-commerce, owing to its easy use and extensive reach has significantly impacted the industry growth. The growing online shopping has also increased the demand for shipping services to deliver goods from fulfillment centers to customers' doorsteps.
 

Increased fuel prices, especially diesel prices, have a huge impact on the trucking sector. The surge in fuel prices directly affects the operating costs of shipping companies. Fuel costs constitute a significant part of the total cost structure of the freight trucking industry. Such factors can restrain market growth during the forecast period.
 

COVID-19 Impact

The COVID-19 impact had mixed impacts on the freight trucking market. During the initial stages, lockdowns and travel restrictions resulted in reduced freight volumes and supply chain disruptions. However, the pandemic also caused a surge in demand for medical supplies, cleaning essentials, and food products worldwide. Consequently, trucking companies had to amend their operations to accommodate the increased demand for last-mile delivery services, particularly for online purchases. This shift also led to changes in distribution strategies and an increase in collaborations between trucking companies and e-commerce platforms.
 

Freight Trucking Market Trends

Investments in the construction of transportation infrastructure, such as highways, bridges, and logistics facilities, play an important role in the truck industry. Improvements in the system can lead to streamlined delivery, reduced collision, and enhanced overall reliability & speed of delivery. Increased efficiency & reliability aid freight trucking market growth by providing a stable foundation for moving goods, thereby supporting the supply chain and facilitating business operations. A good infrastructure supports regional & global economies, such as the seamless flow of goods across borders & between countries. Trucks are key links that connect factories, ports, airports, and distribution centers in the supply chain, supporting the global trade. Infrastructure development can support economic growth and attract foreign investments.
 

Freight Truck Market Analysis

The lorry tank segment was valued over USD 90 billion in 2022 and depict 5.5% growth till 2032. Lorry tanks cater to businesses that transport liquids or bulk products. Petroleum, chemical manufacturing, food & beverage, and agriculture are a few industries that rely on fuel tankers to transport their products. The demand for fuel tankers is also directly affected by certain cargoes from these industries. Tankers are designed with special functionalities to ensure the safe transportation of liquids or large products. Features including tank material, capacity, shape, and design determine the suitability of tankers for various types of cargo.

Depending on the nature of the shipment and the customer needs, the delivery may occur several times a day or as scheduled. Long-distance transport in urban areas can present unique challenges due to traffic congestion, limited access, and limited parking. Transport companies operating in urban environments address these issues and comply with local regulations regarding noise, emissions, and road restrictions. Such factors are driving the overall freight trucking market expansion.

The industrial & manufacturing segment will be valued at over USD 100 billion in 2032. Manufacturers deliver raw materials and equipment to their locations while finished products are transported to distribution centers or stores. Cargo transportation provides the flexibility and reliability required for these applications. The industrial & manufacturing sector relies on high-quality raw materials to manufacture products and meet customer needs. Freight transport plays an important role in maintaining the balance of goods and materials in the supply chain. On-time delivery, inventory control, and fast turnaround times are critical to staying competitive in this industry and shipping services help achieve these goals.

Asia Pacific freight trucking market held over 20% of the global share in 2022 and is estimated to amass USD 115 billion in 2032. The region is known for its rapid growth with some countries experiencing significant development in trade and production. This growth has also created a high demand for transportation services for goods & raw material distribution within and between countries in the region. The rapid growth of e-commerce in APAC increases the demand for logistics services.
 

Freight transportation aids online retailers and delivery services to efficiently deliver products on time to customers. The province has witnessed technological advancements in transportation, which include the adoption of telematics, GPS tracking, and fleet management to increase the efficiency & visibility of cargo operations. In addition, companies in the region are also exploring the potential of electric trucks in the market, which will boost the regional market.
 

Freight Trucking Market Share

Major companies operating in the freight trucking market include

• A.P. Moller – Maersk
• ArcBest Corporation
• CEVA Logistics AG
• CRST International, Inc.
• DHL Express
• FedEx Corporation
• J.B. Hunt Transport Services, Inc.
• Landstar System, Inc.
• Nippon Express Co., Ltd.
• Old Dominion Freight Line, Inc.
• Roadrunner Transportation Systems, Inc.
• Saia, Inc.
• Schneider National, Inc.
• United Parcel Service (UPS)
• XPO Logistics, Inc.
• Yellow Roadway Corporation
• YRC Worldwide Inc.

Freight Trucking Market News:

• In May 2022, MercuryGate International, Inc. (MercuryGate), a leading independent shipping management system, partnered with Amazon Freight, an Amazon-powered shipping service, enabling shippers to access Amazon Freights reliable network & competitive dynamic rates through the MercuryGate platform.
   

This market research report on freight trucking includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments:

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Market, By Truck Type

• Lorry tank
• Truck trailer
• Refrigerated truck
• Flatbed truck
• Others

Market, By Distance

• Local
• Long haul

Market, By End Use

• Retail & e-commerce
• Automotive
• Oil & gas
• Industrial & manufacturing
• Pharmaceuticals
• Food & beverages
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Netherlands
  • Norway
  • Belgium
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
  • Singapore
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa