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Adoption Of IOT Revolutionizes The Local General Freight Trucking Market Industry Trends Gaining Momentum in the Global Local General Freight Trucking Market
Local General Freight Trucking
What Will the Local General Freight Trucking Industry Market Size Be by 2025?
The size of the local general freight trucking market has seen a slight increase in the past few years. With a compound annual growth rate (CAGR) of 1.6%, it's expected to increase from $134.29 billion in 2024 to $136.39 billion in 2025. Factors contributing to the historical growth include economic expansion in developing markets, increased activity in the building and construction sector, and a surge in disposable income.
What's the Long-Term Growth Forecast for the Local General Freight Trucking Market Size Through 2029?
In the coming years, a subtle expansion is anticipated in the local general freight trucking market, anticipated to reach $147.35 billion in 2029, with a compound annual growth rate (CAGR) of 2.0%. The growth projected in this timeframe is linked to the escalation in e-commerce sales, increased urbanization, and higher demand for raw materials by manufacturing industries. Significant trends expected during this forecast period involve the application of artificial intelligence (AI), emphasis on the Internet of Things (IoT), along with mergers, acquisitions, and the surge in investments, partnerships, and alliances.
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What Are the Key Growth Drivers Fueling the Local General Freight Trucking Market Expansion?
The forecasted growth of the local freight trucking market is anticipated to be driven by the rise in e-commerce sales. E-Commerce, which involves the online buying and selling of goods and services, heavily depends on trucking for the transportation of its products from one place to another, thus directly influencing the trucking industry. For example, data from the European Commission - a Belgium-based institution responsible for implementing decisions and maintaining EU treaties - showed that out of the people aged 16-74 surveyed in April 2024, 92% had used the internet in the previous year, with 70% buying goods or services, a 2% increase from 2022. Furthermore, 75% of EU internet users made online purchases in 2023, demonstrating the persistent expansion of e-commerce. Consequently, the surge in e-commerce sales augments the need for goods transportation, which in turn propels the growth of the local freight trucking market.
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What Are the Key Trends Driving Local General Freight Trucking Market Growth?
The trend of incorporating the Internet of Things (IoT) into the transportation sphere is gaining traction in the local general freight trucking market. The influence of IoT is expected to revolutionize the transportation industry by assimilating market data and crucial insights from technological advancements regarding data analytics and mobility automation. This incorporation will enhance aspects like fleet management and location tracking. Various global companies are discovering innovative methods to utilize the IoT to increase their overall productivity and efficiency. For example, Kuehne + Nagel, a logistics and transport company based in Switzerland, employs IoT to monitor freight; this aids in issuing alerts regarding temperature, humidity, pressure, shock, and tilt at the parcel level.
How Is the Local General Freight Trucking Market Segmented?
The local general freight trucking market covered in this report is segmented -
1) By Type: Truckload Transportation, Less-Than-Truckload Transportation, Intermodal Transportation, Dry-Bulk Transportation, Other Types
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 Truckload Transportation (TL): Full Truckload Services, Dedicated Freight Services, Regional Truckload Services
2) By Less-Than-Truckload Transportation (LTL): Consolidated Freight Services, Multi-Stop Deliveries, Time-Sensitive LTL Services
3) By Intermodal Transportation: Truck-Rail Intermodal Services, Truck-Water Intermodal Services, Integrated Intermodal Solutions
4) By Dry-Bulk Transportation: Transportation Of Dry Bulk Commodities, Specialized Bulk Tankers, Bulk Material Handling Services
5) By Other Types: Specialized Freight Transportation, Temperature-Controlled Trucking Services, Expedited Freight Services
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Which Companies Are Leading the Charge in Local General Freight Trucking Market Innovation?
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, Yibin Dahuang Logistics Co., Ltd, Infinity Cargo Logistics (China) Limited, YAMATO TRANSPORT CO., LTD, Nippon Express Company, Ltd, Yamato Transport, Coupang Fulfillment Services Ltd, DONGWON LOEX Co., Ltd, Federal Express Corporation, Oocl Uk Branch, Royal Mail Group Limited, Gxo Logistics Uk Limited, Dhl Freight Gmbh, DHL Express, TNT Expressare and Spares, Van der Vlist Russia, Logistics Ekol Romania, Frigoexpres, S.C. PHARAON SPEED EXPRESS SRL, Pavages J.M. Beaulieu Inc Les, Smart Move Facilities Services Inc, 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, Nippon Express, Rodovitor Transport and Vehicle Rental, Yusen Logistics, Fox Brasil, Panalpina, Maxitrans, Forward Movers, Creek General Transport, Prime Transport LLC, Haulier refrigerated & Chiller Van Transport Dubai, Ardh Al Madina Group, Alpha Omega International Trading Cc, Autocarrier Transport, Fpt Group (Pty) Ltd, Standard Vulcanizers, Atteridgeville Bus Service (Pty) Ltd
Which Regions Are Leading the Global Local General Freight Trucking Market in Revenue?
Asia-Pacific was the largest region in the local general freight trucking market in 2024. North America was the second largest region in the local general freight trucking market share. The regions covered in the local general freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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