Freight Trucking Market - Global Industry Analysis, Growth, Trends, Forecast 2024

Freight Trucking Market: Overview

Freight trucking is an extremely important activity in the supply chain market and transportation business. Effective working of freight trucks ensures proper communication between different business processes and brings them together. Freight trucks forms the nerve center of any manufacturing or industrial activities as freight trucks carries raw materials required for business from one place to another. Moreover, freight trucks also help in transportation of finished goods to the respective markets. The efficient movement of freight is acting as a driving factor in the growth of Freight Trucking Market. Freight trucking service is providing more advanced freight solution for the industry due to increased use of modern technology and effective communication.

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Quality of service, reliability and timely delivery of goods along with proper freight management and logistics handling are the key factors on which the service of the freight trucks depends. There is a substantial growth in demand for heavy vehicles including trucks and trailers which acts as a driver for the freight trucking market. Moreover, adoption of latest technology in trucks such as use of hydraulics lifters and GPS navigation systems also drives the market for freight trucking. Moreover, safety in freight operations, reduction in cost and operational efficiency also increase the demand for freight trucks and thus drive the market.

Freight Trucking Market: Region-wise Insight

Asia-Pacific is the most attractive region for freight trucking market. Increase in infrastructural activities in the Asia-pacific region is mainly driving the freight trucking market as infrastructural development and construction activities requires transportation of equipments and goods from one place to another. In addition, the adoption of latest technology i.e. hydraulics lifters and automated doors used in freight trucks further also drives the freight trucking market in this region. Hydraulics lifters facilitate easy loading of goods in the freight trucks with less human effort. Automated doors act as a vacuum lock ensuring safety of goods and prevent unauthorized access to the valuable items in the trucks.

Thus, increase in productivity and less time consumption without compromising on cost drives the market. Escalating demand of HCV (heavy commercial vehicle) in the emerging countries like India and China is also driving the freight trucking market. The North America and Europe market for freight trucking is expected to grow at a steady pace over the forecast period. Steady recovery from the recent economic meltdown is responsible for the growth of business activities and manufacturing operations in North America which is driving the market for freight trucking in the region.

Presence of premium truck manufacturers such as Mercedes Benz, DAF, Volvo and Renault is driving the freight trucking market in Europe. The freight trucking market in Europe is mainly driven by quality of service and timely delivery. Thus the market is expected to continue its growth at a steady pace over the forecast period. Europe market faced steep challenge in the recent economic meltdown and is recovering at a steady pace which also in turn increased the demand for freight trucking market due to increase in industrial activities.

Freight Trucking Market: Key Players

Global key participants in the industry include UPS, Descartes System Group, DSV, DHL, CEVA Logistics, JDA Software, SNCF Geodis, Manhattan Associates, Kuehne+Nagel Inc, and DB Schenkerand.

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