Press release
Projected Growth and Market Size of Local General Freight Trucking: A Look into Key Trends and Major Players
Local General Freight Trucking Market
An overview of the local general freight trucking market: current market size, expected growth rate, key drivers, and emerging trends.
What Is The Projected Market Size Of The Global Local General Freight Trucking Market And Its Growth Rate?
- The local general freight trucking market size was $134.29 billion in 2024, and it's expected to grow to $136.39 billion in 2025, representing a compound annual growth rate (CAGR) of 1.6%.
- The growth in the historic period was attributed to factors such as economic growth in emerging markets, the growth in the building and construction sector, and a rise in disposable income.
- The local general freight trucking market is expected to grow marginally in the upcoming years, reaching $147.35 billion in 2029 at a CAGR of 2.0%.
- This growth is anticipated due to growing e-commerce sales, rising urbanization, and increasing demand for raw materials from manufacturing industries.
What Is Driving The Growth In The Local General Freight Trucking Market?
The rise in e-commerce sales is expected to fuel the local freight trucking market's growth in the forecast period. E-commerce, which pertains to buying and selling products and services on the Internet, directly impacts the trucking industry due to the necessity of moving items from various locations. For instance, according to the European Commission, the Belgium-based governing body responsible for executing decisions and upholding the EU treaties, 92% of surveyed individuals aged 16-74 used the internet in the past year, with 70% purchasing goods or services. This marks a 2% increase from 2022. Furthermore, 75% of EU internet users bought items online in 2023, underlining the continued growth of e-commerce. This increase in e-commerce sales elevates the demand for transporting goods and, in turn, drives the growth of the local freight trucking market.
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Who Are the Key Players Driving Local General Freight Trucking Market Growth?
Major companies operating in the local general freight trucking market include:
- FedEx Corporation
- Deutsche Post DHL Group
- Yellow Corporation
- C.H. Robinson Worldwide Inc
- Old Dominion Freight Line Inc.
- XPO Logistics Inc.
- Landstar System Inc
- Knight Swift Transportation Holdings Inc.
- Schneider National, Inc.
- JB Hunt Transport Services Inc
- Luzhou Litong Industry Co., Ltd, and others.
What Are The Key Trends In The Local General Freight Trucking Market?
Key trends in the forecast period include:
- Use of Artificial Intelligence (AI)
- Focus on the Internet of Things (IoT)
- Mergers and acquisitions
- Increasing investments
- Partnerships and collaborations.
What Are The Segments Of The Global Local General Freight Trucking Market?
The local general freight trucking market is segmented by:
1) Type: Truckload Transportation, Less-Than-Truckload Transportation, Intermodal Transportation, Dry-Bulk Transportation, Other Types
2) Size: Heavy Trucks, Medium Trucks, Light Trucks
3) Application: Oil And Gas, Industrial And Manufacturing, Energy And Mining, Food And Beverages, Pharmaceuticals And Healthcare, Other Applications
Which Region Leads The Local General Freight Trucking Market?
Asia-Pacific was the largest region in the local general freight trucking market in 2024, followed by North America. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What Is Covered In The Local General Freight Trucking Market Global Market Report?
- Market Size Analysis: Analyze the Local General Freight Trucking Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Local General Freight Trucking Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Local General Freight Trucking Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Local General Freight Trucking Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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