General Freight Trucking Market Overview 2023-2027: Projected Market Size, Major Driver, And Leading Players - By The Business Research Company
LONDON, Sept. 28, 2023
The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON , Sept. 28, 2023 /PRNewswire/ -- The global general freight trucking market is poised for substantial expansion, with an impressive growth rate in 2023 and beyond. According to the latest General Freight Trucking Global Market Report 2023 from The Business Research Company, the general freight trucking market has experienced significant growth, with the global general freight trucking market size increasing from $859.35 billion in 2022 to $939.3 billion in 2023, marking a noteworthy Compound Annual Growth Rate (CAGR) of 9.3%. Furthermore, this growth is expected to continue, propelling the market to a staggering $1,309.79 billion by 2027, at an anticipated CAGR of 8.7%.
E-Commerce Surge Fuels Market Growth
A pivotal driver behind the general freight trucking market's growth is the surge in e-commerce sales, which heavily relies on efficient freight trucking services to transport products and goods. E-commerce, defined as the purchase and sale of products and services on the Internet, has become a global phenomenon with a significant impact on the general freight trucking market.
For instance, in March 2022, e-commerce sales in Canada reached an estimated $2.34 billion, with predictions indicating that retail e-commerce sales will soar to $40.3 billion by 2025. The surge in e-commerce sales is expected to drive increased demand for the transportation of goods, further fueling the growth of the general freight trucking market.
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Dominant Players and Innovations
In 2021, United Parcel Service, Inc. emerged as the leading competitor in the general freight trucking market, holding a 2.25% share. UPS, a logistics and package delivery company, is renowned for its supply chain management solutions and operates an extensive fleet of over 121,000 package cars, vans, tractors, motorcycles, and owns 59,000 containers used for cargo transport in aircraft. In June 2022, the company introduced eQuads, its innovative miniature e-trucks for package delivery, powered by batteries, and designed to reduce carbon emissions.
Partnerships and Collaborations
A prominent trend gaining traction in the general freight trucking market is strategic partnerships and collaborations. Major companies in the industry are forming alliances to leverage each other's resources and expand their market presence.
For instance, in March 2023, Uber Freight, a US-based company that facilitates freight and delivery management, entered into a partnership with WattEV, a US-based company offering electric trucks as a service. This partnership allows WattEV to provide its electric trucks to Uber Freight shippers, further promoting sustainable and efficient freight transportation.
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The global general freight trucking market is segmented into three key categories:
- By Type: Local General Freight Trucking, Long-Distance General Freight Trucking
- By Application: Oil & Gas, Industrial & Manufacturing, Energy & Mining, Food & Beverages, Pharmaceuticals & Healthcare, Other Applications
- By Size: Heavy Trucks, Medium Trucks, Light Trucks
Long-Distance General Freight Trucking Leads the Way
Among the segments, long-distance general freight trucking emerged as the largest in 2022, accounting for $752.18 billion or 85.4% of the total market. This segment is also expected to experience the fastest growth in the future, with a CAGR of 10.8%.
View More Similar Market Reports:
Long Distance General Freight Trucking Global Market Report 2023
Local General Freight Trucking Global Market Report 2023
Freight And Logistics Global Market Report 2023
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