Freight Trucking Market Size, Growth Statistics 2023 Industry Demand, Upcoming Investments and Forecast to 2031 | CEVA Logistics AG, Schneider National, Landstar System

Introduction
The global freight trucking market is experiencing significant growth as it serves as a vital means for transporting cargo, goods, and commodities from one location to another. Freight trucks are heavy-duty vehicles equipped with sturdy chassis and robust engines to handle heavier loads. They play a crucial role in moving cargo among factories, warehouses, retailers, and wholesalers. This report provides an overview of the market, including its size, growth potential, and key players. It also analyzes the factors influencing market growth, the impact of the COVID-19 pandemic, regional insights, and segmentation analysis.

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Market Overview
The global freight trucking market generated approximately US$ 2,733 billion in revenue in 2021. It is projected to reach US$ 4,457.9 billion by 2031, growing at a compound annual growth rate (CAGR) of 5.1% during the forecast period from 2022 to 2031.

Factors Influencing Market Growth
Several factors are driving the growth of the freight trucking market:

Increased usage of telematics in the automobile sector and the rise of the worldwide e-commerce industry are contributing to market growth.
Advancements in self-driving trucks are expected to create growth opportunities in the market.
Inadequate infrastructure and rising shipping costs are impeding market expansion.

Study of the COVID-19 Pandemic
The COVID-19 pandemic had a negative impact on the market. Government-enforced lockdowns, travel restrictions, and disruptions in global logistics and supply chains severely affected freight trucking. Changes in the workforce and temporary restrictions on the transportation of commodities were observed. Border closures and transit restrictions were implemented by many countries to control the spread of the virus. Supply chain disruptions, decreased auto sales, semiconductor component shortages, and temporary closures of production facilities further influenced the demand for freight trucks.

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Regional Insights
Asia-Pacific is expected to dominate the market. The region's expanding e-commerce industry and rising economies contribute significantly to market expansion. Strong government support for developing logistical infrastructure further fosters market growth. China, with its large population and robust manufacturing sector, has the largest logistics sector in the region. Additionally, the growth of the e-commerce sector across Asia-Pacific is expected to fuel market growth during the forecast period.

Leading Competitors
The global freight trucking market features several leading competitors, including:

CEVA Logistics AG
Schneider National
Landstar System
Saia
Nippon Express Co. Ltd
XPO Logistics
Old Dominion Freight Line
Yellow Roadway Corporation
Deutsche Post AG
Knight-Swift Transportation Holdings Inc
A.P. Moller - Maersk
J.B. Hunt Transport Services
FedEx Corporation
United Parcel Service of America
Estes Express Lines
Others

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Segmentation Analysis
The market segmentation for freight trucking is based on the following factors:

Truck Type: Dry van & box truck, Refrigerated truck, Tanker truck, Flatbed truck, Others

Cargo Type: Dry bulk goods, Liquids, Temperature-controlled goods, Others

End-User: Retail and E-Commerce, Industrial and Manufacturing, Healthcare, Automotive, Others

Region: North America (U.S., Canada, Mexico), Europe (UK, Germany, France, Italy, Spain, Rest of Western Europe, Poland, Russia, Rest of Eastern Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, ASEAN, Rest of Asia Pacific), Middle East & Africa (UAE, Saudi Arabia, South Africa, Rest of MEA), South America (Brazil, Argentina, Rest of South America)

Conclusion
The global freight trucking market is expected to witness substantial growth, driven by the increased usage of telematics, the rise of the e-commerce industry, and advancements in self-driving trucks. However, inadequate infrastructure and rising shipping costs pose challenges to market expansion. Asia-Pacific is projected to dominate the market, with China leading the region due to its large logistics sector and robust manufacturing industry. Leading competitors in the market are actively engaged in providing freight trucking services across various segments and regions.

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