Freight Trucking Market ( CAGR 4.35% ) Size, Share, Demand, Key Player, Research Report, Future Scope and Analysis During 2022-2030

The Freight Trucking Market Size is projected to grow from USD 2844.5 Billion in 2022 to USD 4000.12 Billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.35% during the forecast period (2022 – 2030).

The heavy-duty vehicle industry, or freight trucking, is notable for moving cargo from one location to another. Heavy load trucks are moved around by using the freight trucking industry. The market development of the freight trucking market share has grown due to the quick growth of fast-moving customers. The market value rises as a result of global population growth. Because of population expansion and accelerated urbanization, there is a rising need for freight transportation services. The market value declined as a result of the global increase in COVID. The market value decreased during the pandemic issue for a variety of reasons. The main problem was the several governments’ stringent restrictions. The labour and migrant employees retreated to their hometowns when the lockdown was enacted. As a result, there was a labour scarcity, which was a significant hindrance when moving objects from one area to another. The government has launched many attempts to halt the pandemic’s spread before it causes a major global catastrophe.

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Regional Analysis

The global Freight Trucking Market based on regions is segmented into four main geographies such as Asia- Pacific, Europe, North America and the Rest of the World.

Asia Pacific is evaluated to hold the most prominent global freight trucking market share during the estimated period. Quickly growing industrialization in arising countries is anticipated to drive the market. Escalating import/ export practices in emerging economies allows it to expand its global reach. The growing presence and application of online shopping and door-to-door services are expected to maintain dominance in the market.

North America is estimated to enhance its global share during the projected period as trucking is the most generally used transportation service in the region to deliver cargo, goods, commodities, and services. The presence of major key players and technological developments are expected to enhance market performance.

In the world, the Freight Trucking Market segment, the USA, Canada, Japan, China, and Europe will herd the 5.3% CAGR estimated for this segment. These regional markets considering a combined market size of US$ 277 Billion in the year 2020 will pass a projected size of US$ 384.8 Billion by the close of the analysis period. China will remain among the rapidly growing in this cluster of regional markets. Latin America will amplify at a 6.1% CAGR through the analysis period.

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Market Segmentation

The Global Freight Trucking market has been segmented into Vehicle Type, Cargo Type, and End-Use.

Based on the Vehicle Type, the market has been segmented into Light Commercial Vehicles, Medium Commercial Vehicles, and Heavy Commercial Vehicles.

Based on the Cargo Type, the market has been segmented into Dry Bulk, Liquid Bulk, and Refrigerated Products.

Based on the End-Use, the market has been segmented into Industrial & Manufacturing, Oil & Gas, Construction & Mining, Chemicals & Agri-Products, and Food & Beverages.

Key Players

Yellow Corporation (U.S.), Estes Express Lines (U.S.), XPO Logistics (U.S.), CEVA Logistics (Switzerland),CMA CGM S.A (France), Kuehne + Nagel International AG (Germany), Nippon Express Co., Ltd. (Japan), Saia Inc. (U.S.), SNCF group (France), ArcBest (U.S.).

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