Increasing Innovations in the Trucks Fueling the Global Freight Trucking Market

The global freight trucking market is anticipated to grow at a considerable CAGR of 5.3% during the forecast period (2021-2027). One of the major factors behind the inclination of the market includes the freight trucking market players undertaking innovations that are making logistic services easy, safe, and economical. Few of the innovations are - 

• Platooning: This method allows trucks to run in a sequence, closely behind the other, automatically. These formations are controlled by computers that communicate with one another. For instance, in May 2020, U.S. states allowed platooning trucks.
• Internet of Things (IoT): This method forms a network of devices, vehicles, and appliances that can actively share data. By the implementation of the IoT in trucking, it makes location tracking, environment sensing, fleet management, eco-friendly shipping, along with supply-demand balance better. This innovation had received a lot of attention in the freight market. For instance, Kuehne + Nagel, a logistics company, has been using a cloud-based platform and sensors to notify shippers with real-time information about locations and conditions of critical freight in transit. 
• Electric and Autonomous Trucks: Electric and autonomous vehicles have been already creating a buzz in the market. The same technology also increases the demand for trucks in the freight market. These trucks are eco-friendly, economical, and safer. With the increasing governmental norms for adapting electric vehicles, the demand for electric trucks is anticipated to grow in the upcoming years. For instance, in December 2021, FedEx received the first of 500 electric delivery light trucks from BrightDrop, which is the newly formed EV unit of General Motors. 

Browse the full report description of "Global Freight Trucking Market Size, Share & Trends Analysis Report By Vehicle Type (Light Commercial Vehicle, and Heavy Commercial Vehicle), By Cargo Type (Dry Bulk, liquid bulk, and Refrigerated Products) and By End-User (Industrial Manufacturing, Oil & Gas Industries, Construction & Mining Industries, and Others) Forecast Period (2021-2027)" at https://www.omrglobal.com/industry-reports/freight-trucking-market

Market Coverage

    • The market number available for – 2020-2027

    • Base year- 2020

    • Forecast period- 2021-2027

    • Segment Covered- 

o By Vehicle Type

o By Cargo Type

o By End-User

    • Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

    • Competitive Landscape- Aramex International LCC, Deutsche Post AG, FedEx Corp., Hellmann Worldwide Logistics SE & Co. KG, and United Parcel Service of America, Inc.

Key questions addressed by the report

    • What is the market growth rate?

    • Which segment and region dominate the market in the base year?

    • Which segment and region will project the fastest growth in the market?

    • How COVID-19 impacted the market?

o Deviation from the pre-COVID-19 forecast

o Most affected region and segment

    • Who is the leader in the market?

    • How players are addressing challenges to sustain growth?

    • Where is the investment opportunity?

Global Freight Trucking Market Report Segment

By Vehicle Type

    • Light Commercial Vehicle

    • Heavy Commercial Vehicle

By Cargo Type

    • Dry Bulk

    • Liquid Bulk

    • Refrigerated Products

By End-User

    • Industrial Manufacturing

    • Oil & Gas industries

    • Construction & Mining industries

    • Others (Chemical Industries, Agriculture Industries, and Food & Beverages Industries)

Global Freight Trucking Market Report Segment by Region

North America

    • United States

    • Canada

Europe

    • UK

    • Germany

    • Italy

    • Spain

    • France

    • Rest of Europe 

Asia-Pacific

    • China

    • India

    • Japan

    • South Korea

    • Rest of Asia-Pacific 

Rest of the World

    • Latin America 

    • Middle East & Africa