The Local General Freight Trucking by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Local General Freight Trucking, The local general freight trucking market size has grown marginally in recent years. It will grow from $131.36 billion in 2023 to $133.79 billion in 2024 at a compound annual growth rate (CAGR) of 1.8%. The growth in the historic period can be attributed to economic growth in emerging markets, growth in building and construction sector and a rise in disposable income.
The local general freight trucking market size is expected to see marginal growth in the next few years. It will grow to $144.45 billion in 2028 at a compound annual growth rate (CAGR) of 1.9%. The growth in the forecast period can be attributed to growing e-commerce sales, rising urbanization and rising demand for raw materials from the manufacturing industries. Major trends in the forecast period include use of artificial intelligence (ai), focus on internet of things (iot), mergers and acquisitions, increasing investments, partnerships and collaborations.
The increase in e-commerce sales is expected to fuel the growth of the local freight trucking market in the forecast period. E-Commerce refers to the purchase and sale of products and services on the Internet. The e-commerce industry relies on trucking to move its items from one location to another, which impacts the trucking industry directly. For instance, in September 2022, according to the International Trade Administration, a US-based Department of Commerce, consumer e-commerce now makes up 30% of the UK’s overall retail sector (up from 20% in 2020), with an annual e-commerce revenue of more than $120 billion. In 2021, 82% of people in the UK will have made at least one online purchase. The increase in e-commerce sales increases the demand to transport the goods and thereby drives the growth of the local freight trucking market.
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The local general freight trucking market covered in this report is segmented –
1) By Type: Truckload Transportation, Less-Than-Truckload Transportation, Intermodal Transportation, Dry-Bulk Transportation, Other Types
2) By Size: Heavy Trucks, Medium Trucks, Light Trucks
3) By Application: Oil And Gas, Industrial And Manufacturing, Energy And Mining, Food And Beverages, Pharmaceuticals And Healthcare, Other Applications
The integration of the Internet of Things (IoT) into the transportation sector is a key trend gaining popularity in the local general freight trucking market. The IoT is expected to change the transport sector by gathering data and vital information from market and technology developments related to data analytics and automation of mobility and will provide benefits in fleet management and location tracking. Companies around the world are finding more and more interesting ways to take advantage of the Internet of Things for greater productivity and efficiency. For instance, Kuehne + Nagel, a Swiss-based transport and logistics company, uses IoT for freight monitoring, which helps to warn about temperature, humidity, pressure, shock, and tilt at the parcel level.
The local general freight trucking market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
Major Players:
- FedEx Corporation
- Deutsche Post DHL Group
- Yellow Corporation
- C.H. Robinson Worldwide Inc.
- Old Dominion Freight Line Inc
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