Truck Transport Market on Path to Hit $3117.19 Billion by 2029 at 8.6% CAGR

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Truck Transport Market Outlook: What Size And CAGR Are Anticipated By 2025?
The size of the truck transport market has seen robust growth in the previous years. The market is projected to increase from $2068.22 billion in 2024 to $2242.2 billion in 2025, with a compound annual growth rate (CAGR) of 8.4%. The historical growth can be credited to fast-paced urbanization, the application of artificial intelligence in the production of trucks, and a favorable environment of low interest rates.

What Is the Expected CAGR for the Truck Transport Market Growth Through 2029?
The size of the truck transportation market is predicted to expand significantly in the coming years, reaching a value of $3117.19 billion in 2029, with a Compound Annual Growth Rate (CAGR) of 8.6%. This projected growth in the target period can be linked to rising investments in truck deliveries in end-user sectors and the surge in mergers and acquisitions, which are expected to stimulate market progress. Key trends anticipated during this forecast period comprise the emphasis on regionalization of fleets, platooning, the application of big data analytics and artificial intelligence, and the focus on launching new IoT (Internet of Things)-based trucks.

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What Are the Primary Drivers Behind Truck Transport Market Growth?
The expansion of the truck transport market is buoyed by the steady economic growth projected in numerous developed and emerging nations. Steady economic growth denotes continuous and sustainable advancements in a nation's economic production, marked by modest inflation, reduced unemployment, and evenhanded trade. When demand and supply are balanced, government policies are effective, and inflation is low, economic growth is considered stable. This fosters a conducive environment for investment and job creation. The steady economic growth aids the growth of the truck transport market by enhancing the demand for goods, raising trade activities and stimulating investment in infrastructure. For instance, the House of Common Library, a UK-based library and informative resource of the lower house of the British Parliament, reported in October 2024 that the UK's GDP was 2.9% higher in Q2 2024 than its level before the pandemic in Q4 2019. During the same period, the Eurozone's GDP increased by 3.9%, and Germany's GDP experienced a growth of 0.2%. The US reported the steepest GDP growth among G7 economies at 10.7%. Therefore, the steady economic growth is anticipated to fuel the expansion of the truck transport market.

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What Are the Key Segments Driving Truck Transport Market Growth?
The truck transport market covered in this report is segmented -

1) By Type: General Freight Trucking And Specialized Freight Trucking
2) By Size: Heavy Trucks, Medium Trucks And Light Trucks
3) By Application: Oil And Gas, Industrial And Manufacturing, Energy And Mining, Food And Beverages, Pharmaceuticals And Healthcare, Others

Subsegments:
1) By General Freight Trucking: Full Truckload (FTL) Services, Less-Than-Truckload (LTL) Services, Dry Van Trucking, Flatbed Trucking
2) By Specialized Freight Trucking: Refrigerated Trucking (Cold Chain Transport), Hazardous Materials Trucking, Oversized Or Heavy Haul Trucking, Auto Transport Services, Bulk Freight Trucking (Liquid And Dry Bulk)

What Are the Technological Trends Impacting the Truck Transport Market?
Truck transportation organizations are increasingly embracing fleet regionalization as a strategy to lower operational expenses and enhance transportation efficiencies. As such, entities in the truck transportation sector are progressively transitioning their services from the international and national spectrum to a more regional focus. The regionalization of truck fleets allows these companies to enhance operational effectiveness and decrease expenses, thus enhancing the rotation time of drivers and trucks. Key benefits of regionalizing fleets encompass an increase in entry ports, the capacity of intermodal systems, and a reduction in travel distances.

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Who Are the Major Competitors in the Global Truck Transport Market?
Major companies operating in the truck transport market include FedEx Corporation, Knight-Swift Transportation Holdings Inc., XPO Logistics, YRC Worldwide, J.B. Hunt Transport Services, Inc., LDI Dimotrans Group, Paige Logistics Ltd, Searcy Trucking Ltd, Transport Corporation of India, Vrl, Gati, ZARCAM, Agarwal Packers and Movers, United Parcel Service (UPS), Panalpina, TASA Logística, Shanghai CNEX Express Co. Ltd, Deppon Logistics Co. Ltd, HOAU Logistics Company Limited, Sohgo Security Services Co., Ltd, Skelton Truck Lines, Amazon Japan G.K, Schneider National, Inc., Van der Vlist Russia, Super Terminals, Konoike Transport Co., Ltd, Fukuyama Transporting Co. Ltd, Shanghai ANE Juchuang Supply Chain Management Co., Ltd, Seino Transportation Co., Ltd, Gefco, Logistics Ekol Romania, Puma Cargo, Truckways Limited, Deutsche Post AG, Schneider Transport SA, Dachser Group SE & Co, HAVI Logistics GmbH, Yusen Logistics, Maxitrans, Frigoexpres, Schenker Aktiengesellschaft, J&R Transport Inc, Yamato Transport Co., Ltd, Panamerican Cargo, Nippon Express, MSC Mediterranean Shipping Company (Qatar) W.L.L, Brian Kurtz Trucking Ltd, SF Express Co. Ltd, Spoton logistics, JADE TRANSPORT LTD, Trans-Nationwide Express, Om Logistics, Landstar System, Inc., Trans Sese SL, Dibiagi Transporte Internaciona, Rodovitor Transport and Vehicle Rental, Pronto Cargo, Galeon Logistics, Qatar Navigation (Milaha), Sagawa Express Co., Ltd, Old Dominion, Fox Brasil, Norte Brasil Logistica, Primafrio SL, McKevitt Trucking Limited, TFI International, Novatrade Brasil, Almas Movers International, GWC (Gulf Warehousing Company QPSC), S.C. PHARAON SPEED EXPRESS SRL, Gulf Agency Company - GAC Qatar, N&N Logistics Inc, Bin Yousef Cargo, E2E Qatar, GMC Logistics, KOS Deliveries, Ts Network Co., Ltd, Admiral Trucker Limited, BTXpress Universal Limited, Ekene Dili Chukwu Nigeria Limited, Konek Group

Which Region Dominates the Truck Transport Market Share in 2025?
Asia-Pacific was the largest region in the truck transport market in 2024. North America was the second largest region in the truck transport market. The regions covered in the truck transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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