E-commerce is driving the trucking market

Due to the growth of global e-commerce, SNS Insider research forecasts that the trucking market will grow by 3.9% between 2024 and 2032, reaching a value of $3,768.1 billion.

The truckload freight market was recorded at $2,670 in 2023 and is growing significantly due to the growing global e-commerce industry as trucks are used to transport goods and packaged products between distribution centers, warehouses, and to retailers. Increasingly fast and last mile door-to-door parcel delivery from warehouse centers or fulfillment centers is positively impacting the market.

Rapid industrialization has also resulted in the widespread introduction of trucking for the transportation of heavy equipment, complex machinery and raw materials, as well as for the transportation of tools and construction materials between factories and manufacturing plants, which has also spurred market growth.

Other factors driving the market include government initiatives and policies regarding electric mobility solutions and the implementation of advanced delivery systems.

North America is expected to lead the trucking market during the forecast period as the United States is a major player in truck logistics with a strong supply chain and demand. It supports a large and diversified economy, and a significant amount of freight is transported by long-haul and local trucks.

In May 2022, Maersk completed the acquisition of Pilot Freight Services, a U.S.-based global franchise providing international and domestic cross-border solutions in Canada and Mexico.

The Asia-Pacific region is expected to grow significantly between 2024 and 2032 due to China’s large and diversified trucking industry, which is driven by the country’s manufacturing- and export-focused economy. The sector has transformed, with an emphasis on modernizing truck fleets to increase efficiency and sustainability.

Given its vast geographic area and population, the Indian trucking business is crucial to the country’s overall logistics. As the region’s economy and trade grow, countries like Thailand and Vietnam are also seeing expansion in their trucking sectors.

The main factors driving the growth in demand for shipping services include the growth in international trade, e-commerce, and globalization. According to the recorded data, the e-commerce platform grew by about 39 percent globally in 2023 compared to 2022.

Agriculture had the largest share in the road freight transport market, generating over 30 percent of revenue in 2023. This trend is expected to continue until 2032.

The dry van segment accounted for the largest share, around 40 percent. Dry vans can carry a variety of goods, consumer products, electronics, furniture, textiles, and food items. These features, which make them a popular choice among freight forwarders and shippers, are driving the market growth in this direction. The tanker segment remains the fastest growing during the forecast period. Tanker vehicles are required due to the growth in industrial sectors such as chemicals, petroleum, pharmaceuticals, and food products like milk and others.