Specialized Freight Trucking Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Specialized Freight Trucking Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • February 2021 •
  • 300 pages •
  • Report ID: 6025334 •
  • Format: PDF
Major companies in the specialized freight trucking market include UPS (United Parcel Service); Fedex (Federal Express); Schneider National; C.H. Robinson and J.B. Hunt Transport Services.

The global specialized freight trucking market is expected to grow from $780.83 billion in 2020 to $847.35 billion in 2021 at a compound annual growth rate (CAGR) of 8.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1134.66 billion in 2025 at a CAGR of 8%.

The specialized freight trucking market consists of sales of specialized freight trucking services and related goods by entities (organizations, sole traders and partnerships) that provide over-the-road transportation of household and office goods. The specialized freight trucking market is segmented into automobiles and heavy equipment; bulk liquids; dry bulk materials; forest products and refrigerated goods.

North America was the largest region in the global specialized freight trucking market, accounting for 29% of the market in 2020. Asia Pacific was the second largest region accounting for 28% of the global specialized freight trucking market. Africa was the smallest region in the global specialized freight trucking market.

Truck transportation companies are widely using collision mitigation technology to reduce loss of lives and damages associated with accidents. Collision mitigation system detects the impending strike and alerts the driver about any collision. These systems are installed within the vehicle and in case of an imminent accident, they can take an action automatically without the driver’s input. These systems are becoming standard inbuilt feature on many new trucks in many countries globally. For instance, in 2018, the National Highway Traffic Safety Administration (NHTSA) in the USA has mandated new commercial trucks to be equipped with collision mitigation systems. The agency stated that this could prevent nearly 2000 crashes every year. Major companies manufacturing these systems for trucks include Delphi Automotive LLP, Robert Bosch GmbH, Denso Corporation, Autoliv, Inc., and General Electric Company.

The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the specialized freight trucking market in 2020 as governments-imposed lockdowns and restricted the movement of people and goods to contain the transmission. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the specialized freight trucking market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The specialized freight trucking services market growth is aided by stable economic growth forecasted in many developed and developing countries. The International Monetary Fund (IMF) predicts that the global GDP growth will be 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, after a significant decline in the historic period is further expected to aid the market growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than the developed markets in the forecast period. Stable economic growth is expected to increase investments in end user markets, thereby driving the market during forecast period.