Future Market Research Insights:

In 2021, the Freight Trucking Market size of the goods trucking market was estimated to be USD 2700.1 billion. From USD 2844.5 billion in 2022 to USD 4000.12 billion in 2030, the goods trucking market sector is anticipated to expand at a compound annual growth rate (CAGR) of 4.35%. (2022 - 2030). The heavy-duty vehicle industry, or freight trucking, is notable for moving cargo from one location to another. Heavy load trucks are moved around by using the goods trucking industry. The market development of the goods trucking market share has expanded due to the swift growth of fast-moving customers. Globally accelerated construction sector growth is anticipated to propel market expansion.

Heavy-duty trucks are used by freight trucking to move cargo and items from one location to another. It is mostly used for transporting large and heavy goods. The goods trucking industry is anticipated to be driven by rising demand for door-to-door delivery over the projected period. Also, the market is supported by the expanding import and export of products and services on a global scale. Throughout the course of the projection period, a boom in demand for goods trucking is anticipated to result from the expanding e-commerce industry. Due to the efficiency of goods trucking as a means of transportation for products and services, it is in great demand across a variety of industries, including oil & gas, manufacturing, construction, mining, chemicals, and other sectors.

In the next years, it is anticipated that rising public spending on goods and services would increase demand for transportation services. Also, this is anticipated to generate profitable chances for the expansion of the income of suppliers of goods trucking services.

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The adoption of high-capacity trucks is also being influenced by the trucking industry's expanding technical development for a number of reasons. Throughout the course of the projection period, characteristics like refrigeration and increased performance for the efficient transportation of products are anticipated to provide new opportunities.

Nevertheless, there are a number of factors that are anticipated to impede market expansion throughout the projected period, including the lack of effective transportation infrastructure in emerging and underdeveloped nations and strict rules surrounding the emission control of heavy-duty vehicles.

Regional Perspectives on Trucking for Freight

The analysis offers market information for each region separately, including North America, Europe, Asia-Pacific, and the Rest of the World. With the biggest market share in 2019, the Asia Pacific region led the goods trucking industry, and it is anticipated that this dominance would last throughout the projected period. Throughout the projected period, the market is anticipated to be driven by the rising levels of industrialization in APAC's growing nations, particularly China, India, South Korea, and Japan. Import and export volumes rising These developing nations' economies promote the expansion of the regional market. It is anticipated that rising urbanization and rising living standards in the Asia Pacific will have an impact on the expansion of door-to-door transportation services.

In addition, one of the key drivers anticipated to fuel market expansion throughout the projected period is an increase in demand for online retail services.

Furthermore anticipated to expand significantly throughout the projection period is North America. The most popular form of transportation for products, services, and bulk freight in North America is trucking. It is anticipated that it would maintain its hegemony in the area for many more years. The region's leading companies' presence is a driving force behind market expansion. When compared to other means of transportation, the availability of technologically modern, high-capacity trucks offers quick transit.

Furthermore, during the course of the projection period, market expansion is anticipated to be aided by the developed North American nations' existence of well-established transportation infrastructure. In the years to come, market expansion is anticipated to be fueled by factors such as rising consumer awareness of and acceptance of electric vehicles for the trucking industry, as well as a strong presence of EV charging infrastructure and service networks.

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Market insights for the goods trucking industry

Light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles are included in the segmentation of the goods trucking market based on vehicle type. Due to the rising import and export operations and trades across the various areas, the heavy commercial vehicles category is anticipated to develop at the greatest rate during the projection period. Also, the market for refrigerated trucks is anticipated to expand significantly as a result of the rising need for quick-moving consumer products and services.

The Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, Food & Beverages, and Other market segmentations are based on end-use. Due to rising urbanization and industrialization in emerging nations, as well as rising consumer demand for manufactured products and raw materials, the industrial & manufacturing category has led the market in 2019. Energy & mining came in second.

Key Players:

Yellow Corporation (U.S.), Estes Express Lines (U.S.), XPO Logistics (U.S.), CEVA Logistics (Switzerland), CMA CGM S A (France), Kuehne + Nagel International AG (Germany), Nippon Express Co., Ltd. (France), Saia Inc. (U.S.), SNCF group (Paris), and ArcBest are some of the major players (US).

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