Freight Trucking Market Analysis

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.