Freight Trucking Market Size - By Truck, By Distance, By Service, By Freight, By End Use, Growth Forecast 2024 – 2032

Freight Trucking Market Size

The global freight trucking market size was valued at USD 2.5 trillion in 2023 and is estimated to register a CAGR of 4.2% between 2024 and 2032, attributed to the increasing urbanization and infrastructure development. As more people move into cities, the demand for goods and services in these urban areas grows, fuelling the need for freight trucking to support infrastructure projects, supply chains, and retail distribution. The development of large-scale urbanization projects, industrial parks, and smart city initiatives requires the transport of construction materials, machinery, and other essential goods.

For instance, in August 2024, the Indian government proposed new infrastructure projects to attract investments and boost the economy. The government announced plans to launch about a dozen industrial parks across the country, aiming to draw over USD 18 billion in investments. These parks will enhance manufacturing and create jobs. The parks will serve as regional manufacturing hubs, focusing on sectors including food processing, specialized textiles, logistics, tourism, and electric vehicles. This increased infrastructure investment stimulates demand for flatbed trucks and specialized vehicles for transporting large equipment and materials, particularly for construction and infrastructure development.
 

Furthermore, as consumer demand for fresh, perishable items increases and regulations for pharmaceutical transportation become stricter, the need for temperature-controlled freight services is growing. This demand for perishable goods, including food and pharmaceuticals, has made cold chain logistics essential for the freight trucking market. Cold chain logistics uses refrigerated trucks to keep products at the right temperature, ensuring their safety and quality. This is especially important in the food and beverage industry and healthcare sectors, where items such as vaccines and biologics are transported. This is further expected to drive the growth of market.
 

Freight Trucking Market Trends

Telematics, route optimization software, GPS tracking, and autonomous driving technology have transformed freight trucking operations. With telematics, companies can efficiently manage routes, cut down on fuel consumption, and reduce delays. Meanwhile, autonomous technologies and platooning are under trial to slash labor costs and bolster safety. Sustainability is taking center stage, with firms channeling investments into electric trucks for both local and regional transport.  These technological advancements boost operational efficiency and make trucking, especially long-haul operations, more competitive and appealing.
 

Technology companies are launching innovative solutions to help truck operators enhance their trucking operations. For instance, in August 2024, Garmin launched its latest GPS trucking navigators, the next gen dezl OTR series. This pioneering series integrates with the dezl community, offering insights and ratings from fellow drivers. This feature helps users in finding top-rated parking spots and navigating to preferred trucker destinations, such as loading docks and security gates.
 

Fluctuating fuel prices greatly affect the profitability of trucking companies. Since fuel is a major operational cost for freight carriers, any rise in fuel prices increases shipping costs, which can reduce profit margins. In competitive markets, companies may find it difficult to pass these costs on to customers. This unpredictability in fuel prices makes budgeting and forecasting challenging for trucking companies, complicating their efforts to maintain stable profits.
 

Freight Trucking Market Analysis

Based on distance, the market is divided into local and long haul. In 2023, the local segment held a market share of around 55% is expected to cross USD 1.5 trillion by 2032. The rise of e-commerce across has globe has increased consumers expectations, with many now expecting same-day or next-day delivery. This shift increases the need for efficient local trucking services for last-mile delivery, which is the final step in the supply chain, delivering goods directly to consumers or stores.
 

As e-commerce companies and retailers strive to meet these expectations, the demand for local freight trucking services grows. This leads to more investments in smaller trucks and fleet expansions, especially in densely populated urban areas.
 

Based on truck, the freight trucking market is categorized into lorry tank, truck trailer, refrigerated truck, flatbed truck and other. The truck trailer segment held a market share of around 36% in 2023. Truck trailers are essential for transporting dry, non-perishable goods, making them perfect for retail, consumer goods, and e-commerce sectors.
 

As online shopping grows and faster delivery is needed, the demand for truck trailers to move goods from distribution centers to stores and customers increases. Their capacity, weather protection, and flexibility make truck trailers vital for these sectors. This has led to steady growth in the truck trailer segment as companies expand their logistics networks to meet consumer needs. Furthermore, as industries expand, the demand for transporting large volumes of goods rises, directly boosting the truck trailer segment, especially for reliable and cost-effective dry van solutions.
 

North America freight trucking market accounted for 35% of the revenue share in 2023. Agreements such as the USMCA are boosting trade between the U.S., Canada and Mexico, making efficient freight trucking more important. Manufacturers rely on North American supply chains to avoid delays, so the trucking industry is crucial for moving goods across borders. This need for smooth cross-border trucking increases the demand for freight services that handle customs efficiently and cost-effectively. Additionally, the growing U.S. manufacturing sector, including automotive, machinery, and consumer goods, requires extensive trucking for its supply chain. As domestic manufacturing becomes a priority, there's a greater need for reliable, high-capacity trucking services to transport raw materials and finished products.
 

European governments and industries are moving towards sustainable transportation, promoting low-emission and energy-efficient trucking solutions. This includes using alternative fuel trucks and optimizing routes for freight transport. The push for green logistics is driving demand for eco-friendly freight trucks. Many companies are updating their fleets with compliant vehicles and investing more in sustainable freight trucking.
 

Countries such as China, India, and Southeast Asian nations are experiencing strong industrial growth and infrastructure investment, increasing the need for heavy trucking services to transport materials and machinery. These developments boost the demand for high-capacity freight trucking, such as flatbeds and trailers, for industrial projects and infrastructure expansion. Additionally, the growing middle class and rising consumer spending in these regions drive demand for retail goods, leading to more extensive freight trucking for logistics and last-mile deliveries.
 

Freight Trucking Market Share

United Parcel Service (UPS) and DHL Express hold a significant market share of around 5% in the freight trucking industry. UPS is investing heavily in its freight and logistics infrastructure through its ‘Smart Logistics Network’. This includes new distribution hubs, technology-driven sorting facilities, and an advanced fleet. UPS aims to make its freight trucking network more efficient to handle more volume and reduce delivery times. This expansion supports both domestic and international freight, strengthening UPS's logistics operations across the globe.
 

DHL focuses on expanding its freight trucking services by developing multi-modal transport options and using its extensive international network. DHL has a strong presence in Europe, Asia, and North America and is increasing cross-border freight options to improve speed and reliability. This focus on connectivity provides faster and more integrated freight services in high-demand regions, allowing DHL to serve global clients with complex logistics needs.
 

Freight Trucking Market Companies

Major players operating in the freight trucking industry include:

• C.H. Robinson
• DHL Express
• FedEx
• J.B. Hunt
• Maersk
• Nippon Express
• Schneider National
• UPS
• XPO Logistics
• Yellow Corporation
   

Freight Trucking Industry News

• In July 2024, Uber Freight, a subsidiary of Uber Technologies, and Aurora Innovation launched Premier Autonomy. This program offers Uber Freight carriers early access to over 1 billion autonomous miles from Aurora until 2030. Premier Autonomy aims to integrate autonomous trucks into the Uber Freight network, improving efficiency for carriers of all sizes. The program provides a subscription service for the Aurora Driver, access to 1 billion driverless miles by 2030, and better utilization of autonomous trucks through integration with the Uber Freight platform.
   
• In June 2023, Loadsmith, a third-party Capacity-as-a-Service (CaaS) logistics platform announced to equip 800 trucks with Kodiak's self-driving technology, the Kodiak Driver. These autonomous trucks will be the core of the new Loadsmith Freight Network (LFN), the first freight company designed specifically for self-driving trucks. Kodiak will start delivering these self-driving trucks in the second half of 2025.
   

The freight trucking market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and fleet size (Units) from 2021 to 2032, for the following segments:

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Market, By Truck

• Lorry tank
• Truck trailer
• Refrigerated truck
• Flatbed truck
• Others

Market, By Distance

• Local
• Long haul

Market, By Service

• Full truckload
• Less-Than-Truckload (LTL)
• Specialized trucking
• Courier and express services

Market, By Freight

• Dry
• Perishable
• Bulk
• Oversized & heavy goods
• Others

Market, By End Use

• Retail & e-commerce
• Automotive
• Oil & gas
• Industrial & manufacturing
• Pharmaceuticals
• Chemicals
• Construction & infrastructure
• Food & beverages
• Others

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Nordics
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Southeast Asia 
• Latin America
  • Brazil
  • Mexico
  • Argentina 
• MEA
  • UAE
  • South Africa
  • Saudi Arabia