Freight Trucking Market

Market Overview:

The global freight trucking market size reached US$ 2.7 Trillion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.1 Trillion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032. The significant growth in the e-commerce industry, rapid industrialization, and introduction of electric freight trucks represent some of the key factors driving the market.

Freight trucking refers to the transportation of commodities, goods, and cargo from one place to another using heavy-duty commercial trucks. These trucks are equipped with a powerful engine, transmission, and sturdy chassis that allow them to carry heavier loads. It includes flatbeds, reefers, liftgates, jumbo trailers, semi-trailers, dry vans, step-deck, and tanker trucks. Freight trucking is widely used to transport raw materials, heavy machinery, oversized cargo, consumer products, perishable and non-perishable food, pharmaceuticals, chemicals, and fuels. It is a highly convenient, versatile, safe, flexible, quick, hassle-free, and cost-effective mode of transporting bulk goods. Freight trucking also offers easy loading and unloading capabilities, provides excellent hauling capacity, allows door-to-door delivery.. As a result, it is widely used across the retail, e-commerce, manufacturing, pharmaceutical, oil and gas, mining, chemical, healthcare, and automotive industries. 

Freight Trucking Market Trends:

The significant growth in the e-commerce industry across the globe is one of the primary factors driving the market growth. Freight trucking is an essential part of the e-commerce industry’s supply chain and distribution network, as it is widely used to transport packaged goods and products from warehouses, wholesalers, and retailers to shipping hubs and assist in last-mile door-to-door delivery of packages to consumers. Furthermore, the widespread product adoption to transport heavy machinery, complex equipment, industrial goods, construction materials, tools, finished products, and raw materials between factories, manufacturing units, and job sites due to the rapid industrialization is favoring the market growth. Apart from this, the increasing utilization of freight trucks to transport crude oil, petrol, gasoline, and diesel, due to rising fuel consumption, is propelling the market growth. Additionally, the introduction of electric freight trucks that are energy efficient, require less maintenance, reduce transportation costs, minimize carbon footprint, and aid in combating greenhouse gas emissions is positively influencing the market growth. In line with this, the implementation of various government initiatives to promote the adoption of electric mobility solutions through favorable policies and tax incentives is acting as another growth-inducing factor. Moreover, the integration of telematics in freight trucks that provide monitoring, tracking, live traffic updates, smart routing, and roadside assistance capabilities to drivers and fleet managers, which, in turn, enhances operational efficiency, improves safety, and allows resource optimization, is providing an impetus to the market growth. Other factors, including rapid infrastructural development activities, increasing research and development (R&D) of high-capacity trucks, and rising adoption of freight trucking to transport military cargo, are anticipated to drive the market growth.

Key Market 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 2024-2032. Our report has categorized the market based on truck type, cargo type, distance, and end user.

Truck Type Insights:

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

The report has provided a detailed breakup and analysis of the freight trucking market based on the truck type. This includes dry van and box truck, refrigerated truck, tanker truck, flatbed truck, and others. According to the report, dry van and box truck represented the largest segment.

Cargo Type Insights:

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

A detailed breakup and analysis of the freight trucking market based on the cargo type has also been provided in the report. This includes dry bulk goods, oil and diesel, postal, and others. According to the report, dry bulk goods accounted for the largest market share.

Distance Insights:

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

A detailed breakup and analysis of the freight trucking market based on the distance has also been provided in the report. This includes 50 miles or less, 51 to 100 miles, 101-200 miles, 201-500 miles, and above 500 miles.

End User Insights:

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

A detailed breakup and analysis of the freight trucking market based on the end user has also been provided in the report. This includes food and beverages, industrial and manufacturing, energy and mining, oil and gas, pharmaceutical and healthcare, and others. According to the report, oil and gas accounted for the largest market share.

Regional Insights:

• 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
   

The report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, Asia Pacific was the largest market for freight trucking. Some of the factors driving the Asia Pacific freight trucking market included rapid industrialization, the implementation of various government initiatives, and significant technological advancements.

Competitive Landscape:

The report has also provided a comprehensive analysis of the competitive landscape in the global freight trucking market. Competitive analysis such as market structure, market share by key players, player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the companies covered include 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, etc. Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Freight Trucking Market Report Scope:

Key Questions Answered in This Report:

• How has the global freight trucking market performed so far, and how will it perform in the coming years?
• What are the drivers, restraints, and opportunities in the global freight trucking market?
• What is the impact of each driver, restraint, and opportunity on the global freight trucking market?
• What are the key regional markets?
• Which countries represent the most attractive freight trucking market?
• What is the breakup of the market based on the truck type?
• Which is the most attractive truck type in the freight trucking market?
• What is the breakup of the market based on the cargo type?
• Which is the most attractive cargo type in the freight trucking market?
• What is the breakup of the market based on distance?
• Which is the most attractive distance in the freight trucking market?
• What is the breakup of the market based on end user?
• Which is the most attractive end user in the freight trucking market?
• What is the competitive structure of the global freight trucking market?
• Who are the key players/companies in the global freight trucking market?

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 2018-2032.
• 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.