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Freight Trucking Market to Develop at 5.2% CAGR During the Forecast Period, TMR Study – Yahoo Finance

WILMINGTON, DE / ACCESSWIRE / October 24, 2022 / Transparency Market Research Inc. – In 2021, the global revenue of freight trucking stood at US$ 2.06 Trillion. The market is expected to develop 5.20% CAGR during the forecast period, from 2022 to 2031. It is predicted that by 2031, the global freight trucking market will attain valuation of US$ 3.43 Trillion. The demand for items to be delivered from door to door is being fuelled by the e-commerce industry’s rapid rise, which is anticipated to propel the global freight trucking market. The demand for freight transportation types is also rising as a result of the increasing requirement for transportation in the energy, chemicals, mining, and oil & gas industries.
Companies are incorporating environmental aspects in a wide range of operational domains, from procurement to storage and transportation, due to the ability of freight transportation in addressing weather problems. Electric truck transportation is becoming more and more popular among businesses, particularly in industrialized nations like North America and Europe. Electric trucks are recent developments in the freight trucking.
Along with offering a variety of value-added services including round-the-clock real-time monitoring, GPS tracking, and temperature-controlled vehicles, they also offer comprehensive logistics tracking assistance. In order to broaden their global reach, major freight and logistic transportation businesses are constantly pursuing mergers and acquisitions.
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Key Findings of Market Report
The expansion of the door-to-door transportation industry, which is a result of the rapidly growing e-commerce industry, is responsible for the development of global freight trucking market. The increasing disposable income and expansion of middle-class populace are likely to boost the e-commerce sector. As such, there is a rise in the usage of freight trucking services, which is anticipated to boost revenue of freight trucking businesses.
The need for flatbed trucking and heavy haul trucking has increased owing to rapid expansion of industries throughout the world. Large machinery, equipment with unique or complicated shapes, as well as other heavy industrial products are transported using flatbed trucks. Significant spending on infrastructure and development activities have been motivated by the rapid industrialization and urbanization. As such, the requirement for heavy haul transportation is likely to increase.
The need for the transportation of military cargo has increased as border tensions between the Asia Pacific and Europe have risen. For instance, amid the continuing Russia-Ukraine conflict, Russia reportedly plans to spend US$ 600 Bn on its defense, security, and transportation systems by 2025. As such, profitable prospects for heavy haul trucking are expected to emerge as the need for freight transportation increase. This is anticipated to boost importance of freight transportation in the defense industry.
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Global Freight TruckingMarket: Growth Drivers
Based on truck type, it is estimated that the lorry tank category is predicted to have a significant proportion of the global freight trucking market. One of the most widely transported goods worldwide is crude oil. Crude oil transportation is constantly rising in both developing and industrialized nations. This is raising the need for trucking with lorry tank freight trucking.
North America is anticipated to lead the global market for freight trucking in the forthcoming years. With such a highly integrated supply chain system connecting consumers and producers, the US is now the fastest growing market for freight trucking in the region.
Global Freight Trucking Market: Key Competitors
Yamato Holdings Co., Ltd
DHL Paket GmbH
Nippon Express Co., Ltd.
Kuehne + Nagel International AG
R+L Carriers
TNT Holding B.V.
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Global Freight Trucking Market: Segmentation
Truck Type
Beauty Beverages/Drinks
Skin Care
Hair and Nail Care
Weight Management
Cargo Type
Dry Bulk Goods
Oil & Diesel
End Use
Oil & Gas
Industrial & Manufacturing
Energy & Mining
Pharmaceutical & Healthcare
Food & Beverages
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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