The trucking market will reach USD 3,768.1 billion in 2032.

Pune, July 8, 2024 (GLOBE NEWSWIRE) – The size of the truck transport market In 2023, it was recorded at USD 2,670 billion and is expected to reach USD 3,768.1 billion in 2032, growing at a compound annual growth rate (CAGR) of 3.9% during the forecast period 2024–2032.

The growing e-commerce sector is a key driver of the trucking market, with online shopping creating huge demand for efficient door-to-door transportation of goods. Customers’ need for fast and reliable delivery is forcing logistics companies to simplify their processes and leverage strong trucking networks. In addition, demand for trucking services is being driven by the growing emphasis on just-in-time inventory management in many industries. JIT practices require precise and timely delivery of raw materials and finished goods, making reliable trucking networks critical to the smooth running of a business. For exampleAccording to the China Association of Automobile Manufacturers, China saw sales increase by about 68% in 2023 compared with the previous year, reaching 81,000 units, thanks to a strong export network that boosted demand for heavy trucks.

Moreover, various companies are also taking steps towards acquisitions and mergers to focus on innovation and expansion in the road freight transport market.

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In March 2023DSV has acquired S&M Moving Systems West and Global Diversity Logistics, two US-listed logistics and freight forwarding providers. The transaction was structured to add depth to the growing semiconductor industry, complementing its new operations at Phoenix-Mesa Gateway Airport and supporting cross-border services to Latin America.

In addition, Fortem International also announced that Kuehne Nagel will be the official logistics provider for four of its international trade fairs in 2023. According to the agreementKuehne Nail acts as the exclusive distributor, Sensible for comprehensive logistics MES. As part of its promise to deliver sustainable logistics solutions, it will work closely with Fort International to reduce carbon dioxide emissions during trade fairs.

Last changes

February 2024- Ryder Acquired Cardinal Logistics, a North American provider of dedicated trucking services to fleets, to maintain its position as one of the leading designers of direct cargo shipping (DCC) services on direct routes.

January 2024 – RXO Release AI-powered truck check-in technology for warehouses or delivery centers. This system also simplifies check-in and security processes by recognizing trucks via video and then collecting data.

October 2023 – AP Moller Maersk and Kodiak Robotics co-deploy the world’s first autonomous truck lane between Houston, Texas, and Oklahoma City, heralding a new era in autonomous truck deployment.

Truck transport Market Report Scope and Overview:

Report Attributes	Details
Market size in 2023	2670 billion dollars
Market size in 2032	$3,768.1 billion
CAGR (2024-2032)	3.9%
Scope and Coverage of the Report	Market size, segment analysis, competitive landscape, regional analysis, DROC and SWOT analysis, outlook forecast
Market driver	The growth of e-commerce, international trade and growing demand for delivery services are driving market demand

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Segment analysis

By truck type: This dry van segment led the market with a revenue share of around 40% in 2023, which is key to its multifunctional nature with the ability to transport consumer goods as well as food items. Due to its popularity in the delivery of perishable goods, the market has seen a growth of around 25% in the last five years. According to Global Market News, North America currently holds around 30% of the Dry Van container market share.

By vehicle type: Heavy commercial vehicle vehicles are the market leader in this segment with over 30% revenue share during the forecast period due to globalization and significant growth in e-commerce. Models, which include heavy trucks and tractor units, meet the high demand for freight transportation among various business sectors.

By End User: Agriculture to gain the largest market share by end use in 2023 as perishable goods require efficient transportation solutions. The growth in this segment is driven by the need for time-sensitive and temperature-controlled shipping needed by businesses such as food, agriculture, etc.

Regional analysis:

North America dominates the global trucking market, supported by a solid road network and technological advances in logistics. Asia Pacific is emerging as the fastest growing region, driven by expanding trade activity and infrastructure investment.

To increase operational efficiency, North American transportation companies are implementing a series of technological innovations. This will allow IoT-connected railcars, tracks and loads to track their performance along with the conditions they are operating in, so that any failure mode can be immediately resolved, facilitating proactive decision-making. Blockchain technology brings transparency and security to logistics by streamlining communication processes between all participants. It optimizes operations, predicts maintenance requirements and increases asset efficiency using advanced analytics and big data. Automated technologies such as autonomous trucks and drones are being explored to increase safety, save delivery times and help reduce emissions. This shift towards electric trucks is driven more by the desire for reduced emissions and lower maintenance costs.

Europe and the rest of the world are also seeing significant growth thanks to the increasing number of e-commerce platforms and the expansion of ports.

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Key conclusions

• Rapid globalization and the expansion of e-commerce are driving growth in the road transportation market.
• Technological advances in fleet management increase operational efficiency.
• The growing demand for just-in-time deliveries is increasing the popularity of trucking services.
• Regional expansion and strategic acquisitions shape market competitiveness.
• Sustainability initiatives and regulatory measures are influencing market dynamics.

Table of Contents – Key Points

1. Introduction

2. Industry Flow Chart

3. Research methodology

4. Market dynamics

4.1 Drivers

4.2 Limitations

4.3 Possibilities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Segmentation of the truck transport market by drive type

8. Segmentation of the truck transport market by vehicle type

9. Segmentation of the truck transport market by end use

10. Regional analysis

11. Company profiles

12. Competitive Landscape

13. Use Case and Best Practices

14. Conclusions

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