“Trucking Market” is expected to witness significant growth in the coming years, mostly driven by the huge demand for (Oil and Gas, Energy and Mining, Defense, Chemicals, Pharmaceuticals and Healthcare, Industrial and Manufacturing, Food and Beverages), based on the type, the market can be divided into (Lorry Tank, Truck Trailer, Refrigerated Truck, Flatbed Truck).

This blog presents the research and analysis provided within the Trucking Market Research that is meant to benefit stakeholders, vendors, and other participants in the industry. The Trucking market is anticipated to grow annually by magnificent (CAGR 2023 – 2030).

Before we move any further in regard to this forecast, let’s have a look at – Who are the largest manufacturers of Trucking Market worldwide?

Additional Info about the Trucking Market:

  • The Global Trucking market is predicted to rise at an appreciable rate during the forecast period, between 2023 and 2030. In 2022, the market grew at a steady pace and with the rise in the volume of strategies by key players, the market is anticipated to rise over the projected horizon.
  • North America, particularly The United States, would still play a crucial part which cannot be ignored. Any possible changes from the United States might affect the development trend of the Trucking industry some way or the other.

    The high adoption of advanced technology and the presence of huge players in the region are most likely to create immense growth opportunities for the market.
  • Europe also plays significant roles in the global market with an impressive growth in CAGR during the Forecast period 2023 – 2029.
  • Trucking Market size is predicted to reach Multi-million USD by 2029, in comparison to 2022, at an unpredicted CAGR 2022-2029.
  • Regardless of the presence of intense competition, the investors are still positive about this area due to the clearance in global recovery trend.
  • This report focuses on the Trucking sector on a global scale, especially in North America, Europe & Asia-Pacific, South America, Middle East and Africa.

Technological innovation and advancement will further enhance the performance of the product, making it more accessible in the upcoming applications. Besides, consumer behavior analysis and market dynamics (drivers, restraints, opportunities) provides important information for knowing the Trucking market.

What are the factors driving the growth of the Trucking Market?

Increase in the demand for the below commodities around the world has a direct impact on the growth of the Trucking Industry.

Which regions are leading the Trucking Market?

  • North America (United States, Canada and Mexico).
  • Europe (Germany, UK, France, Italy, Russia and Turkey etc.).
  • Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam).
  • South America (Brazil, Argentina, Columbia etc.).
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
As per CNBC Supply Chain Survey:

Freight trucking might remain soft in 2024

Trucking companies get paid per load, and low expectations for orders potentially mean lower revenue this holiday season. Logistics executives were split on LTL (less-than-truckload) freight rates for the first quarter, with half looking for a 5% bump and the other half expecting rates to be unchanged down as much as 15%.

The majority believe rates for full truck loads will be unchanged or down, while 33% expect prices to be up marginally at 5%.

“We expect retail peak season for trucking to be sluggish,” said Noah Hoffman, vice president for C.H. Robinson North American Surface Transportation.

The freight recession has been tough for the industry and for those companies that were not wide-ranged enough to resist downturns, leading companies like Jeff Bezos-backed trucking startup Convoy to shut down. 

According to Tank Transport, the rise in the cost of fuel and falling freight rates caused a total of 31,278 trucking companies to either close or move their services to larger fleets.

Uber Freight’s CEO recently told CNBC that there will be a “new tipping point” in the freight industry shakeout with less diversified business models unable to operate on a cost-effective basis.

A better second half 2024 outlook

The survey shows anticipations for a slight turnaround on a positive note in freight volume in the second half of 2024.

Half of respondents expect a 5% increase; 33% expect a 10% increase; and among the 17% that were the most optimistic, a 15% increase is predicted.

“With a lot of uncertainty around consumer demand, interest rates and the global economy, most people do not have a positive outlook on freight volumes in the first half of next year, but we could certainly see a rebound in the second half of next year,” said Brian Bourke, global chief commercial officer at SEKO Logistics.

In accordance with the quantity of freight moved, freight companies on the water, road, and air generate revenue based on the rates they can charge.

The majority of respondents believe ocean freight prices for the first and second quarters will be unchanged or down — after 2023 in which rates cratered by as much as 50%. Looking at air freight, the majority anticipate rates to be unchanged to down anywhere from 10% to 20%. FedEx recently told pilots to look for additional work with American Airlines as cargo demand slows.

Additional Forecast and Insights into the Trucking Industry:

This is just the forecast that was made using the past years records. There’s always a possibility of change of events – when all these factors discussed above are experienced practically on a real-time basis.

The below listed points are some major positive insights into this forecast:

“The American trucking industry, and the overall freight transportation industry, are poised to experience strong growth over the next decade as the country’s economy and population grow,” said ATA Chief Economist Bob Costello.

“Our annual Freight Forecast is a valuable look at where we are headed so leaders in business and government can make important decisions about investments and policy.”

Conclusion:

In 2024, the trucking industry might continue to face challenges in this competitive environment. Despite recession, hope fuels the entire process. This forecast stated above could end up being true to some extent but the progress to reach at a stable level would continue by all the trucking companies contributing to this industry.

Just like trucking industry forecast for 2024, you might also wanna learn about the future of trucking industry- particularly about electric semi trucks.

Tushar C
Senior HR Officer at OpenFR8 | More posts

I'm a HR at OpenFR8 and a passionate blogger. Apart from my day job as HR, reading and writing books/blogs are two of my absolute favorite things to do. I like taking on new challenges and most importantly, I believe in bringing efficiency towards everything I do. I love expressing my thoughts and visions through the medium of words in the form of blogs or articles or books. Till this date, I've successfully published three short-novels on my own and will continue to do so.

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