Specialized Freight Trucking Market Characteristics
The specialized freight trucking market consists of sales of specialized freight trucking services by entities (organizations, sole traders and partnerships) that provide over-the-road transportation of household and office goods.
Competitive Landscape of the Specialized Freight Trucking Market
Major players in the global specialized freight trucking market include UPS (United Parcel Service), Fedex (Federal Express), Schneider National, C.H. Robinson, and J.B. Hunt Transport Services.
Specialized Freight Trucking Market Size
The specialized freight trucking market size is expected to significantly grow at a CAGR of more than 3.5% during the forecast period. The growth in the specialized freight trucking market is due to steady demand for truck services from manufacturing industries globally.
However, the market for specialized freight trucking is expected to face certain restraints from several factors such as increasing demand for high-end and time-sensitive goods, and growing preference for online shopping.
Specialized Freight Trucking Market Segmentation
The global specialized freight trucking market is further segmented based on type and geography.
By Type - The specialized freight trucking market is segmented into automobiles and heavy equipment, bulk liquids, dry bulk materials, forest products, and refrigerated goods.
By Geography - The global specialized freight trucking is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America’s specialized freight trucking market accounts for the largest share in the global specialized freight trucking market.
Trends in the Specialized Freight Trucking Market
The entry of automated vehicles with high-tech safety measures, cameras, radar, and Lidar sensors guiding the way, companies are able to save money through less fuel and more frequent schedules. Automated trucking has the ability to increase overall efficiency in the freight transportation industry. For instance, a self-driving truck of Otto company completed the first commercial shipment of beer in Colorado.
Potential Opportunities in the Specialized Freight Trucking Market
With strong economic activities in emerging countries such as China and India, the scope and potential for the global specialized freight trucking market is expected to significantly rise in the forecast period.