Freight Trucking Market: Introduction
According to the report, the global freight trucking market is projected to reach ~US$ 4 Trn by 2030, expanding at a CAGR of ~5% during the forecast period. Rise in trade and more distance between manufacturing units and end-users is likely to boost the market for freight trucking during forecast period. In developing and major emerging economies, transportation of products and goods by means of roadways plays an integral role. Moreover, this mode of transport is cost-effective for door-to-door service, owing to improved road infrastructure. This is anticipated to propel the freight trucking market during the forecast period.
Increasing industrialization and preference toward e-tailing is estimated to boost the freight trucking market. Online shopping is witnessing significant expansion, owing to an increase in speedy Internet access, which has led to a rise in preference toward e-tailing among consumers. Furthermore, convenience of shopping from home is projected to boost e-Commerce and consequently, drive the freight trucking market during the forecast period.
Expansion of Freight Trucking Market
Surge in trade volume due to rising bilateral trade among countries is projected to boost the freight trucking market during the forecast period. China witnessed a surge in both general trade volume and proportion, escalating to 15.66 trillion Yuan. China trade volume accounted for 56.4% of total foreign trade. Major trading partners of China are the U.S., the European Union, and ASEAN. Exports of China to the U.S. further rose by 15.2% percent year-on-year.
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Based on type, the global freight trucking market has been segmented into truck trailer, lorry tank, flat bed truck, refrigerated truck, and others. Lorry tank and truck trailer are likely to be highly lucrative segments during the forecast period. This is primarily due to a rise in trade volume from one region to another. The refrigerated truck segment is estimated to expand at a rapid pace during the forecast period, due to rising export and import of perishable goods across the globe.
In terms of end user, the global freight trucking market has been classified into oil & gas, energy & mining, industrial & manufacturing, defense chemicals, pharmaceutical & healthcare, and food & beverages. The industrial & manufacturing segment dominated the global freight trucking market due to a rise in the demand for better infrastructure and development of new industries especially in developing countries. The energy & mining segment followed the industrial & manufacturing segment.