Global Freight Trucking Market To Reach $ 2.7 Trillion By 2026
FACTS AT A GLANCE Editing: 6; Posted: February 2021 Management commitments: 1423 Companies: 244 – Actors covered include AP MÃ¼ller – MÃ¼rsk A / S; Canadian National Railway Company; CEVA Logistics; CMA CGM SA; DB SCHENKER; DHL International GmbH; Estes Express Lines; FedEx Corporation; JB Hunt Transport Services Inc. ; Knight-Swift Transportation Holdings Inc .; Kuehne + Nagel International AG; Nippon Express Co., Ltd. ; Procet Freight cc; R + L Carriers, Inc .; Saia; GEODIS; Swift Transportation Company; Transtech Logistics; United Parcel Service of America, Inc .; Werner Enterprises, Inc .; XPO Logistics Inc .; YRC Worldwide Inc. et al. Blanket: All major geographies and key segments Segments: Truck type (truck trailer, tank truck, flatbed truck, refrigerated truck, other types of trucks); Size (heavy trucks, medium trucks, light trucks); Cargo type (dry bulk, petroleum and diesel, post, other types of cargo) Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia Pacific; Australia; India; South Korea; Rest of Asia Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UNITED ARAB EMIRATES; Rest of Middle East; Africa.
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Global Freight Trucking Market To Reach $ 2.7 trillion by 2026 Global freight transport is a key part of trade in goods and materials and comprises a complex system of transportation networks, businesses and government agencies that facilitate the movement of goods from one place to another. Today, the global freight industry moves trillions of dollars worth of goods around the world every year. Trucks are ubiquitous in the freight ecosystem, as virtually any package or container, regardless of where it originates from, will make it reach its destination. Ground freight, especially freight trucking, has a host of advantages such as cost efficiency that comes with low packaging requirements and low fuel costs; versatility and flexibility as the trucks come in various sizes capable of handling short or long journeys, local or cross-border and even rural transport; preparation, as only single customs document processes are required for most road transport, which makes cross-border freight transport relatively smooth; predictability in terms of scheduled delivery, easy tracking and traceability of freight; convenience of point-to-point and door-to-door service; universal access given the vast road networks developed over the course of the century in virtually all regions of the globe.
Amid the COVID-19 crisis, the global freight trucking market is estimated to be US $ 2.1 trillion in 2020, is expected to reach a revised size of US $ 2.7 trillion by 2026, with a CAGR of 4.7% over the analysis period. Truck Trailer, one of the segments analyzed in the report, is expected to grow at a CAGR of 4.7% to reach 894.7 billion US dollars at the end of the analysis period. After a thorough analysis of the business implications of the pandemic and the induced economic crisis, the growth of the tanker segment is readjusted to a revised CAGR of 3.6% for the next 7 year period. This segment currently represents a 23% share of the global freight trucking market.
The US market is estimated at $ 514.7 billion in 2021, when China is expected to reach $ 586.8 billion by 2026 The freight trucking market in the United States is estimated at 514.7 billion US dollars in 2021. The country currently accounts for a 24.07% share of the global market. China, the world’s second-largest economy, is expected to reach an estimated market size of 586.8 billion US dollars in 2026, with a CAGR of 6.3% during the analysis period. Other notable geographic markets include Japan and Canada, each forecasts growth of 2.5% and 3.7% respectively over the period of analysis. In Europe, Germany is expected to grow by around 2.6% CAGR while the rest of the European market (as defined in the study) will reach US $ 626.4 billion at the end of the analysis period. The growth of domestic trade and retail, investments geared towards the creation of new road infrastructure and the growing demand for urban last mile delivery are some of the major factors propelling market growth in developed regions. In United States, road transport by truck represents more than 2/3 of all domestic transport in the country. Developing countries have significantly increased their exports of manufactures and services to developed economies. Trade among developing countries is also growing rapidly, with more than 48% of exports from major export-oriented economies now going to other developing countries. Last mile delivery has also seen notable growth in developing countries in recent years. This in turn increases the demand for freight trucking in developing regions.
Flatbed truck segment to reach $ 572.2 billion by 2026 In the global flatbed truck segment, United States, Canada, Japan, China and Europe will lead to the estimated 4.8% CAGR for this segment. These regional markets representing a combined market size of $ 277 billion in 2020 will reach a projected size of 384.8 billion US dollars before the end of the analysis period. China will remain among the most dynamic of this group of regional markets. Led by countries such as Australia, India, and South Korea, the market of Asia Pacific should reach 114.9 billion US dollars by 2026, while Latin America will increase at a CAGR of 6.1% throughout the analysis period. After
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