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Freight Trucking Market is an important element in a successful economy
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According to TMR, the global freight trucking market is slated to report a CAGR of 5.6% between 2017 and 2025. If the growth pace holds true, the global freight trucking market will reach US$6,252.81 bn by the end of 2025, as against US$3,844.76 bn in 2016. On the back of exhibiting high demand, Asia Pacific emerged dominant in 2016. Besides this, the market is set to witness steadily rising demand from North America. Among the various truck types, the demand from the lorry trunk segment has been the highest.
Rising Demand for Goods Transport to Aid Growth
The transportation of goods have escalated immensely in the last couple of years. In response to the same the freight trucking market has gained much space. Besides this, growing urbanization, in combination with growth in trade volumes has stoked the demand for competent transport systems. Spurred by these factors, the global freight trucking market is likely to witness significant growth in the coming years. Besides this, the market is likely to expand further in response to the surge in online shopping over the years. The improved penetration of internet facilities worldwide, together with successful campaigns by online marketers, has fuelled online shopping across the globe in turn enabling the global freight trucking market gain significant momentum.
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To gain traction, the online shopping sites and ecommerce platforms make arrangement for convenient and speedy home delivery. This, coupled with the recent technological advancements are supporting the market’s growth over the years. The rising demand from emerging nations will aid the market’s expansion, besides the aforementioned factors. Also in the last couple of years the demand for long-distance freight trucking has augmented as well, creating lucrative prospects for the global freight trucking market.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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