Freight Trucking Market to Witness Comprehensive Growth by 2031, TMR Study

The influence of industrialization is increasing at a rapid pace over the years. Countries like India and China are experiencing a large wave of industrialization. Other regions are also striving to promote industrialization in their areas. Expanding industrialization across various regions will bring tremendous growth opportunities for the freight trucking market during the forecast period of 2020-2030.

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A freight truck is used for transporting things from one place to another. Many types of freight trucks are available such as refrigerated truck, lorry truck, flat bed truck, truck trailer, and others. These trucks are used according to the type of end-user and the requirements. The expanding use across various end-user industries such as energy and mining, pharmaceuticals, food and beverages, healthcare, industrial, energy, mining, chemicals, defense, and manufacturing will bring immense growth prospects.

On the basis of cargo type, the freight trucking market can be segmented into oil and diesel, dry bulk goods, postal, and others. The advantages associated with freight trucking will invite exponential growth. The transportation and logistics industry has observed extensive technological developments over the years. The emergence of novel tracking technologies and self-driving freight trucks will invite substantial growth.

Research and development activities form an important part of freight trucking market growth trajectory. These activities help in inventing new technologies and insights that help in the overall development of freight trucking market. The activities also assist in revenue-generation aspects, eventually contributing to the growth of the freight trucking market.

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Strategic collaborations play a crucial role in boosting the growth of the freight trucking market as they help in increasing the influence of the players, eventually expanding the growth landscape of the freight trucking market.

Transparency Market Research's (TMR's) report on the freight trucking market has every component that will assist the stakeholder in understanding the current scenario. The overall market research survey on freight trucking by TMR suggests a stable growth period.

According to the TMR experts, the market for freight trucking is prognosticated to expand at 5 percent CAGR during the forecast period of 2020-2030. In the context of valuation, the freight trucking market is estimated to reach a valuation of US$ 4 bn by 2030.

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Growing Influence of E-Commerce to Bring Immense Growth Opportunities

The trend of online shopping has expanded exponentially around the globe. Speedy internet access and the convenience of shopping from the comfort of the home have added to the popularity of online shopping. For assuring speedy delivery, freight trucking services are used on a large scale. Thus, these factors have a profound impact on the growth trajectory.

High Demand across Food and Beverage Industry to Accelerate Growth Opportunities

Vendors in the food and the beverage industry are striving to improve the speed of product fulfillment by strengthening its transportation network. Fierce competition among the food and beverage industry is encouraging the players to fulfill delivery commitments in a shorter span. This aspect is fueling the demand for freight trucking considerably, eventually increasing the growth rate of the global market.

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Nevertheless, the delivery of essential goods was not restricted during the strict lockdown period. Freight trucks were used for delivery of essential goods. This aspect helped in the stabilization of the freight trucking market. In addition, many relaxations were introduced later by various countries, which may assure pre-pandemic growth levels.

Some well-entrenched players in the freight trucking market are Canadian National, Estes Express Lines, Nippon Express Co., Ltd., UPS Freight, and SNCF Geodis.

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