Truck Transport Global Market Report 2024

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 expansion observed in the historical period can be ascribed to swift urbanization, the integration of artificial intelligence in truck manufacturing, and a favorable 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 anticipated growth in the forecast period is linked to rising investments in truck transportation within end-use industries and the heightened impact of mergers and acquisitions, which are expected to propel market expansion. Key trends expected in this period encompass a concentration on fleet regionalization, the emphasis on platooning, the adoption of big data analytics, the utilization of artificial intelligence, and a focus on introducing new trucks leveraging the Internet of Things (IoT).

The growth of the truck transport market is supported by the anticipated stable economic growth in both developed and developing countries. According to the International Monetary Fund (IMF), global GDP growth is projected to reach 3.3% in 2020 and 3.4% in 2021. The recovery of commodity prices, following a significant decline in the historical period, is also expected to contribute to market growth. Developed economies are forecasted to experience steady growth during the projection period, with emerging markets continuing to outpace developed markets slightly. This stable economic growth is foreseen to stimulate investments in end-user markets, thereby acting as a driving force for the truck transport market.

The truck transport market is poised for growth due to the expanding e-commerce industry. E-commerce involves the electronic exchange of goods, services, or financial transactions over the internet. Truck transportation plays a crucial role in the e-commerce sector by ensuring timely and reliable product delivery to customers' doorsteps, enhancing overall order fulfillment efficiency. As an example, in September 2022, the International Trade Administration reported that consumer e-commerce constituted 30% of the UK's total retail sector (up from 20% in 2020), with an annual e-commerce revenue exceeding $120 billion. Thus, the burgeoning e-commerce industry is a key driver for the growth of the truck transport market.

Truck transportation companies are widely embracing fleet regionalization as a strategic approach to diminish operational costs and enhance transportation efficiencies. Consequently, businesses in the truck transportation sector are progressively shifting their focus from international and national operations to a more regional level. The adoption of fleet regionalization allows these companies to optimize operational efficiencies, curtail costs, and enhance both driver and truck turnaround times. Key benefits associated with fleet regionalization include expanded ports of entry, improved intermodal system capabilities, and shorter travel distances.

Leading companies in the truck transport market are intensifying their efforts to introduce hydrogen-fuel cell electric trucks, aiming to gain a competitive advantage in the industry. These commercial vehicles utilize hydrogen as a fuel source, generating electricity through a chemical reaction within fuel cells. For instance, in September 2022, Nikola Corporation, a US-based automotive company, unveiled its inaugural hydrogen fuel cell electric truck named Tre FCEV. This Class 8 semi-truck boasts a range of up to 500 miles and a rapid refueling time of 20 minutes. The truck operates on a hydrogen fuel cell that converts hydrogen into electricity, powering the vehicle's motor. The Tre FCEV represents one of the first commercially available hydrogen fuel cell trucks, playing a pivotal role in steering the transportation sector towards a more sustainable future.

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.

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.

The countries covered in the truck transport market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa. The truck transport market includes revenues earned by entities by transferring or moving cargo, personal effects, or deliveries for businesses between places like residences and workplaces or between the point of production and the point of sale. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

Within the truck transport market, two primary types are identified general freight trucking and specialized freight trucking. General freight trucking is dedicated to handling and moving goods, whether locally or over long distances, often utilizing containers. The market further classifies trucks by size, categorizing them as heavy trucks, medium trucks, and light trucks. Additionally, applications for truck transport span various sectors, including oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, along with other industries.

The truck transport market research report is one of a series of new reports that provides truck transport market statistics, including truck transport industry global market size, regional shares, competitors with a truck transport market share, detailed truck transport market segments, market trends and opportunities, and any further data you may need to thrive in the truck transport industry. This truck transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.