Freight Trucking Market Size Projected To Reach US$ 4000.12 Billion and Growing at a CAGR of 4.35% By 2030

The Freight Trucking Market Size was valued at USD 2700.1 Billion in 2021. The Freight Trucking industry is projected to grow from USD 2844.5 Billion in 2022 to USD 4000.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.35% during the forecast period (2022 - 2030). The heavy-duty vehicle industry, or freight trucking, is notable for moving cargo from one location to another. Heavy load trucks are moved around by using the goods trucking industry. The market development of the goods trucking market share has expanded due to the swift growth of fast-moving customers. Globally accelerated construction sector growth is anticipated to propel market expansion.

Heavy-duty trucks are used by freight trucking to move cargo and items from one location to another. It is mostly used for transporting large and heavy goods. The goods trucking industry is anticipated to be driven by rising demand for door-to-door delivery over the projected period. Also, the market is supported by the expanding import and export of products and services on a global scale. Throughout the course of the projection period, a boom in demand for goods trucking is anticipated to result from the expanding e-commerce industry. Due to the efficiency of goods trucking as a means of transportation for products and services, it is in great demand across a variety of industries, including oil & gas, manufacturing, construction, mining, chemicals, and other sectors.

In the next years, it is anticipated that rising public spending on goods and services would increase demand for transportation services. Also, this is anticipated to generate profitable chances for the expansion of the income of suppliers of goods trucking services.

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The adoption of high-capacity trucks is also being influenced by the trucking industry's expanding technical development for a number of reasons. Throughout the course of the projection period, characteristics like refrigeration and increased performance for the efficient transportation of products are anticipated to provide new opportunities.

Nevertheless, there are a number of factors that are anticipated to impede market expansion throughout the projected period, including the lack of effective transportation infrastructure in emerging and underdeveloped nations and strict rules surrounding the emission control of heavy-duty vehicles.

Market Segmentation

The global Freight Trucking Market is segmented based on region, end-users, cargo type, and vehicle type.

Based on vehicle type, the market is further divided into heavy commercial vehicles, medium commercial vehicles, and light commercial vehicles. As projected in the report, the largest market share will be occupied by heavy commercial vehicles due to the growth of the construction sector.

Based on cargo type, the market is divided into refrigerated products, liquid bulk products, and dry bulk products. Due to the increased transportation of dry bulk goods like minerals, fertilizers, agricultural products, and chemicals, this sector will occupy a significant market share.

Based on end-use, the market is divided into healthcare, agriculture, food & beverages, oil & gas, construction & manufacturing, and others. During the forecast period, the largest share of the global Freight Trucking Market will be occupied by Manufacturing & construction sector.

Regional Analysis

The freight trucking market is dominated by the Asia Pacific region. This percentage is a result of the market's rising urbanization demand. Later, one of the primary drivers of the Asia Pacific region's growth is the government's efforts. Considering that the government is taking on the duty to raise their economic level. The market value of the Asia Pacific area has expanded as a result of the region's increasing urbanization and the government's construction of hospitals and healthcare facilities.

North America is the second region, after the Asia-Pacific, to hold the majority of the market. The value of the market has expanded as a result of the trucking and transportation of bulk goods to the building site.

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List of the Key Companies in the Freight Trucking market include

Cargo Carriers
UPS
FedEx
Ceva Holdings
Tuma Transport
Swift Transport
Interlogix, Kuehne +Nagel
Transtech Logistics
Procet Freight
Concargo and J&J
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