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Freight Trucking Market Size

Report ID: GMI5902
Published Date: Oct 2024
Report Format: PDF

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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.

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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.

Freight Trucking Market Report Attributes
Report Attribute	Details
Base Year:	2023
Freight Trucking Market Size in 2023:	USD 2.5 Trillion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	4.2%
2032 Value Projection:	USD 3.5 Trillion
Historical Data for:	2021 - 2023
No. of Pages:	200
Tables, Charts & Figures:	200
Segments covered:	Truck, Distance, Service, Freight, End Use
Growth Drivers:	Increase in the use of telematics in automotive sector Rapid expansion of e-commerce sector Expansion of cold chain logistics for perishable products Rising demand for sustainable transportation solutions
Pitfalls & Challenges:	Rising fuel costs Driver shortages and high turnover rates

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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.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of freight trucking reached USD 2.5 trillion in 2023 and is set to grow at a 4.2% CAGR from 2024 to 2032, driven by increasing urbanization and infrastructure development.

The truck trailer segment held a 36% market share in 2023, as they are essential for transporting dry, non-perishable goods, making them ideal for the retail, consumer goods, and e-commerce sectors.

The North America market accounted for 35% of the revenue share in 2023, led by trade agreements like the USMCA and the growing U.S. manufacturing sector.

The major players in the industry include C.H. Robinson, DHL Express, FedEx, J.B. Hunt, Maersk, Nippon Express, Schneider National, UPS, XPO Logistics, and Yellow Corporation.