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Global Long-Distance General Freight Trucking Market Comprehensive Study: Forecasted Market Size And Growth Rate | XPO Inc., YRC Worldwide Inc., FedEx Corporation, JB Hunt Transport Services Inc
Long-Distance General Freight Trucking Market Size
The Business Research Company offers in-depth market insights through Long-Distance General Freight Trucking Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The long-distance general freight trucking market size has grown rapidly in recent years. It will grow from $832.99 billion in 2023 to $924.43 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to expansion of the long-distance general freight trucking, growth of e-commerce, shortage of qualified truck drivers, high levels of competition and strong economic growth in emerging markets.
The long-distance general freight trucking market size is expected to see rapid growth in the next few years. It will grow to $1358.38 billion in 2028 at a compound annual growth rate (CAGR) of 10.1%. The growth in the forecast period can be attributed to growing need for efficient and cost-effective transportation, increasing focus on sustainability and reducing carbon emissions, rising urbanization, rising demand for raw materials from the manufacturing industries and surge in oil and gas exports. Major trends in the forecast period include increasing use of tractor-trailer combinations, gradual shift towards more local truck drivers, iot (internet of things) in trucks, truck platooning for efficient and economical operations and use of artificial intelligence (al).
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Market Segmentation:
The main services in the long-distance general freight trucking market are general long-distance truckload carriers, general long-distance less-than-truckload carriers, and other transportation services. The general long-distance truckload carriers provide long-distance general freight trucking between metropolitan areas. The market is segmented by activities into general long-distance truckload transit, general long-distance less-than-truckload transit, logistics planning, container trucking long-distance, and motor freight trucking long-distance. It is also segmented by size into heavy trucks, medium trucks, and light trucks and by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, and others.
Major Driver - Rising Manufacturing Output Boosts Long-Distance General Freight Trucking Market
An increase in the manufacturing output of different industries is expected to drive the growth of the long-distance general freight trucking market. More manufacturing output calls for more trucking to carry the freight from one place to another. For instance, in January 2023, according to Tesla Inc., a US-based automotive and clean energy company, in 2022, the company produced more than 439,000 vehicles and successfully delivered over 405,000 of them, there was a 40% year-on-year growth in vehicle deliveries, totaling 1.31 million. Production also experienced significant growth, increasing by 47% year-on-year to reach 1.37 million vehicles. Thus, the increased manufacturing output, which results in increased trucking for transportation of the finished products, is driving the growth of the long-distance general freight trucking market.
Competitive Landscape:
Major companies operating in the long-distance general freight trucking market include XPO Inc., YRC Worldwide Inc., FedEx Corporation, JB Hunt Transport Services Inc., Knight-Swift Transportation Holdings Inc., Old Dominion Freight Line Inc., Joe's Logistics Inc., Universal Truckload Holdings Inc., Reynolds Logistics Inc., Carolina Cargo Freight Expediters LLC, Spirit Truck Lines Inc., Kivi Bros Trucking Inc., Mangino Holding Corporation, Duncan and Son Lines Inc., GFA Alabama Inc., C&S Wholesale Grocers, Kenan Advantage Group Inc., Universal Logistics Holdings Inc., Ceva Logistics Us Holdings Inc., Lynden Air Cargo, Hub Group Inc., Aaa Cooper Transportation, Charlotte Truck Center Inc., Estes Express Lines, TForce Freight, ABF Freight System Inc., R+L Carriers Inc., Saia Motor Freight Line LLC, Central Transport International Inc., Oak Harbor Freight Lines Inc., Daylight Transport, New Penn Motor Express LLC, New England Motor Freight Inc., A. Duie Pyle Inc., USF Reddaway Inc., Roadrunner Transportation, Pitt Ohio Transportation Group, Dayton Freight Lines Inc., Forward Air Corporation, Averitt Express, Southeastern Freight Lines
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Top Trend - Electric Trucks In Long-Distance Freight Transportation
Electric trucks are being increasingly used by the long-distance general freight trucking market for transportation, which is expected to propel the market's growth. Numerous retailers and transporters are putting in huge orders of electric trucks for beverage routes and last-mile delivery. In September 2020, Amazon bought 10 electric trucks from Lion Electric, and they ordered 100,000 electric delivery vans from startupRivian with deliveries from 2021 to 2024.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Long-Distance General Freight Trucking Market Characteristics
3. Long-Distance General Freight Trucking Market Trends And Strategies
4. Long-Distance General Freight Trucking Market - Macro Economic Scenario
5. Long-Distance General Freight Trucking Market Size And Growth
…..
27. Long-Distance General Freight Trucking Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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