Pune, India., Feb. 02, 2023 (GLOBE NEWSWIRE) -- The global freight trucking market size is expected to emerge due to the rising demand for door-to-door transport facilities during the projected period. Fortune Business Insights™ publishes this information in an upcoming report titled, "Freight Trucking Market, 2023-2030". Freight trucking includes heavy-duty trucks for transporting goods and cargo to long distances. People are inclining towards home delivery services that raise the market's demand. Gradually rising import/export activities to distribute the goods globally are expected to drive the market in coming years.
The global freight trucking market is anticipated to grow due to the rising demands for home delivery services during the forecast period. Rising adoption towards e-commerce platforms is expected to improve product demand and utilization of transport services. Gradually developing urbanization is anticipated to stimulate market growth in the coming years. Improving transportation capacity and technological advancements will likely improve product performance and increase service demand. In contrast, high costs and government regulations are likely to restrict the market growth during the forecast period.
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Drivers & Restraints-
Growing Urbanization to Bolster Market Growth
The Freight Trucking market has seen a steady increase in demand in recent years. This can be attributed to several factors, including the rise of e-commerce and increasing demand for goods and services. As more and more consumers turn to online shopping, the demand for efficient delivery services increases, which in turn increases the demand for Freight Trucking services. In addition, the increase in global trade is also driving freight demand. As countries continue to expand their trading partnerships, the need for efficient and reliable delivery services becomes even more important. growth factor
The Freight Trucking market is expected to continue to grow in the coming years, driven by several key factors. One of the main drivers is the growing demand for e-commerce. As more and more consumers turn to online shopping, the demand for efficient delivery services will continue to grow, which will in turn increase the demand for Freight Trucking services.
In addition, an increase in global trade will also boost freight demand. As countries continue to expand trade partnerships, the need for efficient and reliable delivery services will become even more important.
Despite the growth of the truck market, companies in this sector still face many challenges. One of the biggest challenges is the lack of riders. The Freight Trucking industry is facing a driver shortage, which is putting pressure on the industry and making it difficult for companies to meet the growing demand for their services. In addition, rising fuel, insurance and maintenance costs have also created challenges for the industry. These rising costs make it difficult for companies to maintain profit margins and remain competitive in the market. Freight market trends
The truck market is also seeing some trends shaping the future of the industry. One of the biggest trends is the adoption of technology. Companies are using technology to improve operations and increase efficiency, including the use of GPS tracking, digital delivery and automated invoicing.
Report Coverage:
The report for the freight trucking market highlights detailed research on new advancements implemented in the industry to bolster market development and gain lucrative opportunities to improve service demands. New services and products introduced by key players in major countries are discussed further in this report to analyze the company's business development strategies. The competitors' number of products and services are assessed to understand the potential scope for developing market performance in emerging competition.
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Competitive Landscape
Key Players Launch New Services to Maintain Market Position
Key players plan to launch a new product range and services to improve performance. Creating strategic alliances and partnerships allows businesses to enhance their performance by acquiring global market share. These strategies enable key players to develop business reach and ensure high productivity.
Segments-
- By type, the market is divided into a flatbed truck, refrigerated truck, truck trailer, and lorry truck.
- On the basis of end-user, the market is segregated into food & beverages, pharmaceuticals & healthcare, defense, chemicals, energy & mining, industrial & manufacturing, and oil & gas.
- Based on the distance covered, the market is segmented into 50 miles or less, 51-100 miles, 101-200 miles, 201-500 miles, and above 501 miles.
- By cargo type, the market is categorized into oil & diesel, dry bulk goods, postal, and others.
- Finally, by geography, the market is separated into North America, Asia Pacific, Europe, and the Rest of the World.
Regional Insights-
Asia Pacific to Dominate Market Due to Increasing Import/Export Activities
Asia Pacific is estimated to hold the most prominent global freight trucking market share during the projected period. Rapidly growing industrialization in emerging countries is expected to drive the market. Increasing import/export practices in emerging economies allows it to expand its global reach. The growing presence and usage of online shopping and door-to-door services are anticipated to maintain dominance in the market.
North America is anticipated to improve its global share during the projected period as trucking is the most commonly used transportation service in the region to deliver cargo, goods, commodities, and services. The presence of major key players and technological developments are anticipated to improve the market performance.
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A list of prominent Freight Trucking operating in the global market:
- Canadian National (Canada)
- A.P. Moller Maersk (Denmark)
- CEVA Logistics (France)
- CMA CGM (France)
- DHL Paket GmbH (Germany)
- Deutsche Post (Germany)
- Estes Express Lines (U.S.)
- FedEx Corporation (U.S.)
- Nippon Express Co. Ltd. (Japan)
- Saia Motor Freight Line (U.S.)
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