Full Truckload Transportation Market: China, Japan, India, and South Korea Projected to Boost the market in Asia Pacific Region
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Increase in demand for robust and economical transportation, in order to fulfill the demand for expanding supply chain, is a prime factor that is projected to boost the full truckload transportation market during the forecast period. Additionally, full truckload transportation also curtails carbon emission that impacts the environment through reduction in number of trips or deliveries for shipment in the transportation industry. Increasingly stringent trade regulations and policies by regulatory bodies around the globe are anticipated to propel the full truckload transportation market during the forecast period. Surge in demand for developing infrastructure in developing and underdeveloped nations requires economical mode of transportation and freight shipment, as full truckload transportation reduces the cost and time take for delivering products which in turn, is likely to remain growing during the forecast period, thereby providing lucrative opportunities to the automotive industry to cater large trucks to the transportation and freight shipping industry. Decreased in full truckload capacity and higher cost for low volume destination are expected to restraint the full truck load market during the forecast period.
The global full truckload transportation market can segmented based on product, ownership, and region. In terms of product, the full truckload transportation market can be classified into food & beverages, consumer goods, agriculture products, metals, oil & chemical, and others. Food & beverages and consumer goods segments account for a major share of the full truckload transportation market. Increasing improvement in food supply is a prime factor that is likely to propel the food & beverage segment of the market during the forecast period.
In terms of ownership, the full truckload transportation market can be split into company based or private/individual. The company based segment holds a prominent market share. This is primarily attributed to robust macro-economic pointers and developments in production, distribution, processing, and product marketing. This, in turn, is projected to fuel the full truckload transportation market during the forecast period.
Based on geography, the full truckload transportation market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific dominates the global full truckload transportation market primarily due to the increase in trade, which requires transportation to move products from one place to another. Furthermore, large exports from the region, especially from China, Japan, India, and South Korea are projected to boost the full truckload transportation market in the region during the forecast period.
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Prominent players operating in the global full truckload transportation market include JBT Transport, Freightquote, KNIGHT-SWIFT TRANSPORTATION HOLDINGS INC., FedEx, YRC Worldwide Inc., Freightera, Schneider, J.B. Hunt Transport, Inc., ORTEC, and XPO Logistics, Inc.
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