Truck Transportation Market Characteristics
The truck transportation market consists of sales of truck transportation services 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, which is a specialized industry.
Competitive Landscape of the Truck Transportation Market
Major players in the global truck transportation market include C.H. Robinson, J.B. Hunt Transport Services, YRC Freight, Swift Transportation, Landstar.
Truck Transportation Market Size
The truck transportation market size is expected to reach more than $1.5 trillion by 2022, significantly growing at a CAGR of around 4% during the forecast period. The growth in the truck transportation market is due to positive economic outlook in many developed and developing economies and strong economic activity in emerging countries such as China and India in the forecast period.
However, the market for truck transportation is expected to face certain restraints from several factors such as introduction of new trends and rising prices of fuel.
Truck Transportation Market Segmentation
The global truck transportation market is further segmented based on type and geography.
By Type - The truck transportation market is segmented into general freight trucking, specialized freight trucking local general freight trucking, long-distance general freight trucking, automobiles and heavy equipment, bulk liquids, dry bulk materials, forest products, refrigerated goods among these segments, the general freight trucking accounts for the largest share in the global truck transportation market.
By Geography - The global truck transportation is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific was the largest region in the global truck transportation market, accounting for more than 30% of the market in 2018.
Trends in the Truck Transportation Market
Truck transportation companies are widely using robotics solutions to reduce delivery time and costs. It enables truck transportation companies move boxes and containers in and out of semitrailers and ocean freight containers, irrespective of its shape and size. Robotics mainly helps truck transportation companies reduce labour costs while speeding up shipment processing and delivery times.
Therefore, courier delivery, logistics and material handling companies such as UPS, DHL, and FedEx are testing robotic loading and unloading of irregular parcels. For instance, DHL started testing Baxter and Sawyer robots for co-packing and value-added tasks, such as packaging, assembly, kitting, and pre-retail services, in 2016. Earlier, material handling systems company Weeknight Corporation had launched the Robotic Truck Unloader (RTU) in 2013. It is an autonomous robotic machine that can be used to unload floor-loaded products from truck trailers or ocean freight containers.
Potential Opportunities in the Truck Transportation Market
This market has registered stable growth due to steady demand for truck services from manufacturing industries globally hence generating potential opportunities for investments.