Extensive market research reveals that the Freight Trucking Market will grow with a CAGR of 5.9% during the period 2020 and 2026 and reach an approximate value of USD 4032 billion in 2030.
Freight trucks are used to carry commodities of different types and are in high demand due to growth in trade and economy across the globe.
The strict restriction imposed by the government of various countries during the COVID-19 pandemic had affected the global negatively. Due to the severity of the pandemic in some regions, production was low and logistics problems cropped up which had hampered the growth of the market. At the same time, the steep rise in the E-commerce sector has created new opportunities for the global Freight Trucking Market.
The global Freight Trucking Market Size is anticipated to grow significantly during the forecast period 2022-2028. The important market drivers are the rise in the use of E-commerce platforms, improved road conditions, and improved vehicles or cargos.
The strict government regulations, recent geopolitical tensions, and high cost of transportation may restraint the growth of the market to some extent.
The continuous increase in the demands for ready-to-eat and ready-to-serve foods across the globe has contributed to the growth of the global Freight Trucking Market. The growth of the pharmaceutical sector has also increased the demand for trucks that have the latest technologies for temperature control so that medical supplies can be supplied safely.
The global shipping companies is segmented based on region, end-users, cargo type, and vehicle type.
Based on vehicle type, the market is further divided into heavy commercial vehicles, medium commercial vehicles, and light commercial vehicles. As projected in the report, the largest market share will be occupied by heavy commercial vehicles due to the growth of the construction sector.
Based on cargo type, the market is divided into refrigerated products, liquid bulk products, and dry bulk products. Due to the increased transportation of dry bulk goods like minerals, fertilizers, agricultural products, and chemicals, this sector will occupy a significant market share.
Based on end-use, the market is divided into healthcare, agriculture, food & beverages, oil & gas, construction & manufacturing, and others. During the forecast period, the largest share of the global Freight Trucking Market will be occupied by Manufacturing & construction sector.
The global Freight Trucking Market is divided into the regions- North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. In recent years, the market is dominated by the Asia-Pacific region. The main factor is the growth of the mining and construction industry in this region. Investment by foreign companies and supportive government policies will also help the market to grow substantially during the forecast period.
Market analysts anticipate that after the Asia-Pacific region North America will occupy the next largest Freight Trucking Market Share during the forecast period. The most important reason is that in the North American region, trucking is the most common means of transport to deliver different types of goods and services.
The launching of new products and services by the key players of the global Freight Trucking Market will help in the consistent growth of this industry. The companies have set up new units to expand their businesses and are investing in freight trucks with the latest technologies to ensure the best quality services.
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