The global Freight Trucking market size is projected to reach USD 1110460 million by 2027, from US$ 875560 million in 2020, at a Compound Annual Growth Rate (CAGR) of 3.0% during 2021-2027, according to the report published by Valuates.
The Freight Trucking Market is Segmented by Type (Lorry Tank, Truck Trailer, Refrigerated Truck, Flatbed Truck), Application (Oil and Gas, Industrial and Manufacturing, Defense, Energy and Mining, Chemicals, Pharmaceuticals and Healthcare, Food and Beverages, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.
The rising e-commerce sector is expected to increase the growth of the freight trucking market. Freight trucking is a cost-effective means of transport for goods and services; thus it is in high demand in a variety of industries, including oil and gas, manufacturing, construction, mining, chemicals, and others. Freight trucks are used to carry goods such as dry bulk, oil and gas, postal, chemicals and others.
Trends influencing the growth of the freight trucking market:
The growing online retailing business is expected to drive the growth of the freight trucking market. The e-commerce market has grown significantly in recent years as a result of the growing number of individuals who use the internet, where every product is just a few clicks away. Customers have been drawn to the e-commerce business, which has aided the freight trucking market’s growth as ordered products are transported via various methods.
Rising public spending on electronics and consumables is expected to stimulate the demand for the freight trucking market. Furthermore, increasing technological advancements in the trucking industry are influencing the adoption of high-capacity trucks with various features such as refrigeration and improved performance for the efficient transportation of goods, which is expected to generate new opportunities for the freight trucking market over the forecast period.
Due to rising demand for ready-to-eat snacks, perishable meals, energy drinks, and other products, the food and beverage sector is contributing to freight trucking market growth. Moreover, the expansion of the pharmaceutical business has boosted the freight trucking industry as the number of temperature-controlled medical supplies and pharmaceuticals being transported increased.
A number of truck manufacturers are increasingly relying on innovative technology to improve the vehicle’s performance and functionality. The freight trucking industry has been forced to embrace new tracking systems due to an increase in demand for order tracking. While technology continues to advance at a breakneck pace, self-driving freight trucks may soon be on the road, especially in developed portions of North America and Europe. Thus the growing technology developments are expected to create lucrative growth opportunities for the freight trucking market players.
Freight Trucking Market Share Analysis:
Based on application, the Industrial & manufacturing segment is expected to be the most lucrative segment. Based on type, the lorry tank segment is expected to be the most lucrative. This is due to increased import and export operations and trade across different geographies.
And based on region, The Asia Pacific segment is expected to be the most lucrative region. During the projected period, the Freight Trucking market is expected to be driven by growing industrialization in APAC’s rising countries, such as China, India, South Korea, and Japan. The region’s market growth is being aided by increased import and export operations in these growing economies.