Press release
Local General Freight Trucking Industry Set to Achieve $175.94 Billion Milestone by 2029 | Steady 5.3% CAGR
Local General Freight Trucking Market
What Is the Long-Term Growth Forecast for the Local General Freight Trucking Market Size 2025?
The general freight trucking sector in the local market has shown consistent growth in the past few years. It is expected to escalate from a value of $136.42 billion in 2024 to a higher valuation of $142.85 billion in 2025, growing at a compound annual growth rate (CAGR) of 4.7%. Factors such as economic development in burgeoning markets, expansion in the construction and building industry, along with an increase in disposable income have contributed to this growth during the historical period.
What CAGR is Forecasted for the Local General Freight Trucking Market Through 2029?
The size of the local general freight trucking market is predicted to experience robust expansion in the upcoming years. It is forecasted to expand to a market value of $175.94 billion by 2029, with a compound annual growth rate (CAGR) of 5.3%. The anticipated growth during this forecast period is largely due to the surge in e-commerce sales, escalating urbanization levels, and increased raw material demand from manufacturing sectors. Key trends foreshadowed for this period include the implementation of artificial intelligence (AI), a greater emphasis on the internet of things (IoT), as well as mergers and acquisitions, heightened investments, and partnerships and collaborations.
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What Are the Critical Factors Driving Local General Freight Trucking Market Development?
The uptick in e-commerce transactions is anticipated to propel the expansion of the local freight trucking market during the forecast period. E-commerce involves the online buying and selling of goods and services. The e-commerce sector heavily relies on trucking services for the relocation of goods, affecting the trucking industry directly. For instance, according to the data furnished by the European Commission, a Belgium-based regulatory entity executing decisions and upholding the EU treaties, in April 2024, of the surveyed individuals aged from 16-74, 92% had used the internet during the previous year, with 70% making online purchases of goods or services. This shows an increase of 2% compared to 2022. Furthermore, 75% of the EU's internet users engaged in online shopping in 2023, emphasizing the sustained rise in e-commerce. The surge in e-commerce sales escalates the demand for transporting these goods, thus driving the expansion of the local freight trucking market.
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How Does the Local General Freight Trucking Market Break Down Across Major Segments?
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
What Are the Major Trends Transforming the Local General Freight Trucking Industry?
The growing influence of the Internet of Things (IoT) within the transportation sphere is a notable development making waves in the local general freight trucking market. The transportation sector's landscape is set to transform drastically with the IoT, which collects and interprets data from various market and technological advancements related to data analytics and mobility automation. The benefits span across fleet management and location tracking. Businesses globally are exploring innovative ways to leverage the benefits of the IoT to enhance productivity and efficiency. For example, Kuehne + Nagel, based in Switzerland and operating in the transport and logistics sector, employs IoT for monitoring freight - a strategy that alerts about shifts in temperature, humidity, pressure, shock, and tilt at the parcel level.
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Which Players Are Driving Innovation in the Local General Freight Trucking Market?
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 Driving Global Local General Freight Trucking Market Expansion?
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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