The freight trucking market is set to grow from its current market value of more than $2.5 trillion to over $3.5 trillion by 2032, according to the latest study by Global Market Insights, Inc.
This growth is largely driven by rapid urbanization and significant infrastructure development.
Key takeaways:
· The rise of large-scale urban initiatives and industrial zones requires the timely transportation of essential materials and machinery. In addition, the surge in consumer demand for fresh and perishable goods, coupled with stricter regulations surrounding the transportation of pharmaceuticals, has increased the necessity for temperature-controlled freight services.
· The cold chain logistics sector is particularly critical in sectors such as food and beverage and healthcare.
· As of 2023, the local trucking segment captured approximately 55% of the market share to exceed $1.5 trillion by 2032. The growth of e-commerce has shifted consumer expectations, leading to increased demand for efficient local delivery services, particularly for last-mile logistics.
· In 2023, truck trailers accounted for about 36% of the market share, as they are vital for transporting non-perishable goods. With the growth of online shopping and the need for quicker deliveries, the demand for truck trailers is rising thanks to their capacity, durability, and adaptability to various transport needs.
· The North America freight trucking market represented 35% of the overall revenue in 2023. Trade agreements have enhanced cross-border commerce, making the role of freight trucking increasingly significant.
