How Is The Specialized Freight Trucking Market Segmented?
The specialized freight trucking market covered in this report is segmented –
1) By Type: Automobiles And Heavy Equipment, Bulk Liquids, Dry Bulk Materials, Forest Products, Refrigerated Goods
2) By Size: Heavy Trucks, Medium Trucks, Light Trucks
3) By Application: Oil and Gas, Industrial and Manufacturing, Energy and Mining, Food and Beverages, Pharmaceuticals and Healthcare, Other Applications
Subsegments:
1) By Automobiles And Heavy Equipment: Transportation Of Cars, Trucks, And Motorcycles, Hauling Of Construction And Agricultural Machinery
2) By Bulk Liquids: Transport Of Chemicals And Petrochemicals, Delivery Of Food-Grade Liquids, Transport Of Hazardous Materials
3) By Dry Bulk Materials: Hauling Of Grains, Powders, And Granules, Transport Of Construction Materials, Delivery Of Recycled Materials
4) By Forest Products: Transportation Of Lumber And Wood Products, Delivery Of Paper Products And Wood Chips
5) By Refrigerated Goods: Transport Of Perishable Food Items, Delivery Of Pharmaceuticals And Temperature-Sensitive Products
What Is Driving The Specialized Freight Trucking Market? Factors Driving Growth In The Specialized Freight Trucking Market
The specialized freight trucking market's growth is aided by stable economic growth forecasted in many developed and developing countries. For instance, in April 2024, according to the International Monetary Fund (IMF), a US-based government organization, the baseline forecast indicates that the global economy is forecasted to grow at a rate of 3.2 percent in both 2024 and 2025, remaining consistent with the growth observed in 2023. Advanced economies are expected to see a modest increase in growth, rising from 1.6 percent in 2023 to 1.7 percent in 2024, and reaching 1.8 percent in 2025. Recovering commodity prices, after a significant decline in the historical period, are further expected to aid the market's growth. Developed economies are also expected to register stable growth during the forecast period. Additionally, emerging markets are expected to continue to grow slightly faster than developed markets in the forecast period. Stable economic growth is expected to increase investments in end-user markets, thereby driving the market during the forecast period.
What Is Driving The Specialized Freight Trucking Market? The Impact Of E-Commerce Growth On The Specialized Freight Trucking Market
The growth of E-Commerce industry is expected to propel the growth of the specialized freight trucking market. The E-Commerce industry describes the trading of products and services, as well as the sending of money and data, over the Internet. Specialized freight trucking is used for the last-mile delivery of goods to customers' homes and ensure faster delivery by transporting inventory closer to the customers. For instance, in August 2023, the United States Census Bureau, a US-based principal agency that provides data on the economy, in the US, retail E-Commerce sales increased by 6.6% and reached $269.5 billion in Q2 2023. Therefore, the growth of E-Commerce industry drives the growth of the specialized freight trucking market.
Who Are The Major Players In The Global Specialized Freight Trucking Market?
Major companies operating in the specialized freight trucking market include Old Dominion Freight Line, J.B. Hunt Transport Services, Knight-Swift Transportation Holdings, XPO Logistics, FedEx Freight, Schneider National, Saia Inc., Landstar System, YRC Worldwide, R+L Carriers, Estes Express Lines, Averitt Express, CRST International, AAA Cooper Transportation, Southeastern Freight Lines, ArcBest Corporation, Forward Air Corporation, Roadrunner Transportation Systems, Dayton Freight Lines, Central Transport, Pitt Ohio Express, Holland Regional, Old Dominion Truck Leasing, Ward Transport and Logistics, A. Duie Pyle, Wilson Trucking Corporation, Bennett International Group, Black Horse Carriers, Hub Group
What Are The Key Trends Of The Global Specialized Freight Trucking Market? Adoption Of Collision Mitigation Technology In Truck Transportation
Truck transportation companies are widely using collision mitigation technology to reduce the loss of lives and damage associated with accidents. The collision mitigation system detects the impending strike and alerts the driver about any collision. These systems are installed within the vehicle, and, in the event of an imminent accident, they can act automatically without the driver’s input. These systems are becoming a standard inbuilt feature on many new trucks in many countries globally. For instance, according to US Department of Transportation data, twenty automakers pledged to voluntarily equip virtually all new passenger vehicles by 2022 with a low-speed AEB system that includes forward collision warning (FCW), technology proven to help prevent and mitigate front-to-rear crashes. The agency stated that this could prevent nearly 2000 crashes every year. Major companies manufacturing these systems for trucks include Delphi Automotive LLP, Robert Bosch GmbH, Denso Corporation, Autoliv, Inc., and General Electric Company.
What Are The Key Trends Of The Global Specialized Freight Trucking Market? Innovative Technological Advancements In Specialized Freight Trucking Market
Major companies operating in the specialized freight trucking market are developing new innovative solution, such as proprietary technology to provide reliable services to the customers. Proprietary technology refers to any combination of processes, tools, or systems of interrelated connections. For instance, in September 2023, WARP, US-based provider of tech-powered freight network, launched gLTL. It enables shippers to access every size of vehicle imaginable, from sedans to SUVs and sprinter vans, and to unlock extra capacity at faster rates. The new service encompasses various delivery and logistics options, such as direct-to-store delivery, inventory transfers to fulfillment centers, warehouse-to-warehouse transfers, and last-mile delivery.
Regional Outlook For The Global Specialized Freight Trucking Market
Asia-Pacific was the largest region in the specialized freight trucking market in 2024. North America was the second largest region in the specialized freight trucking market. The regions covered in the specialized freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the specialized freight trucking market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa
What Defines the Specialized Freight Trucking Market?
The specialized freight trucking market includes revenues earned by entities by providing transportation services for specialized goods that must be delivered to customers quickly. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
How is Market Value Defined and Measured?
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
What is the Market Assessment and Strategic Outlook for the Specialized Freight Trucking Industry?
The specialized freight trucking market research report is one of a series of new reports from The Business Research Company that provides specialized freight trucking market statistics, including global market size, regional shares, competitors with a specialized freight trucking market share, detailed specialized freight trucking market segments, market trends and opportunities, and any further data you may need to thrive in the specialized freight trucking industry. This specialized freight trucking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
