Freight Trucking Market

Freight Trucking Market Size and Share:

The global freight trucking market size was valued at USD 2.9 Trillion in 2024. Looking forward, the market is forecasted to reach USD 4.2 Trillion by 2033, exhibiting a CAGR of 4.28% during 2025-2033. Asia Pacific currently dominates the market holding a significant share of 32.6% in 2024. The significant growth in the e-commerce industry, rapid industrialization, and introduction of electric freight trucks represent some of the key factors propelling the freight trucking market share.

One major driver of the freight trucking market is the increasing demand for efficient transportation in supply chain operations. As global trade and industrial production continue to expand, businesses rely heavily on freight trucking for the timely movement of goods across regions. For instance, in 2024, XPO acquired 26 terminals for $870 million from Yellow's first auction, opening facilities in Nashville, Tennessee; Grand Junction, Colorado; and Nogales, Arizona. Freight trucking provides flexibility, cost-effectiveness, and door-to-door delivery, making it integral to logistics networks. Additionally, advancements in fleet management technologies, such as GPS tracking, real-time monitoring, and route optimization, enhance operational efficiency and reduce fuel costs. The rising demand for perishable and consumer goods, coupled with growing infrastructure investments, further supports the growth of the freight trucking industry.

Impact of COVID-19

The effects of COVID-19 in the freight trucking industry have been profound, resulting in disruptions and changes in operations. In the initial phases of the pandemic, supply chain congestion, labor shortages, and lockdowns resulted in a deceleration of the movement of freight. Nevertheless, as economies recovered, freight trucking demand picked up significantly, particularly for various necessary products, including medical supplies, food, and e-commerce items. Trucking businesses responded by instituting new health and safety procedures, and the greater use of online shopping also increased demand for transportation services. Generally, the pandemic presented challenges, but it also expedited the digital evolution of the freight business.

Development in E-Commerce

The growth of e-commerce has had a far-reaching impact on the freight trucking industry through driving demand for speedier, more efficient delivery capabilities. With e-commerce expansion, particularly following the COVID-19 pandemic, the demand for dependable last-mile delivery has become paramount. Freight trucking is central to delivering products from distribution facilities to customers. As consumers demand faster delivery, trucking firms are spending more on technology, including route optimization and real-time tracking, to enhance efficiency and deliver customer satisfaction. The rise of e-commerce has thus presented new opportunities and challenges for the freight trucking sector.

Poor Infrastructure and Higher Logistics Costs

Poor infrastructure and increased logistics expenses have adversely affected the freight trucking industry by raising operational inefficiencies and difficulties. When there are poorly developed road networks, recurrent traffic jams, and poor road maintenance in an area, truck companies incur delays and additional fuel usage, leading to cost increases. These inefficiencies lower the overall productivity of freight shipping and also lengthen the time of delivery, which impacts customer satisfaction. Moreover, increased logistics cost, including tolls and labor, further narrows profit margins for trucking businesses. Thus, companies operating in the freight trucking sector are demanding better infrastructure and cheaper alternatives to keep themselves competitive and minimize operating costs.

The United States plays a pivotal role in the freight trucking market, driven by its extensive transportation infrastructure, technological advancements, and high logistics demand. With a robust network of highways and interstates, the US ensures efficient movement of goods across regions, supporting industries such as manufacturing, retail, and agriculture. Freight trucking dominates domestic cargo transport, providing flexible and cost-effective solutions for supply chain operations. For instance, in 2024, XPO expanded its US-Mexico cross-border service with XPO Mexico+, offering increased capacity, CTPAT-certified security, and 99% postal code coverage in Mexico, addressing growing demand amid shifting North American supply chains. Additionally, the adoption of advanced fleet management systems, including telematics, GPS tracking, and fuel optimization technologies, enhances efficiency and reliability. The growing e-commerce sector and increasing trade volumes further solidify the US as a leader in freight trucking services.

Freight Trucking Market Trends:

Increased Adoption of Electric Freight Trucks

The electric freight trucking market is growing at a rapid pace, as companies look to cut emissions and reduce operational costs. The ITF (International Transport Forum) 2023 report reports a great change, mainly because international and intercity travel is likely to skyrocket, doubling over the space of the years from 2019 to 2050. Growing demand to transport loads means a steadily increasing demand for sustainable modes of transport as well - electric freight trucks being on the cutting edge of solution. Electric trucks such as Tesla's Semi offer a 500-mile range and will gain immense popularity for saving money and reducing carbon emissions. Trucks are, thus, beneficial in not only curbing carbon emission but also cut down expenses of fueling and maintaining. Adoption is further propelled by a growing regulatory push for stricter environmental standards, improving technological progress in terms of storage battery, and decarbonization of transport across the world. As freight demand surges, electric trucks will be a leading force in reducing the industry's carbon footprint.

Digitalization and Autonomous Trucks

Industry reports state that digitalization is significantly transforming the freight trucking industry. AI-driven route optimization and autonomous vehicles are becoming central to the operations of the freight trucking industry. AI integration enables companies to optimize delivery routes in real time, thus improving fuel efficiency and reducing operational costs. Autonomous trucks also present a possible solution to the growing driver shortage in the freight sector. For instance, companies like Aurora Innovation, and Kodiak Robotics are testing self-driving freight trucks. Self-driving trucks fitted with sensors and other high-grade algorithms have the capacity to steer down highways alone, eventually leaving no necessity for human operators in a given future. Despite its being under test currently, it has a wide horizon to significantly enhance efficiency and cost-effectiveness while offering higher safety benefits than its conventional counterparts for the freight sector. The trend of digitalization is likely to enhance operational productivity and create new business models for freight logistics. Freight transportation contributes 8% of worldwide emissions and is projected to be the highest emitting sector by 2030, as per the Intergovernmental Panel on Climate Change (IPCC). Digitalization can assist freight forwarders in tracking emissions and pinpointing opportunities for reduction.

Shift Toward Sustainable Freight Solutions

The transformational shift toward sustainable solutions, from the International Transport Forum viewpoint, is taking place increasingly in the freight industry with alternative fuels such as hydrogen and biofuels continuing their role in decarbonization of transportation. A multifaceted approach, be it ridesharing and shared vehicles, or provisions for walking and cycling via infrastructure, is considered pertinent to sustainability. Governments in many places are increasingly becoming active in policy measures and actions to reduce the modal share of private motorized vehicles, especially in an urban setting. While public transport and mass transit provide huge opportunities for emission-free travel, region-specific travel still relies mainly on carbon-intensive modes of aviation. For instance, this type of transport accounts for close to half (47%) international and intercity passenger kilometers. Reducing carbon intensity in transport without lessening the demand for travelling distances is crucial in overcoming long-distance travel's carbon footprint. Hydrogen-powered trucks and biofuels are considered promising solutions to help reduce emissions in freight, allowing for more sustainable long-distance and regional transport solutions.

Freight Trucking Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the global freight trucking market, along with forecasts at the global, regional, and country levels from 2025-2033. Our report has categorized the market based on truck type, cargo type, distance, and end user.

Analysis by Truck Type:

• Dry Van and Box Truck
• Refrigerated Truck
• Tanker Truck
• Flatbed Truck
• Others

Dry van and box truck leads the market with around 42.2% of market share in 2024. These vehicles are highly versatile, making them ideal for transporting a variety of goods, including retail products, packaged goods, and non-perishable items. Their enclosed design provides protection from external elements, ensuring safe and secure delivery. The rising demand for e-commerce and just-in-time delivery services further propels their adoption, particularly in urban and suburban areas. Additionally, their operational flexibility and compatibility with loading docks enhance efficiency, contributing to their widespread use. This segment's growth is also supported by advancements in tracking and fleet management technologies, catering to the evolving logistics requirements of businesses.

 Analysis by Cargo Type:

• Dry Bulk Goods
• Oil and Diesel
• Postal
• Others

Dry bulk goods lead the market with around 66.8% of market share in 2024. This leadership is driven by the high demand for the transportation of materials such as grains, coal, cement, and other non-liquid commodities that are essential for industrial and agricultural sectors. The segment benefits from the ongoing expansion of construction and energy industries, which rely heavily on bulk goods for production and infrastructure projects. The efficiency of bulk transportation systems, including hopper trucks and specialized freight solutions, supports cost-effective operations over long distances. Furthermore, advancements in logistics technologies, such as route optimization and real-time tracking, enhance the efficiency of dry bulk goods transport, solidifying its position as a market leader.

Analysis by Distance:

• 50 Miles or Less
• 51 to 100 Miles
• 101-200 Miles
• 201-500 Miles
• Above 500 Miles

Freight trucking over distances of 50 miles or less plays a critical role in the market by addressing short-haul and last-mile delivery needs. This segment is essential for connecting warehouses, distribution centers, and retail locations, ensuring efficient movement of goods within local and regional networks. It supports industries that require frequent, time-sensitive deliveries, such as e-commerce, food and beverage, and retail.

The 51 to 100-mile distance segment significantly contributes to the freight trucking market by bridging the gap between regional hubs and urban centers. This range is critical for medium-haul deliveries, facilitating the movement of goods from manufacturing facilities and warehouses to retail locations or smaller distribution centers. It supports industries such as manufacturing, wholesale, and agriculture that depend on timely and reliable supply chain operations.

The 101-200 mile distance segment serves the freight trucking market by addressing the needs of

interregional supply chains and medium-haul deliveries. This range is particularly important for connecting regional warehouses, manufacturing plants, and distribution centers, ensuring the seamless flow of goods across multiple service areas. Industries such as retail, automotive, and food processing rely heavily on this segment for consistent and timely delivery of products.

The 201-500 mile range supports the freight trucking market by catering to long-haul regional deliveries, and connecting production hubs to key distribution centers. This range is crucial for industries requiring bulk transport and consistent supply chain operations. It ensures cost-effective logistics while meeting demand for moderately distant, timely goods movement.

Distances above 500 miles are vital to the freight trucking market, enabling long-haul transportation across states and regions. This range is essential for moving goods between major manufacturing hubs and distribution networks. It supports industries with extensive supply chains, ensuring efficient, large-scale logistics for nationwide and cross-regional trade operations.

Analysis by End User:

• Food and Beverages
• Industrial and Manufacturing
• Energy and Mining
• Oil and Gas
• Pharmaceutical and Healthcare
• Others

Oil and gas leads the market in 2024. This leadership stems from the critical role trucking plays in transporting crude oil, refined products, and natural gas to refineries, storage facilities, and distribution points. The sector’s demand is fueled by ongoing energy consumption and industrial activities, requiring a reliable supply chain. Specialized trucks, such as tankers, ensure safe and efficient transportation, adhering to stringent safety and environmental standards. Additionally, the expansion of drilling projects and energy infrastructure drives consistent freight volumes. Innovations in tracking systems and fleet management enhance operational efficiency, supporting the sector’s dominance and addressing the growing logistical demands of the energy industry.

Regional Analysis:

• North America 
  • United States 
  • Canada 
• Europe 
  • Germany 
  • France 
  • United Kingdom 
  • Italy 
  • Spain
  • Others 
• Asia Pacific 
  • China 
  • Japan 
  • India 
  • South Korea 
  • Australia 
  • Indonesia 
  • Others 
• Latin America 
  • Brazil 
  • Mexico 
  • Others 
• Middle East and Africa

In 2024, Asia Pacific accounted for the largest market share of over 32.6%. This dominance is attributed to the region’s rapid industrialization, expanding e-commerce sector, and robust manufacturing activities. Countries like China, India, and Southeast Asian nations are driving demand due to their growing economies and infrastructure development. The region's extensive road networks and increasing trade volumes further bolster the market. Freight trucking supports diverse industries, including consumer goods, automotive, and agriculture, ensuring efficient transport across urban and rural areas. Additionally, advancements in logistics technologies, coupled with government initiatives to enhance transportation infrastructure, are strengthening the region’s position as a leader in the global freight trucking market.

Key Regional Takeaways:

United States Freight Trucking Market Analysis

US accounts for 84.4% share of the market in North America. The U.S. freight trucking market remains a cornerstone of its logistics infrastructure, motivated by a strong economy and great highway networks. According to the American Trucking Associations, in 2023, the trucking industry raked in USD 987 Billion in revenue, accounting for about 80% of the nation's freight transport. As many as 3.5 million truckers were estimated to be engaged in the industry in 2022. The growth is boosted by increased demand for e-commerce and retail products; however, it is mostly due to autonomous and electric trucks. Continuous investment in infrastructural upgradation through various initiatives such as the Infrastructure Investment and Jobs Act enhances prospects in the market. Giant players in the industry are Knight-Swift Transportation and J.B. Hunt will dominate the market, yet fuel price volatility remains a challenge. Sustainability demands on the rise also spur innovations in fuel-efficient trucks as well as alternative energy solutions.

Europe Freight Trucking Market Analysis

The European market is also investing heavily in electric vehicle (EV) infrastructure to support its bold plans to accelerate the shift to green transport. In 2023, for example, the European Investment Bank and the European Commission committed more than EURO 1.5 Billion (USD 1.57 Billion)  to alternative fuels infrastructure with a significant emphasis on the expansion of the electric fast-charging network on the continent. This funding is central to Europe's efforts to create a sustainable and efficient transportation ecosystem, supporting the growing adoption of EVs. The European Union wants the number of public charging stations to increase to one million by 2025 and three million by 2030. Apart from this, various other countries in Europe, like Germany, are making considerable efforts towards the development of EV infrastructures and thus are bringing access to fast charging for customers and businesses closer. These investments are essential to meet the EU's climate and energy goals while ensuring that the transition to electric mobility is both viable and widespread across the region.

Asia Pacific Freight Trucking Market Analysis

Asia Pacific freight trucking is also witnessing robust growth. Its economic and trade development in recent times are helping it gain impetus. As cited by the Asian Development Bank, its road freight market achieved the figure of USD 1.5 Trillion in 2023. Key countries are China, India, and Japan. Its extended network along with its new interest towards e-commerce helped it attain the required figure for the increase of freight. In India, the road freight transport sector is expected to grow at 7% annually through 2025. The market is witnessing significant investments in infrastructure, with governments pledging billions to improve roadways and logistics efficiency. The rise in consumer demand, particularly in China and India, is stimulating e-commerce and driving truck transport needs. Major players like Toyota Tsusho and Sinotrans are leveraging technological advantages such as smart logistics and green trucking solutions, positioning Asia Pacific as a key player in the global freight trucking industry.

Latin America Freight Trucking Market Analysis

Freight trucking in Latin America is increasing because of the rising demand for both domestic and cross-border logistics. According to an industrial report, Mexico's trucking industry takes a very important position in the expansion of the country's manufacturing base and export growth. Being a major trade partner mainly with the U.S, it directly impacts the role of the country. In 2023, trucks were worth 87.3 percent of Mexico's transportation GDP which reflects their central role. By 2024, the country had over 671,000 trucks, a number that has grown with an increase of 17.8% since 2018, reflecting growing capacity in transportation. The industry is fragmented, with small enterprises operating 52.2% of the fleet, making it heavily reliant on SMEs for logistics. Mexican trucks mainly head to the United States, where over 600,000 truck crossings are reported at the border monthly, mostly at the Otay Mesa port, with over 22 million truck crossings in 2023. Nonetheless, the country's trucking industry is not a solely northern phenomenon, as 56.9% of its trucking capacity is housed in central regions, including Mexico City, and supports both domestic and international trade.

Middle East and Africa Freight Trucking Market Analysis

Freight trucking in the Middle East and Africa is quite divergent from one another owing to differences in infrastructure development and regional trade dynamics. The International Trade Administration reports that freight activity has been increasing in the GCC countries, with Saudi Arabia's logistics market valued at more than USD 30 Billion in 2022. Port and road expansions coupled with government investments in logistics corridors are improving trucking efficiency in the region. The trucking market is hindered by various infrastructure constraints in Africa, but one of its leaders, South Africa, has been upgrading its roads considerably. Moreover, this industry is bolstered greatly by the mines in Africa; the primary players Imperial Logistics and DHL supply the entire continent with freight trucking services. Despite the high fuel cost and political instability, the region's freight trucking market will continue to grow due to infrastructure development and regional trade.

Competitive Landscape:

The competitive landscape of the freight trucking market is marked by the presence of established players and emerging companies striving to gain market share through operational efficiency and technological advancements. Key players dominate the market with extensive fleets, robust infrastructure, and innovative logistics solutions. Competition is driven by factors such as service reliability, cost-effectiveness, and the adoption of advanced technologies like telematics, route optimization, and automated systems. Smaller players focus on niche markets and regional services while increasing partnerships and mergers drive consolidation. The rising demand for sustainability further encourages investment in electric and fuel-efficient trucks. For instance, in 2024, XPO opened a 36,000-square-foot freight center in South Las Vegas, enhancing trade show shipping, local service, and freight routing across the Southwest and Rockies, complementing its existing North Las Vegas facility.

The report provides a comprehensive analysis of the competitive landscape in the freight trucking market with detailed profiles of all major companies, including:

• A.P. Møller – Mærsk A/S
• J & J Logistics LLC
•  J.B. Hunt Transport Services Inc.
• Landstar System Inc.
• Old Dominion Freight Line Inc.
• R+L Carriers Inc.
• Schneider National Inc.
• Swift Transportation Company (Knight-Swift Transportation Holdings Inc.)
• XPO Logistics Inc.
• Yellow Corporation

Recent Developments:

• December 2024: Aurora Innovation, Inc, stated that the company has launched a new 78,000-square-foot office and testing facility in Bozeman, Montana. This new facility is on Montana State University's Innovation Campus. The facility is used for the development and testing of FirstLight Lidar technology of the company, featuring advanced research labs and vehicle testing areas.
• December 2024: Transfix announced that they have partnered with DAT Freight & Analytics to enhance its Data Solutions suite. Through this partnership, DAT iQ truckload data analytics provides brokers with AI-driven pricing insights, forecasting, and market intelligence. This partnership focuses on optimizing pricing, improving efficiency, and boosting profit margins.
• December 2024: Supply chain management platform Cofactr has raised USD 17.2 Million in Series A funding led by Bain Capital. Cofactr is a procurement and logistics management solution for hardware manufacturers serving industries such as aerospace, robotics, and autonomous vehicles. The platform also helps companies manage complex regulatory supply chain requirements.
• November 2024: Schneider announced that they are launching a new intermodal service connecting Mexico and Texas with the Southeastern U.S., which is set to begin in December. The service will be via CSX and Canadian Pacific Kansas City railroads, offering shippers efficient, seamless border crossings that reduce freight loss.
• July 2024: Knight-Swift Transportation announced that they have acquired Dependable Highway Express (DHE), which added 14 terminals and USD 122 million in revenue. The deal will boost Knight-Swift's annual LTL revenue over USD 1 Billion. DHE is a regional LTL carrier providing overnight service in California, Nevada, and Arizona and operating in 40 states through partnerships.

Freight Trucking Market Report Scope:

Key Benefits for Stakeholders:

• IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the freight trucking market from 2019-2033.
• The research study provides the latest information on the market drivers, challenges, and opportunities in the global freight trucking market.
• The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the freight trucking industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.