E-commerce drives freight trucking market

Due to the rise in global e-commerce, research by SNS Insider forecasts the freight trucking market size to increase 3.9 per cent from 2024-32, reaching US$3768.1 billion.

The freight trucking market was recorded at US$2670 in 2023, and is growing significantly due to the rising global e-commerce industry, as freight trucks are supported for transporting packaged goods and products between distribution centres, warehouses and to retailers. The increasingly fast and last-mile door-to-door delivery of packages from warehouse or fulfillment centre hubs positively affects the market.

Rapid industrialization has also widely adopted trucking for the movement of heavy machinery, complicated equipment and raw materials to transport tools and construction materials throughout factories and manufacturing units, also boosting market growth.

Various government initiatives and policies regarding the electric mobility solution and adoption of advanced delivery systems are other factors that boost the market.

North America is expected to lead the freight trucking market during the forecast period as the U.S. is the major key player in truck logistics with a strong supply chain and demand. It supports a large and varied economy, with a sizable number of commodities being moved via long-distance and local trucks.

In May 2022, Maersk completed the acquisition of Pilot Freight Services, a U.S.-based global franchise serving as an international and domestic provider of cross-border solutions in Canada and Mexico.

The Asia-Pacific Region is expected to grow significantly from 2024-2032 because of the large and varied freight trucking industry in China that is fueled by the country’s manufacturing and export-focused economy. With an emphasis on modernizing truck fleets for efficiency and sustainability, the sector has transformed.

And, given its vast geographic area and populace, India’s trucking business is crucial to the country’s overall logistics. As the region’s economy and trade expands, countries like Thailand and Vietnam are also seeing expansion in their freight trucking sectors.

The main factors for emerging demand for freight services include growth in international trade, e-commerce and globalization. According to recorded data, the e-commerce platform had increased approximately 39 per cent globally in 2023 compared to 2022.

Agriculture held the largest share of the freight trucking market with more than 30 per cent of the revenue share in 2023, and it is forecasted to continue on this trajectory through to 2032.

The dry van segment accounted for the largest share at around 40 per cent. Dry vans can carry a variety of goods, consumer products, electronics, furniture, textiles and groceries. These characteristics, which make it a popular choice among shippers and freight forwarders are fueling market growth in that direction. The tanker segment remains the fastest growing during the forecast period. Tanker-type vehicles are required due to the growth of industrial sectors like chemicals, petroleum, pharmaceuticals and food products like milk and others.