Long-Distance General Freight Trucking Global Market Predicted to Augment and Reach over $1358.38 Billion at a CAGR of 10.1% By 2028 | XPO Inc., YRC Worldwide Inc., FedEx Corporation, GFA Alabama Inc., Hub Group Inc.

"The Business Research Company recently released a comprehensive report on the Global Long-Distance General Freight Trucking Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

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.

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Major Key Players of the Market:

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

Long-Distance General Freight Trucking Market 2024 Key Insights:

• 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%.
• Rising Manufacturing Output Boosts Long-Distance General Freight Trucking Market
• Electric Trucks In Long-Distance Freight Transportation
• Asia-Pacific was the largest region in the long-distance general freight trucking market in 2023

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Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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