Selbyville, Delaware, Aug. 14, 2023 (GLOBE NEWSWIRE) —
The freight trucking market is estimated to reach USD 430 billion by 2032, as reported in a research study by Global Market Insights Inc.
The growing reliance on telematics in the automotive sector will drive the market growth, propelling it into a new era of technological advancements and optimization. Telematics technology integrates telecommunications and informatics in vehicles and has revolutionized the trucking industry by providing real-time data and insights. The surging demand for timely and efficient transportation solutions has compelled companies to increasingly adopt telematics to streamline their logistics operations, further boosting the product demand. To cite an instance, in September 2022, Tata Motors, a leading commercial vehicle manufacturer, introduced India’s first CNG-powered medium & heavy commercial vehicle truck along with a new-age, ADAS.Top of Form
Refrigerated freight trucking market is set to attain high demand through 2032. The growth of e-commerce sector, rapid expansion of cold chain logistics, and the increasing consumer expectations for fresh and high-quality products are fueling the industry demand. Furthermore, the increasing need for efficient transportation of medical products and vaccines will support the industry growth. For instance, in January 2021, Daimler India Commercial Vehicles, the manufacturer of commercial vehicles, introduced a specialized reefer truck to deliver COVID-19 vaccinations securely across India.
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The freight trucking market from the oil and gas segment is expected to grow at over 5% CAGR from 2023 to 2032, owing to the increasing exploration and production activities in the oil and gas industry across the globe. The oil and gas industry relies on a variety of equipment, machinery, and equipment to support its operations. The transportation of oil and gas products is a critical aspect of the energy industry, and freight trucks play a vital role in efficiently delivering these resources to various destinations, propelling the market revenue.
North America freight truck market is set to reach USD 135 billion by 2032, attributed to the increasing focus on reducing carbon emissions and improving fuel efficiency along with the presence of strong trade relations. Freight transport plays an important role in supporting cross-border trade between the region’s extensive road network across countries. Moreover, the rising e-commerce expansion and the growth of online shopping will further augment the demand for efficient freight trucking services.
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Some of the major companies operating in the freight trucking market are ArcBest Corporation, DHL Express, United Parcel Service (UPS), J.B. Hunt Transport Services, Inc., A.P. Moller – Maersk, Schneider National, Inc., FedEx Corporation, Roadrunner Transportation Systems, Inc., Landstar System, Inc., CRST International, Inc., CEVA Logistics AG, Nippon Express Co., Ltd., Saia, Inc., XPO Logistics, Inc., YRC Worldwide Inc. These firms are consolidating their market share through strategic business tactics such as, partnerships, acquisitions, and new product launches. For instance, in March 2022, Maersk partnered with Einride to deploy 300 electric vehicles. The trucks will be delivered between 2023 and 2032 for utilization by Maersk’s Performance Team North American warehouse, distribution, and transportation division.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Freight Trucking market 360º synopsis, 2018 – 2032
2.2 Business trends
2.2.1 Total Addressable Market (TAM)
2.3 Regional trends
2.4 Truck Type trends
2.5 Distance trends
2.6 End Use trends
Chapter 3 Freight Trucking Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Type & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Cost structure analysis
3.10 Regulatory landscape
3.11 Impact forces
3.11.1 Growth drivers
3.11.1.1 Increase in the use of telematics in automotive sector
3.11.1.2 Rapid expansion of e-commerce sector
3.11.1.3 Increased demand for the transportation of goods
3.11.1.4 Rising demand for sustainable transportation solutions
3.11.2 Industry pitfalls & challenges
3.11.2.1 Rising fuel costs
3.11.2.2 Regulatory Compliance and Government Regulations
3.12 Growth potential analysis
3.13 Porter’s analysis
3.14 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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