TBRC’s Truck Transportation Market Report expands on growth rates, drivers, and opportunities globally.
LONDON, June 15, 2022 /PRNewswire/ — The truck transportation market includes sales of truck transportation services and related goods by entities (organizations, sole proprietorships, and partnerships) that provide road transportation of goods using motor vehicles , such as trucks and semi-trailers. Companies in the trucking industry provide general cargo trucking and specialty cargo trucking services to commercial establishments.
The growth of the global trucking market is expected to increase from $1,663.34 billion in 2021 for $1,833.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The size of the trucking market is then expected to reach $2,594.36 billion in 2026 at a CAGR of 9.1%.
Truck Market Regional Analysis
Asia Pacific sees the largest demand from the trucking market, with the region accounting for 30.8% of the total market in 2021. It was followed by North America, then the other regions. Going forward, the fastest growing regions in the trucking market will be the Middle East and Africa, where growth will be at CAGRs of 14.2% and 11.7% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 10.5% and 9.5% respectively.
Trucking Market Drivers
Rising investments in truck transportation in end-use industries will drive the growth of the truck transportation market over the forecast period. Investments in food and beverage, oil and gas, mining, energy and other logistics industries will increase their reach to the customer through their transportation services.
Trucking Industry Trends
Platoon trucking is gaining traction in the trucking market as it improves the safety and efficiency of mass transit. Truck Platoon is the process of linking two or more trucks or a fleet of vehicles using connected and automotive technology for braking and acceleration while maintaining a pre-set distance between them. In this process, the truck leading the fleet is usually a regular truck with a driver, followed by the automated or semi-automated “platoon”. The truck platoon technique offers various benefits, such as reduced carbon emissions.
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