Global Freight Trucking Market to Reach $2.7 Trillion by 2026

Global freight transport is a key component of trade of goods and materials and comprises a complex system of transportation networks, companies, and government agencies that facilitate movement of goods from one place to another. Today, the global freight industry transports trillions of dollars` worth of goods annually to every corner of the globe Trucks are ubiquitous in the freight ecosystem given that virtually every parcel or container irrespective of the place of origin will take a trip on a freight truck before it reaches its destination. Land freight especially freight trucking comes with a baggage of advantages such as cost-effectiveness that comes with low packing needs and fuel costs; versatility and flexibility as trucks come in varied sizes capable of handling short or long hauls, local or across borders and even rural transport; preparedness as only single customs document processes are needed for most road transport making cross-border transport of goods relatively seamless; predictability in terms of scheduled delivery, easily tracking and tracing cargo; convenience of point to point and door-to-door service; universal access given the extensive road networks developed over the century in virtually every part of the globe.

Amid the COVID-19 crisis, the global market for Freight Trucking estimated at US$2.1 Trillion in the year 2020, is projected to reach a revised size of US$2.7 Trillion by 2026, growing at a CAGR of 4.7% over the analysis period. Truck Trailer, one of the segments analyzed in the report, is projected to grow at a 4.7% CAGR to reach US$894.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Lorry Tank segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 23% share of the global Freight Trucking market.

The U.S. Market is Estimated at $514.7 Billion in 2021, While China is Forecast to Reach $586.8 Billion by 2026

The Freight Trucking market in the U.S. is estimated at US$514.7 Billion in the year 2021. The country currently accounts for a 24.07% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$586.8 Billion in the year 2026 trailing a CAGR of 6.3% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.5% and 3.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR while Rest of European market (as defined in the study) will reach US$626.4 Billion by the end of the analysis period. Growth in domestic trade and retailing, Investments directed towards the creation of new road infrastructure, and growing demand for urban last mile delivery are some of the primary factors propelling market growth in developed regions. In the United States, on-road shipping by truck accounts for over 2/3rd of all domestic shipping in the country. Developing countries have increased substantially their exports of manufactured goods and services to developed economies. Trade between developing countries is also growing rapidly with over 48% of exports of leading export oriented economies now going to other developing countries. Last mile delivery has also witnessed a notable growth in developing countries over the last few years. This in turn increases demand for freight trucking in developing regions.

Flatbed Truck Segment to Reach $572.2 Billion by 2026

In the global Flatbed Truck segment, USA, Canada, Japan, China and Europe will drive the 4.8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$277 Billion in the year 2020 will reach a projected size of US$384.8 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$114.9 Billion by the year 2026, while Latin America will expand at a 6.1% CAGR through the analysis period.