What Has Driven the Growth of the Specialized Freight Trucking Market in Recent Years?
The specialized freight trucking market has seen considerable growth due to a variety of factors.
• The size of the specialized freight trucking market has seen robust growth in the past years. The market is set to expand from $1200.54 billion in 2024 to $1306.73 billion in 2025, growing at a compound annual growth rate (CAGR) of 8.8%.
Factors contributing to this historic growth include a rise in oil and gas exports, notable economic expansion in developing markets, heightened production and use of chemicals, and a prevailing environment of low interest rates.
What Is The Forecast For The Specialized Freight Trucking Market By 2029?
The specialized freight trucking market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for specialized freight trucking is predicted to witness significant expansion in the coming years, reaching a projected value of $1737.3 billion in 2029 at a compound annual growth rate (CAGR) of 7.4%.
The expected growth during this forecast period is the result of increasing demand for raw materials by manufacturing industries and the surge in urbanization. The key trends propelling the market growth during the forecast period include an increased necessity for raw materials from manufacturing industries and a growth in urbanization.
What Main Forces Are Fueling Expansion In The Specialized Freight Trucking Market?
The market for specialized freight trucking is experiencing growth as a result of the steady economic expansion projected in numerous developed and developing nations. For instance, predictions from the US-based government organization, the International Monetary Fund (IMF) in April 2024, suggest that the worldwide economy is anticipated to expand at a rate of 3.2 percent in both 2024 and 2025, maintaining a consistent growth rate as seen in 2023. There is an expectation that advanced economies will see a slight upward trend in growth, moving from 1.6 percent in 2023 to 1.7 percent in 2024, and eventually hitting 1.8 percent in 2025. The bounce-back of commodity prices, after an extensive drop in the historical period, is predicted to lend further support to the growth of this market. Stable growth is predicted for developed economies throughout the projection period. Also, it is anticipated that emerging markets will continue to grow a bit more rapidly than developed markets during this time. The stable economic growth is predicted to stimulate investments in end-user markets, which in turn, will propel the market throughout the projection period.
How Is The Globa Specialized Freight Trucking Market Divided Into Key Segments?
The specialized freight trucking market covered in this report is segmented –
1) By Type: Automobiles And Heavy Equipment, Bulk Liquids, Dry Bulk Materials, Forest Products, Refrigerated Goods
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 Automobiles And Heavy Equipment: Transportation Of Cars, Trucks, And Motorcycles, Hauling Of Construction And Agricultural Machinery
2) By Bulk Liquids: Transport Of Chemicals And Petrochemicals, Delivery Of Food-Grade Liquids, Transport Of Hazardous Materials
3) By Dry Bulk Materials: Hauling Of Grains, Powders, And Granules, Transport Of Construction Materials, Delivery Of Recycled Materials
4) By Forest Products: Transportation Of Lumber And Wood Products, Delivery Of Paper Products And Wood Chips
5) By Refrigerated Goods: Transport Of Perishable Food Items, Delivery Of Pharmaceuticals And Temperature-Sensitive Products
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What Trends Are Reshaping The Specialized Freight Trucking Market Landscape?
To minimize the fatalities and damage resulting from accidents, the truck transportation industry is increasingly implementing collision mitigation technology. This system, fitted within the truck, senses any imminent crash and alerts the driver accordingly. It can also function independently of the driver in case of a probable accident. This feature is now becoming a mandatory built-in aspect of many new trucks globally. As an example, data from the US Department of Transportation indicates that 20 car manufacturers have vowed to voluntarily equipe almost all new passenger vehicles with a low-speed AEB system by 2022. This system includes a forward collision warning (FCW) system, proven to curb and mitigate rear-to-front crashes. The department believes that this could avoid almost 2000 accidents each year. Some of the prominent firms manufacturing these systems for trucks include Delphi Automotive LLP, Robert Bosch GmbH, Denso Corporation, Autoliv, Inc., and General Electric Company.
Who Are the Key Players in the Specialized Freight Trucking Market?
Major companies operating in the specialized freight trucking market include:
• Old Dominion Freight Line
• J.B. Hunt Transport Services
• Knight-Swift Transportation Holdings
• XPO Logistics
• FedEx Freight
• Schneider National
• Saia Inc.
• Landstar System
• YRC Worldwide
• R+L Carriers
• Estes Express Lines
• Averitt Express
• CRST International
• AAA Cooper Transportation
• Southeastern Freight Lines
• ArcBest Corporation
• Forward Air Corporation
• Roadrunner Transportation Systems
• Dayton Freight Lines
• Central Transport
• Pitt Ohio Express
• Holland Regional
• Old Dominion Truck Leasing
• Ward Transport and Logistics
• A. Duie Pyle
• Wilson Trucking Corporation
• Bennett International Group
• Black Horse Carriers
• Hub Group
What are the Regional Insights into the Specialized Freight Trucking Market?
Asia-Pacific was the largest region in the specialized freight trucking market in 2024. North America was the second largest region in the specialized freight trucking market. The regions covered in the specialized freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
