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$3,604.27 Billions Truck Transport Market Size Growing at Alarming CAGR of 7.6% by 2031

$3,604.27 Billions Truck Transport Market Size Growing at Alarming CAGR of 7.6% by 2031

According to a report by Altus Market Research titled, “Truck Transport Global Market Analysis 2022-2031 by Type(General Freight Trucking; Specialized Freight Trucking); Size(Heavy Trucks; Medium Trucks; Light Trucks); Application(Oil, Gas; Industrial, Manufacturing; Energy, Mining; Food; Healthcare)“, the global truck transport market reached a value of nearly $1,663.34 billion in 2021, having grown at a compound annual growth rate (CAGR) of 3.9% since 2016. The market is expected to grow from $1,663.34 billion in 2021 to $2,499.72 billion in 2026 at a rate of 8.5%. The market is then expected to grow at a CAGR of 7.6% from 2026 and reach $3,604.27 billion in 2031.

Market Growth Drivers:

Growth in the historic period resulted from emerging markets growth, rapid urbanization, artificial intelligence in trucks manufacturing and low interest rate environment. Going forward, increasing Investments in truck transportation in end use industries and increased mergers and acquisitions will drive market growth. Factors that could hinder the growth of the truck transport market in the future include Ukraine-Russia war impact on truck transportation, intense competition, diesel price instability, rising truck insurance costs and stringent regulations.

Market Growth by Key Players:

The truck transport market is highly fragmented, with a large number of large players dominating the market. The top ten competitors in the market made up to 1.39% of the total market in 2021. The market concentration can be attributed to the high entry barriers and high costs associated with expansion. Going forward the market is expected to experience further consolidation with the rising number of mergers and collaboration among players in the market. FedEx Corporation was the largest competitor with 0.24% share of the market, followed by Knight-Swift Transportation Holdings Inc. with 0.23%, XPO Logistics with 0.19%, YRC Worldwide with 0.15%, J.B. Hunt Transport Services, Inc. with 0.13%, Landstar System, Inc. with 0.12%, Old Dominion Freight Line with 0.12%, Schneider National, Inc. with 0.11%, TFI International Inc. with 0.08%, and United Parcel Service (UPS) with 0.02%.

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Player-adopted strategies in the truck transport industry include expanding business in developing regions, strengthening position in the market through strategic mergers and acquisitions, focusing on making strategic investments to optimize network and investing in autonomous driving technology.

Market Growth by Segments:

The truck transport market is segmented by type into general freight trucking and specialized freight trucking. The specialized freight trucking market was the largest segment of the truck transport market segmented by type, accounting for 53.5% of the total in 2021. Going forward, the general freight trucking segment is expected to be the fastest growing segment in the truck transport market segmented by type, at a CAGR of 8.6% during 2021-2026.

The general freight trucking market is further segmented by type into long-distance general freight trucking and local general freight trucking. The long-distance general freight trucking market was the largest segment of the general freight trucking market segmented by type, accounting for 84.2% of the total in 2021. Going forward, the long-distance general freight trucking segment is expected to be the fastest growing segment in the general freight trucking market segmented by type, at a CAGR of 9.6% during 2021-2026.

The specialized freight trucking market is further segmented by type into dry bulk materials, automobiles and heavy equipment, forest products, refrigerated goods, and bulk liquids. The dry bulk materials market was the largest segment of the specialized freight trucking market segmented by type, accounting for 37.1% of the total in 2021. Going forward, the refrigerated goods segment is expected to be the fastest growing segment in the specialized freight trucking market segmented by type, at a CAGR of 9.6% during 2021-2026.

The truck transport market is also segmented by size into heavy trucks, medium trucks and light trucks. The heavy trucks market was the largest segment of the truck transport market segmented by size, accounting for 40.1% of the total in 2021. Going forward, the medium trucks segment is expected to be the fastest growing segment in the truck transport market segmented by size, at a CAGR of 9.0% during 2021-2026.

Market Growth by Applications:

The truck transport market is also segmented by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, others. The others market was the largest segment of the truck transport market segmented by application, accounting for 28.9% of the total in 2021. Going forward, the oil and gas segment is expected to be the fastest growing segment in the truck transport market segmented by application, at a CAGR of 9.3% during 2021-2026.

Market Growth by Region:

Asia Pacific was the largest region in the truck transport market, accounting for 30.8% of the total in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the truck transport market will be Middle East, and Africa where growth will be at CAGRs of 14.2% and 11.7% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 10.5% and 9.5% respectively.

Future Investment Opportunities:

The top opportunities in the truck transport market segmented by type will arise in the specialized freight trucking market segment, which will gain $442.2 billion of global annual sales by 2026. The top opportunities in the truck transport market segmented by size will arise in the heavy trucks market segment, which will gain $319.6 billion of global annual sales by 2026. The top opportunities in the truck transport market segmented by application will arise in the others market segment, which will gain $232.2 billion of global annual sales by 2026. The truck transport market size will gain the most in USA at $158.4 billion.

Market-trend-based strategies for the truck transport market include focus on fleet regionalization, focus on platooning, use of big data analytics, use of artificial intelligence and focus on launching new trucks based on IoT (Internet of Things).

Growth Strategies by Altus Market Research for Companies in the Market:

To take advantage of the opportunities, Altus Market Research recommends the truck transport companies to focus on fleet regionalization, focus on truck platooning, use big data analytics, adopt artificial intelligence (AI), expand in emerging markets, continue to focus on developed countries, scale up through merger and acquisition activity, offer competitive pricing, continue to participate in trade shows and events, continue to target fast-growing end-use industries, address driver shortage challenges and increase focus on driver safety and well-being.

Market Growth by Key Players:

Landstar System, Inc., Old Dominion Freight Line, Schneider National, Inc., TFI International Inc., United Parcel Service (UPS), Gati, Vrl, Agarwal Packers and Movers, Transport Corporation of India, Om Logistics, Spoton logistics, SF Express Co. Ltd, Deppon Logistics Co. Ltd, HOAU Logistics Company Limited, Shanghai CNEX Express Co. Ltd, Shanghai ANE Juchuang Supply Chain Management Co., Ltd, Amazon Japan G.K, Yamato Transport Co., Ltd, Sagawa Express Co., Ltd, Ts Network Co., Ltd, Sohgo Security Services Co., Ltd, Konoike Transport Co., Ltd, Fukuyama Transporting Co. Ltd, Seino Transportation Co., Ltd, Schneider Transport SA, Gefco, LDI Dimotrans Group, Xpo Transport Solutions Spain SL, Primafrio SL, Trans Sese SL, Deutsche Post AG, Schenker Aktiengesellschaft, Dachser Group SE & Co, HAVI Logistics GmbH, Van der Vlist Russia, Logistics Ekol Romania, Frigoexpres, S.C. PHARAON SPEED EXPRESS SRL, J&R Transport Inc, UPS Inc, Paige Logistics Ltd, N&N Logistics Inc, McKevitt Trucking Limited, Brian Kurtz Trucking Ltd, Searcy Trucking Ltd, Skelton Truck Lines, JADE TRANSPORT LTD, TFI International, Old Dominion, Landstar System, TASA Logística, ZARCAM, Dibiagi Transporte Internaciona, Puma Cargo, Panamerican Cargo, Galeon Logistics, Pronto Cargo, Rodovitor Transport and Vehicle Rental, Novatrade Brasil, Fox Brasil, Nippon Express, Yusen Logistics, Panalpina, Maxitrans, Super Terminals, Norte Brasil Logistica, Almas Movers International, GWC (Gulf Warehousing Company QPSC), Qatar Navigation (Milaha), Gulf Agency Company – GAC Qatar, MSC Mediterranean Shipping Company (Qatar) W.L.L, Bin Yousef Cargo, E2E Qatar, DHL -Mall of Qatar, GMC Logistics, KOS Deliveries, Trans-Nationwide Express, Admiral Trucker Limited, Truckways Limited, BTXpress Universal Limited, Ekene Dili Chukwu Nigeria Limited, Konek Group

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