Truck Transport Global Market Report 2022

Truck Transport Global Market Report 2022

  • April 2022 •
  • 400 pages •
  • Report ID: 6250343 •
  • Format: PDF
Major companies in the truck transport market include Xiamen C&D, Cargill Incorporated, FedEx Corporation, United Parcel Service Inc., Toyota Motor Corp, C.H. Robinson Worldwide Inc, XPO Logistics Inc., J. B. Hunt Transport Services, A.P. Møller-Mærsk A/S, and YRC Worldwide Inc.

The global truck transport market is expected to grow from $1,663.34 billion in 2021 to $1,833.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The market is expected to grow to $2,594.36 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.

The truck transport market consists of sales of truck transportation services and related goods by entities (organizations, sole traders, and partnerships) that provide over-the-road transportation of cargo using motor vehicles, such as trucks and tractor-trailers. This market does not include household and office goods transportation services.

The main types in the truck transport market are general freight trucking and specialized freight trucking.General freight trucking is specialized in handling and transporting goods in a container locally or in long distances.

The market is also segmented by size into heavy trucks, medium trucks, and light trucks and by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, and others.

Asia Pacific was the largest region in the truck transport market in 2021.North America was the second largest region in the truck transport market.

The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

Faster Economic Growth -The truck transport 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 the forecast period.

Coronavirus Pandemic - The outbreak of Coronavirus disease (COVID-19) has acted as a massive restraint on the truck transport 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 harmed businesses throughout 2020 and into 2021.

However, the truck transport market started recovering from the shock.

Fleet regionalization is being widely adopted by truck transportation companies to reduce operational costs and increase transportation efficiencies.As a result, companies involved in the truck transportation business are gradually shifting their services from international and national levels to the regional level.

Regionalization of fleets enables truck transportation companies to increase operational efficiencies and reduce costs, improving driver and truck turnaround time. Major advantages of fleet regionalization include increased ports of entry, intermodal system capabilities, and shorter travel distances.

The countries covered in the truck transport market are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, and Vietnam.