Press release
2025 General Freight Trucking Industry Trends Report: Long-Term Outlook Through 2034
General Freight Trucking
What Is the Expected CAGR for the General Freight Trucking Market Through 2025?
In the past few years, the general freight trucking market has witnessed significant expansion. The market, which stood at $1074.69 billion in 2024 is projected to reach $1181.82 billion in 2025, growing at a CAGR of 10.0%. The historical surge in the market is a result of factors like enhanced oil and gas exports, augmented government backing, and the expansion in healthcare sector.
What's the Projected Size of the Global General Freight Trucking Market by 2029?
It is projected that the general freight trucking market will undergo significant growth in the coming years, expanding to $1662.2 billion in the year 2029 with an 8.9% compound annual growth rate (CAGR). This anticipated growth through the forecasting period can be credited to an increase in e-commerce transactions, a surge in the demand for food items, a rising need for raw materials from manufacturing sectors, and intensified urbanization. Key trends expected through the forecast period encompass truck platooning to enhance efficiency and cost-effectiveness, the incorporation of artificial intelligence (AI) in trucks, the application of the internet of things (IoT) in trucks, the use of fleet management software, and the formation of strategic alliances and collaborations.
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Top Growth Drivers in the General Freight Trucking Industry: What's Accelerating the Market?
The upswing in urban expansion is anticipated to fuel the progress of the general freight trucking market in the future. This rise in urbanization is propelled by elements such as economic potentials, industrialization, improved healthcare and education, and enhanced infrastructure within urban settings. The term urbanization depicts an escalating population density in urban regions, accompanied by city and town expansion, and socio-economic and infrastructural evolutions. As urbanization accelerates, there is a surge in demand for general freight trucking, given that an increasing volume of commodities need to be effectively transported to and within growing cities. For example, in January 2022, the United States Department of Commerce revealed that the US population was 332,403,650 in 2022, marking a 0.21% increase from the previous year. Thus, the escalating rate of urbanization is a key factor propelling the expansion of the general freight trucking market into the future.
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What Trends Will Shape the General Freight Trucking Market Through 2029 and Beyond?
Several prominent firms engaged in the general freight trucking industry are establishing partnerships for the enhancement and monitoring of general freight trucking services. These formal collaborations between two or more entities are designed to jointly manage a business and share its profits and responsibilities. For example, Uber Freight, an American-based freight and delivery management company, partnered with WattEV in March 2023. Through this partnership, WattEV is now able to provide its electric trucks to Uber Freight's shippers, promoting greener and more efficient freight transportation. The collaboration also includes CHEP, a company that focuses on supply chain solutions, acting as a key strategic partner. WattEV, also based in the US, offers its electric truck services. Moreover, in May 2022, Aurora Innovation Inc., a company from the US that specializes in self-driving vehicle technology, expanded its autonomous freight pilot program through a partnership with FedEx Corporation. This partnership aims to boost Aurora Innovation Inc.'s operational capabilities and meet the increasing demand for efficient freight transportation. This effort is part of a more extensive plan to incorporate autonomous technologies into logistics to enhance safety, efficiency, and reliability within the trucking industry. FedEx Corporation is a transport company based in the U.S. known for providing freight shipping with trucks.
What Are the Main Segments in the General Freight Trucking Market?
The general freight trucking market covered in this report is segmented -
1) By Type: Local General Freight Trucking, Long-Distance General Freight Trucking
2) By Size: Heavy Trucks, Medium Trucks, Light Trucks
3) By Application: Oil And Gas, Industrial And Manufacturing, Energy And Mining, Food And Beverages, Pharmaceuticals And Healthcare, Other Applications
Subsegments:
1) By Local General Freight Trucking: Same-Day Delivery Services, Short-Haul Trucking, Last-Mile Delivery, Distribution Services
2) By Long-Distance General Freight Trucking: Full Truckload (FTL) Services, Less Than Truckload (LTL) Services, Intermodal Transportation, Dedicated Freight Services
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Which Top Companies are Driving Growth in the General Freight Trucking Market?
Major companies operating in the general freight trucking market include United Parcel Service, Inc, Deutsche Post AG, FedEx Corporation, C.H. Robinson Worldwide, Inc, J.B. Hunt Transport Services, XPO Logistics, Inc., Ceva Logistics AG, Landstar System, Inc, A.P. Moller - Maersk, Standard Vulcanizers, Freight Mart Logistics, Prime Transport Corporation, OM Logsitcs Limited, Wellfield Services Limitada, Doyun Logistics Co., Ltd., GKR Transport, Australian Container Freight Services, Jiangsu Kunyue Logistics Co Ltd, Kunshan Yunda Express Co Ltd, Changsha Sitong Moving Transport Co Ltd, Ningbo Jinxing Logistics Co Ltd, Simco Trans GmbH, Shanghai Ruiqiang Logistics Co Ltd, Sichuan Wangcang County Transport Co Ltd, Beijing Keyun Logistics Co Ltd, TNT Expressare, InstaFreight GmbH, Haberling, Smart Move Facilities Services Inc, Kahmen TransCargo GmbH, House of Logistics and Mobility, AW Transport & Logistics GmbH, Livchem Logistics GmbH, DHL Express, Transportes Della Volpe Sa Comercio E Industria, Spice Logistics Private Limited, Pavages J.M. Beaulieu Inc, Les, Spares, Blackmine Outfitters Trucking Ltd, J & S Services Inc, R & C Weare Logging Ltd, N. W. White & Company, Bayshore Transportation System, Inc., Benny Whitehead, Inc., Koleaseco, Inc., Harper Investments, Inc., Pemex Logística, E.P.S., Frialsa Frigoríficos, S.A. de C.V., Bravo Servicos Logisticos Ltda, Ic Transportes Ltda, Tri Star Transport, Transportes Transvidal Ltda, Liderbras Logistica E Transportes Ltda, Xiamen C&D, Oilmar Shipping and Chartering DMCC, UB Freight Australia Pty LTD, International Marine & Energy DMCC, Bin Jaraa General Transporting, Contracting & General Maintenance Company, Tianjin Jinshi Wukuang International Logistics Co Ltd, Reinhardt Transport (Pty) Ltd, The National Coal Supply Corporation LTD, Alpha Omega International Trading Cc, Autocarrier Transport, Fpt Group (Pty) Ltd, Super Group Freight, Atteridgeville Bus Service (Pty) Ltd
Which Regions Will Dominate the General Freight Trucking Market Through 2029?
Asia-Pacific was the largest region in the general freight trucking market in 2024. North America was the second largest region in the general freight trucking market. The regions covered in the general freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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