Freight Trucking Market Research Report: By Vehicle Type (Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles), by Cargo Type (Dry Bulk, Liquid Bulk), by End Use (Industrial & Manufacturing, Oil & Gas, Construction & Mining,), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030

Global Freight Trucking Market

A freight truck, usually referred to as a heavy-duty vehicle, is a vehicle used to transport goods from one area to another. It's popular in logistics services, and it's especially well-suited to off-road driving. Large loads may be transported easily by freight trucks with modern and high-powered engines. Semi-trailer trucks, straight trucks, jumbo trucks, tail-lift trucks, truck trailers, and flatbed trucks are the six types.

Drivers: Global Freight Trucking Market

The Driving Factors of Global Freight Trucking Market are the need for online shopping is increasing dramatically as a result of faster Internet connectivity, which has resulted in a boom in customer preference for e-tailing. Furthermore, during the projection period, comfort and simple access connected to home delivery services are expected to increase the freight trucking industry.

Transport volumes have increased as a result of increased urbanisation and increased commerce volume. The freight trucking market is being driven by the rapid expansion of the e-Commerce market around the world. A major aspect driving the freight trucking market is the growing popularity of online purchasing.

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Restraints: Global Freight Trucking Market

However, the market is impacted because Freight trucks are larger, heavier, and bulkier vehicles, which slows down road freight transportation and so hinders the freight trucking industry. Furthermore, a significant backlog in adequate maintenance is another important issue that is expected to stymie the freight trucking market over the projection period. Furthermore, toll roads or booths cause significant time delays, resulting in delayed freight transport.

During the projection period, the freight trucking market is likely to be restrained by poor road infrastructure and a lack of desire to upgrade transportation facilities in both developing and developed countries.

Impact of COVID-19

The outbreak has impacted virtually every firm, and its long-term ramifications are projected to have an impact on industry growth over the forecast period. Many governments have gradually lifted limitations on industrial activities, but migratory workers have returned to their homes, exacerbating problems in the transportation business. Lockdowns around the world have exacerbated a driver scarcity, while the lack of cargo for return trips has pushed up truck freight costs, putting pressure on the pricing of key commodities.

Segmentation by Vehicle Type

Based on Vehicle Type, the global market is divided into Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles. Because of the expanding construction and logistics operations around the world, heavy commercial vehicles are expected to hold a large market share. Because of their modest initial capital expenditure compared to other vehicles in the category, light commercial vehicles have a large market share. These trucks are used for both domestic and international deliveries. Because of the growing manufacturing sector in various regions of the world, domestic deliveries are boosting market development.

Segmentation by Cargo Type

Based on Cargo Type, the global market is segmented into dry bulk, liquid bulk, and refrigerated products. Due to an increase in trade volume from one region to another, the dry bulk segment accounted for a substantial portion of the global market. Due to increased industrial operations and the need to meet the growing demands of the world's rapidly growing population, the transportation of dry bulk items such as chemicals, agri-products, minerals, and fertilisers is boosting the market's growth.

Segmentation by End use

Based on End Use, the global Freight Trucking market is segmented into Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, Food & Beverages, Healthcare, and Others. Due to rapid global industrialization to satisfy the expanding demands of end-use industries, the Industrial & Manufacturing category accounted for a considerable portion of the global market. Due to an increase in mining explorations and growth in the construction industry, the Construction & Mining segment also accounted for market growth.

Segmentation by Region

By Region the market is segmented into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa. In recent years, Asia Pacific has dominated the freight trucking sector. The region's product expansion has been aided by the region's rapidly evolving construction and mining industries. Growing industrial projects have helped the region's product growth. Government initiatives and policies that support the market, as well as an increase in direct foreign investment, will give it a boost.

Competitive Landscape:

Yellow Corporation, Estes Express Lines, XPO Logistics, CEVA Logistics, CMA CGM S.A, Kuehne + Nagel International AG , Nippon Express Co., Ltd., Saia Inc., SNCF group, ArcBest .

Industrial Development:

Wira Logistics, a renowned Indonesia-based logistics company, was acquired by Kuehne+Nagel in 2018. The purchase is expected to expand the company's logistics and distribution network throughout Indonesia, as well as its position in the contract logistics industry.

The Belt and Road Initiative (BRI), formerly known as One Belt, One Road, is a multi-billion dollar plan proposed by Chinese President Xi Jinping in 2013 to jointly build the "Silk Road Economic Belt" and the "21st Century Maritime Silk Road" to promote trans-continental regional cooperation and connectivity.

Market taxonomy

By Vehicle type –

• Light Commercial Vehicles
• Medium Commercial Vehicles
• Heavy Commercial Vehicles

By Cargo type

• Dry Bulk
• Liquid Bulk
• Refrigerated Products

By End use

• Industrial & Manufacturing
• Oil & Gas
• Construction & Mining
• Chemicals & Agri-Products
• Food & Beverage
• Others

By region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa