Freight Trucking to Retain Tag of Most ‘Cost-effective’ Freight Transportation Alternative

Over the past few years, the freight trucking market has experienced waves of changes in terms of how freight trucks are operated, integration of cutting-edge technologies, and advancements in truck designs, among others. The production of freight trucks continues to grow across the world due to logistic requirements from an array of end-use industries, including food & beverages, oil & gas, energy & mining, chemicals, and more. Several factors are expected to influence the expansion of the freight trucking market such as a surge in automation, exponential growth of the e-Commerce sector, and focus on industrialization by governments across the Asia Pacific, and the advent of next-generation technologies, including order entry systems, warehouse management systems, transportation management systems, and global positioning systems.

The significant growth of the various industries around the world coupled with the integration of new technologies in freight trucks is expected to propel the freight trucking marketing during the forecast period. While supply chains across the world predominantly rely on freight trucking, the demand for freight trucking is anticipated to grow at a consistent pace in the coming years. However, as air transportation continues to offer greater value to end users, in the long run, freight trucking companies are expected to find new ways to retain customers and provide value. At the back of these factors, the global freight trucking market is expected to attain a market value of ~US 4 Bn by the end of 2030.

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Technological Advancements to Accelerate Market Growth

The transportation and logistics industries have witnessed consistent development at the technological front. Technological advancements are likely to propel the growth of the freight trucking market, as truck manufacturers continue to roll out new truck models with improved cargo space and technologies. Several truck manufacturers are increasingly leaning toward advanced technologies to enhance the performance and functionality of the vehicle. A surge in demand for order tracking in the freight trucking market has compelled freight trucking manufacturers to integrate new tracking technologies. While technologies continue to evolve at a rapid pace, the self-driving freight trucks could hit roads running particularly in the developed parts of North America and Europe. Self driving freight trucking could soon become a reality, as self-driving technologies continue to improve.

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Self-driving trucks backed by advanced self-navigating systems are likely to become mainstream during the latter half of the assessment period. Companies operating in the current market landscape are expected to focus on leveraging the benefits of novel technologies, including artificial intelligence (AI) and sensors. For instance, the electric semi-truck manufactured by Tesla incorporates the autopilot feature and is increasingly being used by different companies, such as Loblaw, Asko, Pepsi, etc.

The expansion of the e-Commerce sector is expected to provide a boost to the growth of the freight trucking market during the forecast period. The competition in the current market landscape is on the rise due to which, companies should focus on improving service and minimize the supply chain risks.

High Applicability in Different End-use Industries to Boost Demand

Market players operating in the food & beverages sector are primarily focused on improving their product fulfillment process by streamlining logistics and catering to the low volume high-frequency requirements of the industry. Moreover, due to cutthroat competition within the food & beverages sector, several food companies are increasingly focusing on adapting to new transportation networks and minimizing costs. Freight trucking is one of the most popular and adopted freight transportation across the world and the trend is likely to continue over the forecast period.

Transportation and Logistics Take Massive Hit as COVID-19 Pandemic Haunts Freight Trucking Market

One of the major sectors to face the effects of the novel COVID-19 pandemic is the transportation sector. The freight trucking market is expected to witness a sluggish period amidst the looming COVID-19 pandemic, as governments across the world continue to initiate preventive measures to combat casualties and spread of the virus. Shareholders in the freight trucking market are expected to be heavily impacted due to the ongoing pandemic. However, freight trucking companies involved in the delivery of essential goods and services are projected to capitalize on the opportunity and gain ground in the competitive market landscape. As the COVID-19 pandemic continues to disrupt the supply chains of major industries worldwide, market players involved in the freight trucking market are likely to seek new solutions to address these challenges.

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Analysts’ Viewpoint

The global freight trucking market is expected to grow at a moderate CAGR of ~5% during the forecast period. The market growth can be primarily attributed to a host of factors, including a surge in demand from end-use industries, technological advancements, development of fuel-efficient trucks, and economical freight alternative. Companies operating in the current market landscape should focus on expanding their client base by tapping into opportunities in different industries, focus on minimizing costs, and offer impactful logistic solutions to their customers to gain an edge.  

Freight Trucking Market: Overview

  • The global freight trucking market is anticipated to expand at a CAGR of ~5% during the forecast period, owing to a rise in the middle class population across the globe that has resulted in a rise in consumption and hence, is expected to boost the volume of goods transported. Changes in consumer tastes and preferences where people are inclined toward Western lifestyle have fueled the demand for deliveries that take lesser time. This is projected to boost the freight trucking market during the forecast period.
  • The freight trucking market has benefitted by the introduction and use of new technologies. Some new technologies include global positioning system (GPS), order entry systems, warehouse management systems, dispatching communication systems, and transportation management systems (TMS)

Drivers of Freight Trucking Market

  • Demand for online shopping is witnessing significant rise, owing to an increase in speedy Internet access, which has led to a surge in preference toward e-tailing, among consumers. Furthermore, convenience and easy access related to home delivery services are projected to boost the freight trucking market during the forecast period.
  • Growing urbanization and rise in trade volume have resulted in an increase in transport volumes. Rapid expansion of the e-Commerce market across the globe is driving the freight trucking market. Increased popularity of online shopping is a major factor driving the freight trucking market.
  • Belt and Road Initiative (BRI), previously known as One Belt One Road, is an ambitious effort proposed by Chinese President Xi Jinping in 2013, to jointly build the “Silk Road Economic Belt” and the “21st Century Maritime Silk Road” to advance regional cooperation and connectivity on a trans-continental scale. The Silk Road Economic Belt connects three major road routes from China to Europe, the Persian Gulf, the Mediterranean, and the Indian Ocean. However, 21st Century Maritime Silk Road is based on waterways. The main objective of BRI is to build trade routes between China and the countries in Central Asia, Europe, and Indo-Pacific littoral countries. This project involves developing infrastructure mostly around transport and energy such as roads, bridges, and power plants, which in turn is likely to propel the demand for freight transport on roadways. This, in turn, is projected to boost the freight trucking market during the forecast period.

Challenges for Freight Trucking Market

  • Freight trucks are bigger, heavier, and bulkier vehicles, which makes road freight transportation comparatively slower and hence, hampers the freight trucking market. Additionally, massive backlog in proper maintenance is also a major factor that is likely to hinder the freight trucking market during the forecast period. Furthermore, toll roads or booths lead to massive time loss, which results in slow transportation of freight.
  • Improper road infrastructure coupled with a lack of intent to improve transportation facilities in developing and developed countries is expected to restraint the freight trucking market during the forecast period. Furthermore, several areas of Asia Pacific, Latin America, and Africa require investments in order to develop and upgrade their infrastructure facilities.

Freight Trucking Market: Regional Analysis

  • Based on region, the global freight trucking market has been segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
  • Asia Pacific and Europe are projected to be highly lucrative markets during the forecast period. This is primarily due to the improvement in road network transport and inclination toward development of industries over the years in these regions.

Freight Trucking Market: Competition Landscape

  • Key players operating in the global freight trucking market include 
    • A.P.Moller Maersk
    • Canadian National
    • CEVA Logistics
    • CMA CGM
    • DB SCHENKER
    • Deutsche Post
    • DHL Paket GmbH
    • Estes Express Lines
    • FedEx Corporation
    • Kuehne + Nagel
    • Nippon Express Co., Ltd.
    • R+L Carriers
    • Saia Motor Freight Line
    • SNCF Geodis
    • Swift Transportation
    • TNT Holding B.V.
    • UPS Freight
    • XPO Logistics,
    • Yamato Holdings Co., Ltd.
    • YRC Worldwide Inc.
  • Key players at the global level are expanding their footprint by engaging in mergers and acquisitions with several players in industry. In 2018, Kuehne+Nagel announced the acquisition of Wira Logistics, a leading Indonesia-based logistics company. The acquisition is expected to strengthen the company’s logistics and distribution network across Indonesia and consolidate its position in the contract logistics market.

Freight Trucking Market – Scope of the Report

Transparency Market Research’s recent report on the freight trucking market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the freight trucking market analyzes the scenario for the period of 2019 to 2030, wherein, 2019 is the base year and 2018 and before is historical data. This report enables readers to make important decisions with regard to their business, with the help of a wealth of information enclosed in the study.

This TMR study on the freight trucking market also provides data on the developments made by important players and stakeholders in the market, along with a competitive analysis. The report also provides an understanding of the strengths, weaknesses, threats, and opportunities, along with the trends and restraints in the landscape. Presented in a clear sanctioned manner, this report on the freight trucking market gives readers an individual understanding of the market.

This study also discusses the underlying trends and impact of various factors that are driving the freight trucking market, along with their influence on the evolution of the market.

This study also offers Porter’s Five Point Analysis, value chain analysis, regulatory scenario, and a SWOT analysis of the freight trucking market, in order to elaborate the crucial growth tactics and opportunities for market players contributing to the market.

Key Questions Answered in This Report on Freight Trucking Market

  • How much value will the freight trucking market generate by the end of the forecast period?
  • Which segment of the market is likely to have the maximum market share by 2030?
  • What are the impact factors and there effects on the market for freight trucking
  • What regions currently contribute the maximum share to the overall freight trucking market?
  • What are the indicators expected to drive the freight trucking market?
  • What region is likely to be a lucrative market during the forecast period?
  • What are the essential strategies by key stakeholders in the freight trucking market to expand their geographic presence?
  • What are the major advancements witnessed in the freight trucking market?
  • How regulatory norms affected the market for freight trucking market?

This report answers these questions and more about the freight trucking market, aiding major stakeholders and key players in making the right decisions and strategizing for the advancement of their business.

Freight Trucking Market: Research Methodology

This TMR report on the freight trucking market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the freight trucking market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the freight trucking market arrive at predictions and estimations, and calculate the forecast for the market.

This report uses an analytical triangulation method to estimate the numbers and figures of the freight trucking market, with both a bottom-up and top-down approach.

This detailed assessment of the freight trucking market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the freight trucking market is estimated to expand are based on carefully vetted primary and secondary sources.

Freight Trucking Market – Segmentation

This report on the freight trucking market provides information on the basis of type, cargo type, distance, end user, and region.

Type

Lorry Truck

Truck Trailer

Refrigerated Truck

Flat Bed Truck

Others

Cargo Type

Dry Bulk Goods

Oil & Diesel

Postal

Others

End User

Oil & Gas

Industrial & Manufacturing

Defense

Energy & Mining

Chemicals

Pharmaceuticals & Healthcare

Food & Beverages

Distance

50 Miles or Less

51 Miles to 100 Miles

101- 200 Miles

201-500 Miles

Above 501 Miles

Region

North America

Europe

Asia Pacific

Middle East & Africa

Latin America

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Freight Trucking Market

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