Freight Trucking Market to reach Opportunities worth of US$6,252.81 Bn by 2025 End, Burgeoning Trade and Commerce aid in Rapid Expansion
Increase in online shopping is mainly due to rising access to the internet facilities among the consumers. Rise in convenience and easy access related to home delivery services are supporting the market currently. Additionally, technological advancements is helping the growth of the freight trucking market. Asia Pacific dominated the global freight trucking market in 2016 owing to the rising industrialization and population over the years.
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Market Likely to Witness Fastest Growth in Refrigerated Truck Segment Based on Truck Type
The global freight trucking market has been segmented on the basis of type, size, end user, distance and cargo type. By different truck type the global freight trucking market has been segmented into lorry tank, truck trailer, refrigerated truck and flatbed truck and others. Refrigerated truck showed the fastest growth rate during the forecast period owing to the rising volume of transport of perishable commodities over the years. On the basis of size the global market has been segmented into heavy trucks, medium trucks, light trucks and others.
By distance the market has been segmented into less than fifty miles, fifty one to hundred miles, hundred one to two hundred miles, two hundred miles to five hundred miles and above five hundred miles. On the basis of cargo type, the market has been segmented into dry bulk goods, oil and diesel, postal and others. The market has been further segmented on the basis of end user such as oil and gas, industrial and manufacturing, energy and mining, chemicals, pharmaceutical and healthcare and food and beverages.
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Rising Demand Likely from Asia Pacific and North America
On the basis of geography the global freight trucking market has been segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. The revenue of the global Freight Trucking market was estimated at US$ 3,844.76 billion in 2016 which is projected to expand at a CAGR 5.6% percent during the forecast period (2017 to 2025) and is expected to reach US$ 6,252.81 billion by 2025. Asia Pacific region which comprises of China, India, and Japan was the largest revenue contributor to the global freight trucking market in 2016. North America accounted for the second largest market share in the global Freight Trucking market in the same year.
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The freight trucking market consists of a large number of public and private players. The freight trucking market industry players focus to develop new products to satisfy the changing consumer preferences. Rise in advancements in technology, and strategic acquisitions are the key competitive strategies adopted by the top players in the Freight Trucking market. Cargo Carriers (Johannesburg, Gauteng), United Parcel Service Inc. (Georgia, United States), FedEx Corporation (Tennessee, United States), Ceva Holdings LLC, (London, United Kingdom), Tuma Transport (Johannesburg, South Africa), Swift Transportation (Harare, Zimbabwe), Interlogix Privated Limited (Durban), Kuehne+Nagal Incorporated, (Bremen, Germany), Transtech Logistic (Johannesburg, South Africa), Procet Freight (South Africa),Concargo Private Limited (South Africa), Werner Enterprise (Omaha, Nebraska) among others are the key companies profiled in the research report. The report also offers competitive landscape of the key players in the Freight Trucking market.
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