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General Freight Trucking Market Segments 2024-2033 | Size, Share And Insights
General Freight Trucking Market Segments
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According to The Business Research Company's, The general freight trucking market size has grown strongly in recent years. It will grow from $964.36 billion in 2023 to $1058.22 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to increase in oil and gas exports, increasing government support, and growth in the healthcare industry..
The general freight trucking market size is expected to see strong growth in the next few years. It will grow to $1502.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to growing e-commerce sales, rising demand for food products, rising demand for raw materials from the manufacturing industries and rising urbanization. Major trends in the forecast period include truck platooning for efficient and economical operations, use of artificial intelligence (ai) in trucks, iot (internet of things) in trucks, fleet management software, and strategic partnerships and collaborations..
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Market Drivers and Trends:
Increase in use of telematics in automotive sector is expected to propel the growth of general freight trucking market. Telematics is a combination of telecommunications and informatics, and it refers to the use of communication and information technology to transport, save, and receive data between devices and remote objects over a network. Telematics has grown into a critical tool in the trucking and transportation industries, providing fleet managers with crucial data about their vehicles and drivers. For instance, in January 2021, Mix Telematics, a South Africa-based software company, announced the launch of MyMiX Tracking. A new app-based tracking solution for fleets, designed to provide real-time monitoring capabilities to improve driver safety and manage risks. This solution has been crafted to offer real-time monitoring features, assisting clients in enhancing driver safety and risk management. It is a GPS fleet tracking solution accessible through a mobile app, empowering drivers to self-correct unsafe driving habits. Therefore, increase in use of telematics in automotive sector is expected to propel the growth of general freight trucking market.
Major companies operating in the general freight trucking market are developing new innovative technologies, such as AI based transportation system to provide reliable services to the customers. AI-based transportation systems refer to the use of artificial intelligence (AI) technologies in the transportation industry to improve traffic safety, efficiency, and passenger experience. For instance, in December 2022, CJ Logistics Corporation, a South Korea-based logistics company, launched The Unban. It is a uniquely designed platform for freight transportation that uses big data and artificial intelligence to link senders and freight trucks directly. The platform enables a goods truck owner to choose a transportation offer after a bidder uploads information about the location of departure, destination, and type of cargo.
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Major Key Players of the Market:
F. Hoffmann-La Roche, Eli Lilly and Company, Otsuka Pharmaceutical, Jiangsu HengRui Medicine, Biocon, Sanofi, PV Pharma Healthcare (India), Roche India, Novartis Oncology, Arlak Biotech (India), Healthkind labs Pvt. Ltd., SwisscheM Healthcare Pvt.Ltd, Apikos Pharma, Kolaz biotech., CStone Pharma (China), CARsgen Therapeutics (China), JW Therapeutics (China), BeiGene(China), Takeda Pharmaceuticals (Japan), Astellas Pharma Inc (Japan), Daiichi Pharmaceutical and Sankyo (Japan), AQVIDA GmbH, Baxter International Inc. (UK), AstraZeneca plc, GlaxoSmithKline plc, Veropharm, Biocad, Bristol-Myers Squibb, Celon Pharma, Celltrion Inc., Imugene Limited, Merck & Co. Inc., Pfizer Inc., Sandoz AG (A Novartis Division), Eurofarma Laboratórios S.A., TUTEUR ArgentinaPierre Fabre Group, Celnova Pharma, Johnson & Johnson, Teva Pharmaceutical Industries Ltd., Saudi Pharmaceutical Industries and Medical Appliances Corporation (SPIMACO), Gulf Pharmaceutical Industries (Julphar), Abbott Laboratories, Mylan Laboratories, GSK, Gilead Sciences, BMS, Ascedis Health
General Freight Trucking Market 2024 Key Insights:
• The general freight trucking market size is expected to see strong growth in the next few years. It will grow to $1502.83 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%.
• Telematics Revolutionizing The General Freight Trucking Market
• Technological Advancements And Innovative Partnerships In The General Freight Trucking Market
• Asia-Pacific was the largest region in the general freight trucking market in 2023
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