What Has Driven the Growth of the Local General Freight Trucking Market in Recent Years?
The local general freight trucking market has seen considerable growth due to a variety of factors.
• In recent times, there has been a minor growth in the size of the local general freight trucking market. The projection is that it will increase from $134.29 billion in 2024 to $136.39 billion in 2025, with a compound annual growth rate (CAGR) of 1.6%.
Factors like economic expansion in developing markets, increasing activities in the building and construction sector, and elevation in disposable income are credited for the growth recorded in the historical period.
What Is The Projected Growth And Market Size For The Local General Freight Trucking
The local general freight trucking market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of local general freight trucking is anticipated to witness slight expansion in the forthcoming years. It is projected to reach $147.35 billion by 2029, with a compound annual growth rate (CAGR) of 2.0%.
The anticipated enlargement during the forecast period is due to an increase in e-commerce sales, surge in urbanization, and heightened demand for raw materials from the manufacturing sectors. The forecast period will also observe major trends such as the utilization of artificial intelligence (AI), emphasis on the internet of things (IoT), a rise in mergers and acquisitions, as well as an increase in investments, partnerships, and collaborations.
What Are the Critical Driver Fuelling the Local General Freight Trucking Market's Growth?
There is an expectation that the boost in online sales will propel the growth of the indigenous freight trucking sector during the forecast timeline. E-commerce, the process of buying and selling goods and services over the internet, significantly influences the trucking industry as it deeply relies on trucking services to transport its goods from point A to point B. For instance, the European Commission, a Belgium-based regulatory authority responsible for executing decisions and upholding EU treaties, noted in April 2024 that amongst individuals aged 16–74 who were surveyed, 92% had internet usage in the past year, with 70% of them making purchases of goods or services. This represented a 2% expansion from the numbers in 2022. Also, in 2023, 75% of EU's internet users indulged in online shopping, reflecting the upward trajectory of e-commerce. This surge in online sales heightens the need for goods transportation, consequently stimulating the expansion of the indigenous freight trucking sector.
What Are The Main Segments Of The Global Local General Freight Trucking Market?
The local general freight trucking market covered in this report is segmented –
1) By Type: Truckload Transportation, Less-Than-Truckload Transportation, Intermodal Transportation, Dry-Bulk Transportation, Other Types
2) By Size: Heavy Trucks, Medium Trucks, Light Trucks
3) By Application: Oil And Gas, Industrial And Manufacturing, Energy And Mining, Food And Beverages, Pharmaceuticals And Healthcare, Other Applications
Subsegments:
1) By Truckload Transportation (TL): Full Truckload Services, Dedicated Freight Services, Regional Truckload Services
2) By Less-Than-Truckload Transportation (LTL): Consolidated Freight Services, Multi-Stop Deliveries, Time-Sensitive LTL Services
3) By Intermodal Transportation: Truck-Rail Intermodal Services, Truck-Water Intermodal Services, Integrated Intermodal Solutions
4) By Dry-Bulk Transportation: Transportation Of Dry Bulk Commodities, Specialized Bulk Tankers, Bulk Material Handling Services
5) By Other Types: Specialized Freight Transportation, Temperature-Controlled Trucking Services, Expedited Freight Services
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What Emerging Trends Are Influencing The Growth Of The Local General Freight Trucking Market?
The incorporation of the Internet of Things (IoT) in the transportation industry is an emerging trend gaining traction in the domestic general freight trucking market. The IoT is poised to revolutionize the transportation field by collecting crucial data and intel from market shifts and technological advancements related to data analysis and mobility automation, bringing benefits like fleet management and location tracking. Companies globally are identifying novel ways to harness the potentials of the IoT to enhance productivity and efficiency. For example, the Swiss transport and logistics firm, Kuehne + Nagel, is utilizing IoT technology for freight tracking, effectively enabling alerts for temperature, humidity, pressure, shock, and tilt at the parcel level.
Who Are the Key Players in the Local General Freight Trucking Market?
Major companies operating in the local general freight trucking market include:
• FedEx Corporation
• Deutsche Post DHL Group
• Yellow Corporation
• C.H. Robinson Worldwide Inc
• Old Dominion Freight Line Inc.
• XPO Logistics Inc.
• Landstar System Inc
• Knight Swift Transportation Holdings Inc.
• Schneider National. Inc.
• JB Hunt Transport Services Inc
• Luzhou Litong Industry Co. Ltd
• Yibin Dahuang Logistics Co. Ltd
• Infinity Cargo Logistics (China) Limited
• YAMATO TRANSPORT CO.
• LTD
• Nippon Express Company. Ltd
• Yamato Transport
• Coupang Fulfillment Services Ltd
• DONGWON LOEX Co. Ltd
• Federal Express Corporation
• Oocl Uk Branch
• Royal Mail Group Limited
• Gxo Logistics Uk Limited
• Dhl Freight Gmbh
• DHL Express
• TNT Expressare and Spares
• Van der Vlist Russia
• Logistics Ekol Romania
• Frigoexpres
• S.C. PHARAON SPEED EXPRESS SRL
• Pavages J.M. Beaulieu Inc Les
• Smart Move Facilities Services Inc
• Blackmine Outfitters Trucking Ltd
• J & S Services Inc
• R & C Weare Logging Ltd
• N. W. White & Company
• Bayshore Transportation System Inc
• Benny Whitehead Inc
• Koleaseco Inc
• Nippon Express
• Rodovitor Transport and Vehicle Rental
• Yusen Logistics
• Fox Brasil
• Panalpina
• Maxitrans
• Forward Movers
• Creek General Transport
• Prime Transport LLC
• Haulier refrigerated & Chiller Van Transport Dubai
• Ardh Al Madina Group
• Alpha Omega International Trading Cc
• Autocarrier Transport
• Fpt Group (Pty) Ltd
• Standard Vulcanizers
• Atteridgeville Bus Service (Pty) Ltd
What Is The Most Dominant Region In The Local General Freight Trucking Market?
Asia-Pacific was the largest region in the local general freight trucking market in 2024. North America was the second largest region in the local general freight trucking market share. The regions covered in the local general freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
