Freight Trucking Market 2024 to Retain Tag of Most ‘Cost-effective’ Freight Transportation Alternative

Over the past few years, the freight trucking market has experienced waves of changes in terms of how freight trucks are operated, integration of cutting-edge technologies, and advancements in truck designs, among others. The production of freight trucks continues to grow across the world due to logistic requirements from an array of end-use industries, including food & beverages, oil & gas, energy & mining, chemicals, and more. Several factors are expected to influence the expansion of the freight trucking market such as a surge in automation, exponential growth of the e-Commerce sector, and focus on industrialization by governments across the Asia Pacific, and the advent of next-generation technologies, including order entry systems, warehouse management systems, transportation management systems, and global positioning systems.

The significant growth of the various industries around the world coupled with the integration of new technologies in freight trucks is expected to propel the freight trucking marketing during the forecast period. While supply chains across the world predominantly rely on freight trucking, the demand for freight trucking is anticipated to grow at a consistent pace in the coming years. However, as air transportation continues to offer greater value to end users, in the long run, freight trucking companies are expected to find new ways to retain customers and provide value. At the back of these factors, the global freight trucking market is expected to attain a market value of ~US 4 Bn by the end of 2030.

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Technological Advancements to Accelerate Market Growth

The transportation and logistics industries have witnessed consistent development at the technological front. Technological advancements are likely to propel the growth of the freight trucking market, as truck manufacturers continue to roll out new truck models with improved cargo space and technologies. Several truck manufacturers are increasingly leaning toward advanced technologies to enhance the performance and functionality of the vehicle. A surge in demand for order tracking in the freight trucking market has compelled freight trucking manufacturers to integrate new tracking technologies. While technologies continue to evolve at a rapid pace, the self-driving freight trucks could hit roads running particularly in the developed parts of North America and Europe. Self driving freight trucking could soon become a reality, as self-driving technologies continue to improve.

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Self-driving trucks backed by advanced self-navigating systems are likely to become mainstream during the latter half of the assessment period. Companies operating in the current market landscape are expected to focus on leveraging the benefits of novel technologies, including artificial intelligence (AI) and sensors. For instance, the electric semi-truck manufactured by Tesla incorporates the autopilot feature and is increasingly being used by different companies, such as Loblaw, Asko, Pepsi, etc.

The expansion of the e-Commerce sector is expected to provide a boost to the growth of the freight trucking market during the forecast period. The competition in the current market landscape is on the rise due to which, companies should focus on improving service and minimize the supply chain risks.

High Applicability in Different End-use Industries to Boost Demand

Market players operating in the food & beverages sector are primarily focused on improving their product fulfillment process by streamlining logistics and catering to the low volume high-frequency requirements of the industry. Moreover, due to cutthroat competition within the food & beverages sector, several food companies are increasingly focusing on adapting to new transportation networks and minimizing costs. Freight trucking is one of the most popular and adopted freight transportation across the world and the trend is likely to continue over the forecast period.

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Transportation and Logistics Take Massive Hit as COVID-19 Pandemic Haunts Freight Trucking Market

One of the major sectors to face the effects of the novel COVID-19 pandemic is the transportation sector. The freight trucking market is expected to witness a sluggish period amidst the looming COVID-19 pandemic, as governments across the world continue to initiate preventive measures to combat casualties and spread of the virus. Shareholders in the freight trucking market are expected to be heavily impacted due to the ongoing pandemic. However, freight trucking companies involved in the delivery of essential goods and services are projected to capitalize on the opportunity and gain ground in the competitive market landscape. As the COVID-19 pandemic continues to disrupt the supply chains of major industries worldwide, market players involved in the freight trucking market are likely to seek new solutions to address these challenges.

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