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Freight Trucking Market Size, Share, COVID-19 Impact Analysis & Industry Analysis, By Truck Type (Refrigerated Truck, Tanker, Dry Van, and Flatbed), By End User (Automobiles, Machinery, Apparels & Footwears, Pharmaceutical Products, Retail, Electronics, Petrochemicals, Agriculture, Building Materials, and Others), and Regional Forecast, 2023-2030

Region : Global | Format: PDF | Report ID: FBI105069

 

KEY MARKET INSIGHTS

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The global freight trucking market size was valued at USD 2576.99 billion in 2022. The market is projected to grow from USD 2656.87 billion in 2023 to USD 3446.00 billion by 2030, exhibiting a CAGR of 3.8% during the forecast period.


Freight trucks are large, heavy vehicles that transport goods from delivery points to end user or customer destinations and serve as connectors for other modes of transport, such as inland waterway transport, maritime transport, air transport, and rail transport. Freight trucking is an ideal option due to its flexibility in transporting cargo, large cargo, and service equipment. Road freight transport is an effective means of transportation that increases the reliability and flexibility of transport operations by transporting goods to their destinations at low cost. Freight trucking services meet the demand for goods by facilitating delivery to specific locations and facilitating access to commodity and labor markets. Growth in urbanization raised e-commerce and global trading activities, creating importance for freight trucking market forecast.


COVID-19 IMPACT


Disruption in the Movement of Goods due to the Pandemic Hampered Market Stability


The COVID-19 pandemic had a devastating impact across the globe, with significant economic, environmental, and social impacts. The crisis placed unprecedented pressure on transportation and logistics resources. Freight trucking companies faced uncertainty in transporting goods due to exit restrictions in certain countries. Supply-demand imbalances and lack of capacity for long-distance and last-mile fulfillment services disrupted logistics networks.


The COVID-19 outbreak impacted transportation management services. Infected areas experienced imbalances in the arrival and dispatch of goods, increasing delivery times. Truck traffic was significantly reduced, and the movement of medium and heavy trucks was restricted. Food grocery retail was one of the hardest-hit sectors, severely impacted by the closure of schools, restaurants, and hotels.


The pandemic was an eye-opener; finding flaws in the logistic network, various companies have planned and improvised their system to overcome the pandemic effects. To mitigate risks, transportation players worked on repositioning their supply chain network by identifying key suppliers, alternate suppliers, transport lanes, distances, and lead times for visibility. This market is expected to grow over the forecast period. The growing international and domestic trading post has created lots of opportunities for freight operators. Growth in road infrastructure has proportionally boosted the freight trucking market outlook globally.


LATEST TRENDS


Increasing Demand for Electrified Energy-efficient Trucks to Favor Market Growth


The increasing adoption of zero-emission, energy or fuel-efficient vehicles is driving the demand for freight trucking. The introduction of stricter emission standards is driving freight trucking service providers to move toward a new generation of clean energy vehicles, such as fuel-cell electric vehicles and battery electric vehicles. Additionally, rising fossil fuel prices have also created demand for electric trucks due to limited availability.


Moreover, to supply the increasing demand for these electrified vehicles, logistics service providers are focused on partnering with companies. Nearly, all the leading service providers are actively investing in the early adoption of this technology and modifying their fleets.



  • For instance, in July 2023, 15 leading freight service providers partnered as part of the Government of India's Zero Emission Vehicle Emerging Markets Initiative (ZEV-EMI) and  Electric Freight Accelerator for Sustainable Transportation (E-FAST) initiatives. This partnership initiated the electrification of the Indian freight trucks.


Some of the national governing institutions are also investing in electrification, considering its environmental benefits. In August 2023, Mayor Bruce Harrell and the City of Seattle's Office of Sustainability and Environment (OSE) announced a plan for local truck drivers to transition to electric trucks to improve air quality and communities adjacent to the port.


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DRIVING FACTORS


Upsurge in Urbanization Created Importance for Freight Trucking


In recent years, several countries have experienced wide-scale development, with most areas being converted into urban landscapes for industries or residential zones. As more people diverted to urban areas, there was a greater need for efficient transportation of goods to and from these areas, which made it easier for trucks to traverse. This will lead to widening the freight trucking market analysis and the industry to generate more business.


According to the World Urbanization Prospects reports, 3.9 billion people live in urban areas in this century compared to 746 million in 1950. The reports further predicted that by 2050, more than 70% of the world’s population will settle in urban areas compared to 55% today. To quantify the demand of the construction sector in urban areas under strict emission regulations, companies are investing in emission-free freight trucks.



  • For instance, in February 2023, CEMEX received its order for a fully electric and zero exhaust emission heavy-duty concrete mixer truck. CEMEX is an international construction materials company offering cement, ready-mix concrete, aggregates, transportation, and urbanization solutions in markets across the globe.


Owing to the increasing urbanization and growing commercial and industrial activities, emission-free freight trucks offer many potential business opportunities. They have become indispensable for the smooth functioning of deliveries of goods to waste management, where freight trucking analysis plays a vital role. Thus, urbanization increased the importance of the freight trucking industry.


RESTRAINING FACTORS


Poor Road Infrastructure and Higher Logistics Costs are Restraining Market Growth


Logistics requires good infrastructure, supply chains, and trade facilitation. Lack of efficient transport infrastructure, poor road conditions, and traffic congestion can delay trucking, leading to delays and higher costs. Without these, companies would have to build up more inventory and working capital, leading to higher financial costs and potentially having a significant impact on a country's or region's competitiveness. For example, according to a report in the international newspaper The Economist,  Latin America lacks adequate infrastructure.


More than 60% of the roads in this region are unpaved. Additionally, mismatched addresses and postal systems also pose challenges for parcel delivery in Latin American countries. As many countries don't have postal codes and rely on local milestones for addresses, shipping companies often have trouble delivering packages successfully.


Therefore, poor transportation infrastructure requires companies to maintain high inventory levels to meet unforeseen circumstances, which can lead to higher overall logistics costs. These flaws are expected to hinder the market growth.


SEGMENTATION


By Truck Type Analysis


Dry Van Segment Dominated the Market due to its Ability to Carry Versatile Goods


Based on truck type, the market is segmented into refrigerated truck, tanker, dry van, and flatbed.


The dry van segment dominated the market share. Dry vans are versatile and can transport a wide range of goods, including consumer goods, electronics, furniture, groceries, and more. This versatility has made it a popular choice for shippers and freight forwarders, driving market growth in this area.


The tanker segment continues to be the fastest growing segment, with the highest CAGR in the market. Growth in industrial sectors, including chemicals, petroleum, pharmaceuticals, food products such as milk products, and others, gives rise to the requirement for tanker-type vehicles. The growth of the tanker segment reflects the region’s economic diversity, industrial expansion, and need for specialized transportation to support various sectors, further increasing its market share.


Refrigerated truck segment and flatbed segment types also showcased a significant growth rate in the market.


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By End User Analysis


Increase in Agricultural Produce Boosted the Agriculture Segment Growth


Based on the end user, the market is segmented into automobiles, machinery, apparels & footwears, pharmaceutical products, retail, electronics, petrochemicals, agriculture, building materials, and others.


The agriculture segment dominated the market with the maximum share in 2022, and the segment is expected to showcase similar statistics during the forecast period. Agricultural goods require fast and timely logistics services and large quantities of some perishable fruits with limited shelf life. Most food product industries rely on different types of trucks, as some require temperature control to reach raw materials to their manufacturing units and deliver finished products to consumers without deteriorating their quality. An increase in such agricultural produce has contributed to the segmental growth of the market.


The retail sector is the fastest growing sector. With increasing globalization, international retailers are becoming increasingly competitive. International retailers opening new stores in developing countries, such as in the Asia Pacific region, face intense competition. This leads to increased economic activity and facilitates transportation between regions. Therefore, the demand for road transport services to speed up the delivery of products is increasing, thereby increasing the retail sector of the market.


Other segments, such as automobiles, machinery, apparels and footwears, pharmaceutical products, electronics, petrochemicals, building materials, and others, also have a significant growth rate in the market.


REGIONAL INSIGHTS


Based on regions, the global market is segregated into North America, Europe, Asia Pacific, and the Rest of the World. 


North America Freight Trucking Market Size, 2022 (USD Billion)

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North America is anticipated to dominate the global market during the forecast period. Owing to rising environmental concerns, green logistics solutions have been adopted in recent years. Currently, the U.S. represents one of the major logistics markets in the region, with a highly integrated road transport network that connects producers and consumers depending on the type of cargo. Average Route Guide Depth (RGD) in North America in August improved by 8% compared to August 2022.



  • In May 2022, Maersk completed its acquisition of Pilot Freight Services, the U.S.-based international and domestic supply chain provider providing cross-border solutions in Canada and Mexico.


Asia Pacific is the fastest growing market. Rapidly growing trade between Asia and China has recovered. GEODIS, a global leader in transportation and logistics, is driving growth in Asia through strategic investments in the region's capabilities and infrastructure, thus making it the fastest-developing region in the market.



  • For instance, in August 2023, GEODIS expanded its Road Network from Southeast Asia (SEA) to China, providing secure, day-definite, cost-efficient, and environmentally friendly solutions connecting Singapore, Malaysia, Thailand, Vietnam, and China.


Europe and the Rest of the World also saw market growth. This growth is due to the increased port expansion and growing e-commerce platforms in these regions, giving rise to road transportation.


KEY INDUSTRY PLAYERS


Being an Official Logistics Partner and Vast Presence, Deutsche Post AG (DHL) Leads the Market


Deutsche Post AG (DHL), International is a logistics company founded by Adrian Dalsey, Larry Hillblom, and Robert Lynn in 1969, headquartered in Bonn, Germany. It mainly offers international express mail services, document and parcel shipping services, air, ocean, road, and rail freight, warehouse solutions, transportation management, and contract logistics. It operates in more than 200 countries and delivers 1,818,000,000 parcels per year.


DHL is an official logistics partner for various sports, arts, cultural, and fashion arenas, such as Formula 1. Moto GP, FIA World Endurance Championship, football team Manchester United, and music events of music bands - Rolling Stone. DHL has been Formula One's proud and oldest global partner for almost 40 years, bringing decades of experience to support Manchester United's logistics needs, from daily courier services to tour equipment and merchandise distribution for the Manchester United Megastore.


LIST OF KEY COMPANIES PROFILED:



KEY INDUSTRY DEVELOPMENTS:



  • October 2023, A.P. Moller Maersk and Kodiak Robotics, Inc. launched the first commercial autonomous trucking lane between Houston and Oklahoma City. This Teaming with Kodiak will enable Maersk’s plan of innovating solutions in autonomous trucks for digitizing the supply chain.

  • September 2023, UPS acquired MNX Global Logistics, a global time-critical logistics provider. MNX’s capabilities in radio-pharmaceuticals and temperature-controlled logistics. This will make UPS grow in the healthcare industry and time-critical, temperature-sensitive logistics.

  • June 2023, Maersk purchased 25 Volvo e-trucks for climate-friendly container transports in Germany. This was a new initiative to reduce GHG emissions in hinterland container transports and highlights the company's commitment to decarbonizing global logistics and to becoming a net-zero company by 2040 across all business areas and all modes of transport.

  • March 2023, DSV acquired two U.S.-based freight transportation and logistics service providers, S&M Moving Systems West and Global Diversity Logistics. This acquisition aimed to augment its position within the semiconductor industry, align with its new Phoenix-Mesa Gateway Airport operations and support its growing cross-border services in Latin America.

  • February 2023, Fortem International, the world's fastest-growing B2B trade fair organizer, appointed Kuehne Nagel as the official logistics service provider for four international trade fairs in 2023. As part of the partnership, Kuehne Nagel will be the exclusive distributor. Fair end-to-end logistics requirements. Kuehne Nagel is committed to providing sustainable logistics solutions and will work closely with Fortem. International to reduce the trade fair's carbon footprint.


REPORT COVERAGE


The industry research report provides a structured market insights analysis. It mainly focuses on critical aspects, such as significant top-impacting factors, market scenario analysis, trends, drivers, impact analysis, types, caliber, and leading technological trends. In addition, the report offers an overview of the market growth and trends and highlights key developments in the industry. It also introduces several factors that have prejudiced the growth of the market in recent years.


An Infographic Representation of Freight Trucking Market

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Report Scope & Segmentation










































ATTRIBUTE



DETAILS



Study Period



2017-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2017-2021



Growth Rate



CAGR of 3.8% from 2023 to 2030



Unit



Value (USD billion)



Segmentation



By Truck Type



  • Refrigerated Truck

  • Tanker

  • Dry Van

  • Flatbed


By End User



  • Automobiles

  • Machinery

  • Apparels & Footwears

  • Pharmaceutical Products

  • Retail

  • Electronics

  • Petrochemicals

  • Agriculture

  • Building Materials

  • Others


By Geography



  • North America (By Truck Type and by End User)

    • U.S. (By End User)

    • Canada (By End User)

    • Mexico (By End User)



  • Europe (By Truck Type and by End User)

    • U.K. (By End User )

    • Germany (By End User )

    • France (By End User )

    • Rest of Europe (By End User )



  • Asia Pacific (By Truck Type and by End User)

    • China (By End User )

    • Japan (By End User )

    • India (By End User )

    • South Korea (By End User )

    • Rest of Asia Pacific (By End User )



  • Rest of the World  (By Truck Type and By End User)






Frequently Asked Questions

According to Fortune Business Insights, the global market size was valued at USD 2576.99 billion in 2022 and is projected to reach USD 3446.00 billion by 2030.

Registering a CAGR of 3.8%, the market will display steady growth during the forecast period of 2023 to 2030.

The dry van segment led the segment in the market.

Rise in e-commerce and global trading activities is likely to drive the freight trucking market.

C.H. Robinson Worldwide Inc., United Parcel Service, Inc. (UPS), FedEx Corporation, Deutsche Post AG, Kuehne+Nagel International AG, A.P. Moller Maersk, Schenker AG, Nippon Express Holdings, Inc., Landstar System Holdings, Inc., and DSV Solutions are significant players in the global market.

North America is expected to dominate the market share.

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