NEW YORK, Jan. 18, 2023 /PRNewswire/ — According to Technavio, the global tank trucking market size is estimated to decline by USD 97.06 billion from 2022 to 2027. The market is estimated to decline at a CAGR of 7.29% during the forecast period. However, the growth momentum will decelerate. North America held the largest share of the global market in 2022, and the market in the region is estimated to witness an incremental growth of 30%.
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Technavio has announced its latest market research report titled Global Tank Trucking Market 2023-2027
Global tank trucking market – Five forces
The global cloud data warehouse market is fragmented, and the five forces analysis covers–
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!
Global tank trucking market – Customer landscape
The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global tank trucking market – Segmentation assessment
Segment overview
Technavio has segmented the market based on ownership (for hire and private), and capacity (medium-duty, heavy-duty, and light-duty).
The for-hire segment will grow at a significant rate during the forecast period. It is essential to hire tank trucks for businesses operating in the global tank trucking market since it enables them to keep their fleet up-to-date and involves lower upfront costs than purchasing them. Although the small-scale and mid-scale vendors are generally unable to spend their limited resources on purchasing tank trucks there is a rise in the sales of this segment. The reason behind this is the increase in demand for tank trucking for short-term transport operations. This is a major factor that is expected to boost the growth of this market segment during the forecast period.
Geography overview
By geography, the global tank trucking market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global tank trucking market.
North America is estimated to account for 30% of the growth of the global market during the forecast period. The large-scale investments in infrastructure development and construction activities are the major reasons behind the market’s growth in North America. High capital investments have been made in constructing many oil and gas pipelines in the US. As per the US Energy Information Administration (EIA), the natural gas pipeline network in the country is a highly integrated transmission and distribution network that can transport natural gas from and to nearly all the states in the country. In addition, increased oil and gas production due to a surge in unconventional exploration and production (E&P) activities in the region over the last five years has facilitated the availability of cheap feedstock for refineries. Such factors will increase the market growth during the forecast period.
Global tank trucking market – Market dynamics
Key factor driving market growth
The growing demand for oil and natural gas is notably driving the market growth.
The global consumption of natural gas over the past decade has increased significantly. The major factor behind the widespread use of natural gas is that it is used as a fuel in heating applications. Growing consumption of fuel in developing countries such as India is also expected to increase the demand for natural gas during the forecast period.
In addition, the gradual recovery of global crude oil prices will also bring new investments into the oil and gas sector. These factors will boost the global market during the forecast period.
Leading trends influencing the market
Technological advancements are an emerging trend in the market. The new developments in technology lead to changes in the proportion, size, and structure of tank transport.
Nowadays, the focus of tanker manufacturers is on lightweight components and parts that are reliable and durable and help improve the performance of their vehicles and also fuel economy. Significant investments are being done by vendors in M&A to expand their product portfolio.
Lucrative growth opportunities will be created with the integration of artificial intelligence into tankers for vendors in the global oil market.
Hence, the rapidly growing global oil and gas industry and continuous technological advancements are expected to play a major role in boosting the growth of the global market during the forecast period.
Major challenges hindering the market growth
Leakage issues during the transportation of oil and gas are major challenges impeding the market growth. The transportation, storage, and distribution activities of the oil and gas industry involve moving oil and gas from oil wells to refineries and ultimately to fuel retail stores for consumption.
After crude oil is refined, the final products and transported from refineries by tank trucks and by rail to fuel retail stores.
In general, all modes of transportation used to transport oil and gas are at risk of oil spills. It is during loading and unloading that the oil leaks. Various regulations are in place to ensure effective oil spill prevention.
Under the FRP rule, facilities that store oil and gas must have an action plan and be prepared to respond to potential oil spill disruptions. Such factors will hinder the global market during the forecast period.
What are the key data covered in this tank trucking market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the tank trucking market between 2023 and 2027
Precise estimation of the size of the tank trucking market size and its contribution to the market in focus on the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the tank trucking market industry across North America, Europe, APAC, South America, and Middle East and Africa
A thorough analysis of the market’s competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of tank trucking market vendors
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Tank Trucking Market Scope |
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Report Coverage |
Details |
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Page number |
144 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 7.29% |
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Market growth 2023-2027 |
USD 97.06 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
7.18 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 30% |
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Key countries |
US, China, Singapore, UK, and France |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Amthor International, Dupre Logistics LLC, Eagle Transport Corp., Florida Rock and Tank Lines Inc., Groendyke Transport Inc., Kenan Advantage Group Inc., Littlejohn Inc., Mac Trailer Manufacturing Inc., Martin Transport Inc., Miller Transporters Inc., Quest Liner Inc., Ruan Transportation Management Systems, Shiny Shipping and Logistics Pvt. Ltd., Superior Bulk Logistics Inc., Superior Industries Inc., Tankstar USA Inc., TFI International Inc., Trimac Transportation Services Inc., and Burch Tank and Truck |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
1.1 Market overview
Exhibit 01: Executive Summary – Chart on Market Overview
Exhibit 02: Executive Summary – Data Table on Market Overview
Exhibit 03: Executive Summary – Chart on Global Market Characteristics
Exhibit 04: Executive Summary – Chart on Market by Geography
Exhibit 05: Executive Summary – Chart on Market Segmentation by Ownership
Exhibit 06: Executive Summary – Chart on Market Segmentation by Capacity
Exhibit 07: Executive Summary – Chart on Incremental Growth
Exhibit 08: Executive Summary – Data Table on Incremental Growth
Exhibit 09: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
2.1 Market ecosystem
Exhibit 10: Parent market
Exhibit 11: Market Characteristics
3 Market Sizing
3.1 Market definition
Exhibit 12: Offerings of vendors included in the market definition
3.2 Market segment analysis
Exhibit 13: Market segments
3.3 Market size 2022
3.4 Market outlook: Forecast for 2022-2027
Exhibit 14: Chart on Global – Market size and forecast 2022-2027 ($ billion)
Exhibit 15: Data Table on Global – Market size and forecast 2022-2027 ($ billion)
Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
4.1 Global tank trucking market 2017 – 2021
Exhibit 18: Historic Market Size – Data Table on Global tank trucking market 2017 – 2021 ($ billion)
4.2 Ownership Segment Analysis 2017 – 2021
Exhibit 19: Historic Market Size – Ownership Segment 2017 – 2021 ($ billion)
4.3 Capacity Segment Analysis 2017 – 2021
Exhibit 20: Historic Market Size – Capacity Segment 2017 – 2021 ($ billion)
4.4 Geography Segment Analysis 2017 – 2021
Exhibit 21: Historic Market Size – Geography Segment 2017 – 2021 ($ billion)
4.5 Country Segment Analysis 2017 – 2021
Exhibit 22: Historic Market Size – Country Segment 2017 – 2021 ($ billion)
5 Five Forces Analysis
5.1 Five forces summary
Exhibit 23: Five forces analysis – Comparison between 2022 and 2027
5.2 Bargaining power of buyers
Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
5.3 Bargaining power of suppliers
Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
5.4 Threat of new entrants
Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027
5.5 Threat of substitutes
Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027
5.6 Threat of rivalry
Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027
5.7 Market condition
Exhibit 29: Chart on Market condition – Five forces 2022 and 2027
6 Market Segmentation by Ownership
6.1 Market segments
Exhibit 30: Chart on Ownership – Market share 2022-2027 (%)
Exhibit 31: Data Table on Ownership – Market share 2022-2027 (%)
6.2 Comparison by Ownership
Exhibit 32: Chart on Comparison by Ownership
Exhibit 33: Data Table on Comparison by Ownership
6.3 For hire – Market size and forecast 2022-2027
Exhibit 34: Chart on For hire – Market size and forecast 2022-2027 ($ billion)
Exhibit 35: Data Table on For hire – Market size and forecast 2022-2027 ($ billion)
Exhibit 36: Chart on For hire – Year-over-year growth 2022-2027 (%)
Exhibit 37: Data Table on For hire – Year-over-year growth 2022-2027 (%)
6.4 Private – Market size and forecast 2022-2027
Exhibit 38: Chart on Private – Market size and forecast 2022-2027 ($ billion)
Exhibit 39: Data Table on Private – Market size and forecast 2022-2027 ($ billion)
Exhibit 40: Chart on Private – Year-over-year growth 2022-2027 (%)
Exhibit 41: Data Table on Private – Year-over-year growth 2022-2027 (%)
6.5 Market opportunity by Ownership
Exhibit 42: Market opportunity by Ownership ($ billion)
7 Market Segmentation by Capacity
7.1 Market segments
Exhibit 43: Chart on Capacity – Market share 2022-2027 (%)
Exhibit 44: Data Table on Capacity – Market share 2022-2027 (%)
7.2 Comparison by Capacity
Exhibit 45: Chart on Comparison by Capacity
Exhibit 46: Data Table on Comparison by Capacity
7.3 Medium duty – Market size and forecast 2022-2027
Exhibit 47: Chart on Medium duty – Market size and forecast 2022-2027 ($ billion)
Exhibit 48: Data Table on Medium duty – Market size and forecast 2022-2027 ($ billion)
Exhibit 49: Chart on Medium duty – Year-over-year growth 2022-2027 (%)
Exhibit 50: Data Table on Medium duty – Year-over-year growth 2022-2027 (%)
7.4 Heavy duty – Market size and forecast 2022-2027
Exhibit 51: Chart on Heavy duty – Market size and forecast 2022-2027 ($ billion)
Exhibit 52: Data Table on Heavy duty – Market size and forecast 2022-2027 ($ billion)
Exhibit 53: Chart on Heavy duty – Year-over-year growth 2022-2027 (%)
Exhibit 54: Data Table on Heavy duty – Year-over-year growth 2022-2027 (%)
7.5 Light duty – Market size and forecast 2022-2027
Exhibit 55: Chart on Light duty – Market size and forecast 2022-2027 ($ billion)
Exhibit 56: Data Table on Light duty – Market size and forecast 2022-2027 ($ billion)
Exhibit 57: Chart on Light duty – Year-over-year growth 2022-2027 (%)
Exhibit 58: Data Table on Light duty – Year-over-year growth 2022-2027 (%)
7.6 Market opportunity by Capacity
Exhibit 59: Market opportunity by Capacity ($ billion)
8 Customer Landscape
8.1 Customer landscape overview
Exhibit 60: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Geographic Landscape
9.1 Geographic segmentation
Exhibit 61: Chart on Market share by geography 2022-2027 (%)
Exhibit 62: Data Table on Market share by geography 2022-2027 (%)
9.2 Geographic comparison
Exhibit 63: Chart on Geographic comparison
Exhibit 64: Data Table on Geographic comparison
9.3 North America – Market size and forecast 2022-2027
Exhibit 65: Chart on North America – Market size and forecast 2022-2027 ($ billion)
Exhibit 66: Data Table on North America – Market size and forecast 2022-2027 ($ billion)
Exhibit 67: Chart on North America – Year-over-year growth 2022-2027 (%)
Exhibit 68: Data Table on North America – Year-over-year growth 2022-2027 (%)
9.4 Europe – Market size and forecast 2022-2027
Exhibit 69: Chart on Europe – Market size and forecast 2022-2027 ($ billion)
Exhibit 70: Data Table on Europe – Market size and forecast 2022-2027 ($ billion)
Exhibit 71: Chart on Europe – Year-over-year growth 2022-2027 (%)
Exhibit 72: Data Table on Europe – Year-over-year growth 2022-2027 (%)
9.5 APAC – Market size and forecast 2022-2027
Exhibit 73: Chart on APAC – Market size and forecast 2022-2027 ($ billion)
Exhibit 74: Data Table on APAC – Market size and forecast 2022-2027 ($ billion)
Exhibit 75: Chart on APAC – Year-over-year growth 2022-2027 (%)
Exhibit 76: Data Table on APAC – Year-over-year growth 2022-2027 (%)
9.6 South America – Market size and forecast 2022-2027
Exhibit 77: Chart on South America – Market size and forecast 2022-2027 ($ billion)
Exhibit 78: Data Table on South America – Market size and forecast 2022-2027 ($ billion)
Exhibit 79: Chart on South America – Year-over-year growth 2022-2027 (%)
Exhibit 80: Data Table on South America – Year-over-year growth 2022-2027 (%)
9.7 Middle East and Africa – Market size and forecast 2022-2027
Exhibit 81: Chart on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
Exhibit 82: Data Table on Middle East and Africa – Market size and forecast 2022-2027 ($ billion)
Exhibit 83: Chart on Middle East and Africa – Year-over-year growth 2022-2027 (%)
Exhibit 84: Data Table on Middle East and Africa – Year-over-year growth 2022-2027 (%)
9.8 US – Market size and forecast 2022-2027
Exhibit 85: Chart on US – Market size and forecast 2022-2027 ($ billion)
Exhibit 86: Data Table on US – Market size and forecast 2022-2027 ($ billion)
Exhibit 87: Chart on US – Year-over-year growth 2022-2027 (%)
Exhibit 88: Data Table on US – Year-over-year growth 2022-2027 (%)
9.9 China – Market size and forecast 2022-2027
Exhibit 89: Chart on China – Market size and forecast 2022-2027 ($ billion)
Exhibit 90: Data Table on China – Market size and forecast 2022-2027 ($ billion)
Exhibit 91: Chart on China – Year-over-year growth 2022-2027 (%)
Exhibit 92: Data Table on China – Year-over-year growth 2022-2027 (%)
9.10 UK – Market size and forecast 2022-2027
Exhibit 93: Chart on UK – Market size and forecast 2022-2027 ($ billion)
Exhibit 94: Data Table on UK – Market size and forecast 2022-2027 ($ billion)
Exhibit 95: Chart on UK – Year-over-year growth 2022-2027 (%)
Exhibit 96: Data Table on UK – Year-over-year growth 2022-2027 (%)
9.11 Singapore – Market size and forecast 2022-2027
Exhibit 97: Chart on Singapore – Market size and forecast 2022-2027 ($ billion)
Exhibit 98: Data Table on Singapore – Market size and forecast 2022-2027 ($ billion)
Exhibit 99: Chart on Singapore – Year-over-year growth 2022-2027 (%)
Exhibit 100: Data Table on Singapore – Year-over-year growth 2022-2027 (%)
9.12 France – Market size and forecast 2022-2027
Exhibit 101: Chart on France – Market size and forecast 2022-2027 ($ billion)
Exhibit 102: Data Table on France – Market size and forecast 2022-2027 ($ billion)
Exhibit 103: Chart on France – Year-over-year growth 2022-2027 (%)
Exhibit 104: Data Table on France – Year-over-year growth 2022-2027 (%)
9.13 Market opportunity by geography
Exhibit 105: Market opportunity by geography ($ billion)
10 Drivers, Challenges, and Trends
10.1 Market drivers
10.2 Market challenges
10.3 Impact of drivers and challenges
Exhibit 106: Impact of drivers and challenges in 2022 and 2027
10.4 Market trends
11 Vendor Landscape
11.1 Overview
11.2 Vendor landscape
Exhibit 107: Overview on Criticality of inputs and Factors of differentiation
11.3 Landscape disruption
Exhibit 108: Overview on factors of disruption
11.4 Industry risks
Exhibit 109: Impact of key risks on business
12 Vendor Analysis
12.1 Vendors covered
Exhibit 110: Vendors covered
12.2 Market positioning of vendors
Exhibit 111: Matrix on vendor position and classification
12.3 Amthor International
Exhibit 112: Amthor International – Overview
Exhibit 113: Amthor International – Product / Service
Exhibit 114: Amthor International – Key offerings
12.4 Dupre Logistics LLC
Exhibit 115: Dupre Logistics LLC – Overview
Exhibit 116: Dupre Logistics LLC – Product / Service
Exhibit 117: Dupre Logistics LLC – Key offerings
12.5 Eagle Transport Corp.
Exhibit 118: Eagle Transport Corp. – Overview
Exhibit 119: Eagle Transport Corp. – Product / Service
Exhibit 120: Eagle Transport Corp. – Key offerings
12.6 Florida Rock and Tank Lines Inc.
Exhibit 121: Florida Rock and Tank Lines Inc. – Overview
Exhibit 122: Florida Rock and Tank Lines Inc. – Product / Service
Exhibit 123: Florida Rock and Tank Lines Inc. – Key offerings
12.7 Groendyke Transport Inc.
Exhibit 124: Groendyke Transport Inc. – Overview
Exhibit 125: Groendyke Transport Inc. – Product / Service
Exhibit 126: Groendyke Transport Inc. – Key offerings
12.8 Kenan Advantage Group Inc.
Exhibit 127: Kenan Advantage Group Inc. – Overview
Exhibit 128: Kenan Advantage Group Inc. – Product / Service
Exhibit 129: Kenan Advantage Group Inc. – Key offerings
12.9 Littlejohn Inc.
Exhibit 130: Littlejohn Inc. – Overview
Exhibit 131: Littlejohn Inc. – Product / Service
Exhibit 132: Littlejohn Inc. – Key offerings
12.10 Mac Trailer Manufacturing Inc.
Exhibit 133: Mac Trailer Manufacturing Inc. – Overview
Exhibit 134: Mac Trailer Manufacturing Inc. – Product / Service
Exhibit 135: Mac Trailer Manufacturing Inc. – Key offerings
12.11 Martin Transport Inc.
Exhibit 136: Martin Transport Inc. – Overview
Exhibit 137: Martin Transport Inc. – Product / Service
Exhibit 138: Martin Transport Inc. – Key offerings
12.12 Miller Transporters Inc.
Exhibit 139: Miller Transporters Inc. – Overview
Exhibit 140: Miller Transporters Inc. – Product / Service
Exhibit 141: Miller Transporters Inc. – Key offerings
12.13 Quest Liner Inc.
Exhibit 142: Quest Liner Inc. – Overview
Exhibit 143: Quest Liner Inc. – Product / Service
Exhibit 144: Quest Liner Inc. – Key offerings
12.14 Ruan Transportation Management Systems
Exhibit 145: Ruan Transportation Management Systems – Overview
Exhibit 146: Ruan Transportation Management Systems – Product / Service
Exhibit 147: Ruan Transportation Management Systems – Key offerings
12.15 Superior Bulk Logistics Inc.
Exhibit 148: Superior Bulk Logistics Inc. – Overview
Exhibit 149: Superior Bulk Logistics Inc. – Product / Service
Exhibit 150: Superior Bulk Logistics Inc. – Key offerings
12.16 Tankstar USA Inc.
Exhibit 151: Tankstar USA Inc. – Overview
Exhibit 152: Tankstar USA Inc. – Product / Service
Exhibit 153: Tankstar USA Inc. – Key offerings
12.17 Trimac Transportation Services Inc.
Exhibit 154: Trimac Transportation Services Inc. – Overview
Exhibit 155: Trimac Transportation Services Inc. – Product / Service
Exhibit 156: Trimac Transportation Services Inc. – Key offerings
13 Appendix
13.1 Scope of the report
13.2 Inclusions and exclusions checklist
Exhibit 157: Inclusions checklist
Exhibit 158: Exclusions checklist
13.3 Currency conversion rates for US$
Exhibit 159: Currency conversion rates for US$
13.4 Research methodology
Exhibit 160: Research methodology
Exhibit 161: Validation techniques employed for market sizing
Exhibit 162: Information sources
13.5 List of abbreviations
Exhibit 163: List of abbreviations
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