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Freight Trucking Market Size

Report ID: GMI5902
Published Date: May 2023
Report Format: PDF

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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.

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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.

Freight Trucking Market Report Attributes
Report Attribute	Details
Base Year:	2022
Freight Trucking Market Size in 2022:	USD 286 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	4%
2032 Value Projection:	USD 430 Billion
Historical Data for:	2018 – 2022
No. of Pages:	350
Tables, Charts & Figures:	603
Segments covered:	Truck, Distance, End-Use
Growth Drivers:	Increase in the use of telematics in automotive sector Rapid expansion of e-commerce Increased demand for goods transportation Rising demand for sustainable transportation solutions
Pitfalls & Challenges:	Rising Fuel Costs Regulatory Compliance and Government Regulations

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Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of freight trucking exceeded USD 285 billion in 2022 and is expected to witness 4% CAGR during 2023 to 2032 backed by the growing trend of online shopping has increased the demand for shipping services to deliver goods from fulfillment centers to customers' doorsteps.

The freight trucking industry size from industrial & manufacturing segment will be over USD 100 billion in 2032, owing to the flexibility and reliability offered by cargo transportation, along with benefits such as on-time delivery, inventory control, and fast turnaround times.

The Asia Pacific is estimated to amass USD 115 billion in 2032, as the region is a hub for technological progress & innovations. Swift growth of e-commerce and high demand for transportation services for goods & raw material distribution within and between countries in the region will push the market growth.

A.P. Moller – Maersk, ArcBest Corporation, CEVA Logistics AG, CRST International, Inc., DHL Express, FedEx Corporation, Nippon Express Co., Ltd., Old Dominion Freight Line, Inc., XPO Logistics, Inc., Yellow Roadway Corporation, and YRC Worldwide Inc. among others.