According to a new report published by Allied Market Research, titled, “Freight Trucking Market,” The freight trucking market was valued at $2,732.00 billion in 2021, and is estimated to reach $4,457.4 billion by 2031, growing at a CAGR of 5.1% from 2022 to 2031.
Asia-Pacific is expected to dominate the global freight trucking market in 2021. The growth of the market in Asia-Pacific is majorly attributed to the booming e-commerce industry in emerging economies in the region. High government support for development of logistics infrastructure in the region is boosting the market growth. China has the largest logistics industry in the region due to the presence of huge population base in the country and large manufacturing base. In addition, expansion of the e-commerce industry throughout Asia-Pacific region is expected to propel the growth of market during the forecast period.
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Tank truck utilizes cylinder-shaped containers for the movement of oil or diesel fuel. These trucks can carry between 10,000-45,000 liters of fuel from refineries or storage facilities to the pumps at a gas station. In addition, tank trucks can also carry other types of processed oil such as jet fuels for airport. Moreover, in tank trucks, the fuel is separated into many components, therefore it can carry different types of fuel to a service station in a single trip. Furthermore, few companies are awarding contracts to truck body manufacturing companies to provide truck body and parts which can be used for the bulk mail delivery, fuels the growth of the segment. For instance, in October 2021, U.S. Postal Service (USPS) awarded a $53 million contract to Utilimaster for 447 Utilimaster truck bodies to be used for bulk mail delivery. This contract is in addition to the previous $214 million multi-year contract for more than 2,000 vehicles, which was completed during the third quarter of 2019.
The report segments the global freight trucking market on the basis of truck type, cargo type, end-user, and region.
Based on truck type, the refrigerated truck segment is expected to portray the highest CAGR of 6.8% during the forecast period. However, the dry van & box truck segment held the largest share in 2021, contributing to around one-third of the market.
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On the basis of cargo type, the temperature controlled goods segment is projected to manifest the highest CAGR of 6.4% during the forecast period. However, the dry bulk goods segment held the lion’s share in 2021, accounting for more than two-fifths of the market.
Based on end-user, the retail and e-commerce segment is estimated to register the highest CAGR of 6.5% during the forecast period. However, the others segment held the largest share in 2021, accounting for around one-third of the market.
The global freight trucking market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across Asia-Pacific dominated in 2021, holding more than two-fifths of the market. In addition, the region is projected to showcase the highest CAGR of 6.3% during the forecast period.
The global freight trucking market includes an in-depth analysis of the prime market players such as A.P. Moller – Maersk, Deutsche Post AG, Nippon Express Co., Ltd., Estes Express Lines, Saia, Inc., FedEx Corporation, J.B. Hunt Transport Services, Inc., Landstar System, Inc., Schneider National, Inc., United Parcel Service of America, Inc., XPO Logistics, Inc., CEVA Logistics AG, Knight-Swift Transportation Holdings Inc., Yellow Roadway Corporation, Old Dominion Freight Line, Inc.
The report analyzes these key players in the global freight trucking market. These players have adopted various strategies such as new product launches, expansion, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments of every market player.
𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐚𝐭 – https://www.alliedmarketresearch.com/request-for-customization/A07132
KEY FINDINGS OF THE STUDY
- By truck type, the refrigerated truck segment is anticipated to exhibit significant growth in the near future.
- By cargo type, the temperature controlled goods segment is anticipated to exhibit significant growth in the near future.
- By end-user, the retail and e-commerce segment is anticipated to exhibit significant growth in the near future.
- By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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