The presence of a large number of private and public players has rendered the vendor landscape in the global freight trucking market highly fragmented. Given the scenario, the market players are experimenting with diverse strategies and deploying various tactics to buoy growth amidst cut-throat competition. Among these, developing new products is looked upon as a primary strategy to establish a stronghold by a few prominent companies, finds Transparency Market Research (TMR) in a new study. Furthermore, several players are forging mergers and acquisitions to expand their global footprint, hence competitive strength. TMR’s novel study sheds light on ways in which the market players are maneuvering demand forces in their favor. The impact of these strategies on the overall freight trucking market is gauged in detail as well. Some of the most prominent market players include Ceva Holdings LLC, United Parcel Service Inc., FedEx Corporation, Cargo Carriers, Swift Transportation, Kuehne+Nagal Incorporated, Tuma Transport, Interlogix Private Limited, Transtech Logistics, Procet Freight, and Concargo Private Limited.
According to TMR, the global freight trucking market is slated to report a CAGR of 5.6% between 2017 and 2025. If the growth pace holds true, the global freight trucking market will reach US$6,252.81 bn by the end of 2025, as against US$3,844.76 bn in 2016. On the back of exhibiting high demand, Asia Pacific emerged dominant in 2016. Besides this, the market is set to witness steadily rising demand from North America. Among the various truck types, the demand from the lorry trunk segment has been the highest.
Rising Demand for Goods Transport to Aid Growth
The transportation of goods have escalated immensely in the last couple of years. In response to the same the freight trucking market has gained much space. Besides this, growing urbanization, in combination with growth in trade volumes has stoked the demand for competent transport systems. Spurred by these factors, the global freight trucking market is likely to witness significant growth in the coming years. Besides this, the market is likely to expand further in response to the surge in online shopping over the years. The improved penetration of internet facilities worldwide, together with successful campaigns by online marketers, has fuelled online shopping across the globe in turn enabling the global freight trucking market gain significant momentum.
To gain traction, the online shopping sites and ecommerce platforms make arrangement for convenient and speedy home delivery. This, coupled with the recent technological advancements are supporting the market’s growth over the years. The rising demand from emerging nations will aid the market’s expansion, besides the aforementioned factors. Also in the last couple of years the demand for long-distance freight trucking has augmented as well, creating lucrative prospects for the global freight trucking market.
Rising Fuel Prices to Have Adverse Impact
On the downside, massive drop in fuel prices is threatening the market’s pace to an extent. Also absence of adequate staffs often make operations burdensome within the industry. Nevertheless, the adverse impacts of fluctuating fuel prices is partially staved off by the rising disposable income of consumers. The willingness of consumers to spend on diverse products has also paved way for the market’s growth in the coming years.
This review is based on a TMR report, titled “Freight Trucking Market (Type - Lorry Tank, Truck Trailer, Refrigerated Truck, and Flatbed Truck; Distance - 50 Miles or Less, 51 to 100 Miles, 101 to 200 Miles, 201-500 Miles, and Above 500 Miles; Size - Heavy Trucks, Medium Trucks, and Light Trucks; Cargo Type- Dry Bulk Goods, Oil and Diesel, and Postal; End User - Oil and Gas, Industrial and Manufacturing, Defense, Energy and Mining, Chemicals, Pharmaceuticals and Healthcare, and Food and Beverages) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025.”
The report segments the global freight trucking market as:
Global Freight Trucking Market, By Type
- Lorry Tank
- Truck Trailer
- Refrigerated Truck
- Flatbed Truck
Global Freight Trucking Market, By Size
- Heavy Trucks
- Medium Trucks
- Light Trucks
Global Freight Trucking Market, By Distance
- 50 Miles or Less
- 51 to 100 Miles
- 101-200 Miles
- 201-500 Miles
- Above 501 Miles
Global Freight Trucking Market, By Cargo Type
- Dry Bulk Goods
- Oil and Diesel
Global Freight Trucking Market, By End User
- Oil and Gas
- Industrial and Manufacturing
- Energy and Mining
- Pharmaceutical and Healthcare
- Food and Beverages
Global Freight Trucking Market, By Geography
- North America
- The U.S.
- Rest of North America
- The U.K.
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America