Specialized Freight Trucking Global Market Report 2022

Specialized Freight Trucking Global Market Report 2022

  • April 2022 •
  • 300 pages •
  • Report ID: 6250356 •
  • Format: PDF
Major companies in the specialized freight trucking market include Cargill Incorporated, Toyota Motor Corp, FedEx Corporation, Energy Transfer Partners LP, Thyssenkrupp AG, Plains GP Holdings, A.P. Møller-Mærsk A/S, Toyota Tsusho, CJ Corp, and Knight-Swift Transportation Holdings Inc.

The global specialized freight trucking market is expected to grow from $889.89 billion in 2021 to $980.49 billion in 2022 at a compound annual growth rate (CAGR) of 10.2%. The market is expected to grow to $1,381.77 billion in 2026 at a compound annual growth rate (CAGR) of 9%.

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 main types in specialized freight trucking are automobiles and heavy equipment, bulk liquids, dry bulk materials, forest products, and refrigerated goods.Automobiles refer to a passenger vehicle designed for operation on ordinary roads and mainly having four wheels and a gasoline or diesel internal-combustion engine.

Heavy equipment is used to describe the heavy-duty machines that are used in the construction, forestry, agriculture, and mining industries.These machines are used to move earth and other large materials, but they are also used to drill, lift, grade, suction, pave, and compact.

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 specialized freight trucking market in 2021.North America was the second largest region in the specialized freight trucking market.

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

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 the forecast period.

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 harmed businesses throughout 2020 and 2021.

However, it is expected that the specialized freight trucking market will recover from the shock.

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, according to US Department of transportation data 2019,Twenty automakers pledged to voluntarily equip virtually new passenger vehicles by 2022, with a low-speed AEB system that includes forward collision warning (FCW), technology proven to help prevent and mitigate front-to-rear crashes 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 countries covered in the specialized freight trucking market report 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.