Specialized freight trucking is a mode of transportation for household and office goods that uses trucks for short-distance travel and provides delivery of goods in rural areas based on on-demand delivery and custom-based deliveries and is mostly used for delivery of products that can be ordered through e-commerce platforms.
Sizing and Forecast
The specialized freight trucking market size has grown strongly in recent years. It will grow from $1084.05 billion in 2023 to $1179.18 billion in 2024 at a compound annual growth rate (CAGR) of 8.8%. The growth in the historic period can be attributed to surge in oil and gas exports, strong economic growth in emerging markets, increased production and consumption of chemicals, and low interest rate environment..
The specialized freight trucking market size is expected to see strong growth in the next few years. It will grow to $1617.37 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to rising demand for raw materials from the manufacturing industries and rising urbanization will drive the market growth. Major trends in the forecast period include rising demand for raw materials from the manufacturing industries and rising urbanization will drive the market growth.
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Segmentation & Regional Insights
The specialized freight trucking market covered in this report is segmented –
1) By Type: Automobiles And Heavy Equipment, Bulk Liquids, Dry Bulk Materials, Forest Products, Refrigerated Goods
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
Asia-Pacific was the largest region in the specialized freight trucking market in 2023. North America was the second largest region in the specialized freight trucking market. The regions covered in the specialized freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The specialised freight trucking market’s growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market’s growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.
Key Industry Players
Major companies operating in the specialized freight trucking market report are FedEx Corporation, Plains GP Holdings, Energy Transfer Partners LP, A.P. Møller-Mærsk A/S, Cargill, Incorporated, Saia, Inc, XPO logistics, Knight-Swift Transportation Holdings Inc., Deutsche Post DHL Group, Toyota Motor Corp, Spice Logistics Private Limited, Freight Mart Logistics, Prime Transport Corporation, OM Logsitcs Limited, Jiangsu Kunyue Logistics Co Ltd, Kunshan Yunda Express Co Ltd, Changsha Sitong Moving Transport Co Ltd, Ningbo Jinxing Logistics Co Ltd, Sichuan Wangcang County Transport Co Ltd, Shanghai Ruiqiang Logistics Co Ltd, Shanghai Taizhi Carbon Co Ltd, Tianjin Jinshi Wukuang International Logistics Co Ltd, InstaFreight GmbH, Haberling, Simco Trans GmbH, Fixemer Real Estate, Kahmen TransCargo GmbH, House of Logistics and Mobility, AW Transport & Logistics GmbH, Livchem Logistics GmbH, DHL Express, TNT Expressare, Spares, Pavages J.M. Beaulieu Inc Les, Smart Move Facilities Services Inc, Blackmine Outfitters Trucking Ltd, J & S Services Inc, R & C Weare Logging Ltd, N. W. White & Company, Bayshore Transportation System Inc, Benny Whitehead Inc, Koleaseco Inc, Harper Investments Inc, Pemex Logística E.P.S, Frialsa Frigoríficos S.A. de C.V, Bravo Servicos Logisticos Ltda, Ic Transportes Ltda, Transportes Transvidal Ltda, Transportes Della Volpe Sa Comercio E Industria, Liderbras Logistica E Transportes Ltda, Wellfield Services Limitada, Frigorifico Novara SA, Organizacion Coordinadora Argentina SRL, Luis A. Carrizo Y Cia. SRL, Oilmar Shipping and Chartering DMCC, Tri Star Transport, International Marine & Energy DMCC, Bin Jaraa General Transporting, Contracting & General Maintenance Company, The National Coal Supply Corporation LTD, Fridenson Logistic Services Ltd, Challenge Airlines (IL) Ltd, Saudi Ground Services Co , Al Kathiri Holding Company, Dammam Airports Company, Alpha Omega International Trading CC, Auto Carrier Corp, FPT Group (Pty) Ltd, Vhubs, Standard Vulcanizer, LTD Commodities
The specialized 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
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