Truck Transport Market Growth, Insights, Demand, Forecast to 2033

Global truck transport market size is expected to reach $3120.2 Bn by 2028 at a rate of 8.7%, segmented as by type, general freight trucking and specialized freight trucking

Jul 10, 2024 - 12:23

Truck Transport Market Growth, Insights, Demand, Forecast to 2033

Overview and Scope

Truck transport refers to a mode of transportation of goods that provides over-the-road transportation of cargo using motor vehicles such as trucks and tractor-trailers, which is a big, heavy truck designed to transport cargo from one place to another to deliver services in rural areas and short-distance locations and reduce the risk of damage to goods.

Sizing and Forecast

The truck transport market size has grown strongly in recent years. It will grow from $2048.4 billion in 2023 to $2237.39 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to rapid urbanization, artificial intelligence in trucks manufacturing and low interest rate environment. .

The truck transport market size is expected to see strong growth in the next few years. It will grow to $3120.2 billion in 2028 at a compound annual growth rate (CAGR) of 8.7%. The growth in the forecast period can be attributed to increasing investments in truck transportation in end use industries and increased mergers and acquisitions will drive market growth. Major trends in the forecast period include focus on fleet regionalization, focus on platooning, use of big data analytics, use of artificial intelligence and focus on launching new trucks based on iot (internet of things)..

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Segmentation & Regional Insights

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

Sub segments: Long-Distance General Freight Trucking And Local General Freight Trucking, Dry Bulk Materials, Automobiles And Heavy Equipment, Forest Products, Refrigerated Goods, And Bulk Liquids

Asia-Pacific was the largest region in the truck transport market in 2023. 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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Major Driver Impacting Market Growth

The truck transport market's growth is aided by the stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.

Key Industry Players

Major companies operating in the truck transport market report are 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, DHL -Mall of Qatar, GMC Logistics, KOS Deliveries, Ts Network Co., Ltd, Admiral Trucker Limited, UPS Inc, BTXpress Universal Limited, Ekene Dili Chukwu Nigeria Limited, Konek Group

The truck transport market report table of contents includes: