NEW YORK, Feb. 23, 2023 /PRNewswire/ — Major players in the local general freight trucking market are YRC Worldwide Inc, JB Hunt Transport Services Inc., FedEx Corporation, XPO Logistics Inc, Knight-Swift Transportation Holdings Inc, American Rail Center Logistics, DHL, United Parcel Service, Challenger Motor Freight Inc, Creed Freight System, JR Traffic Service, LEASE-SERV TRANSPORTATION, Schneider national, Landstar, and Swift Transportation.
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The global local general freight trucking market will grow from $126.95 billion in 2022 to $129.87 billion in 2023 at a compound annual growth rate (CAGR) of 2.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The local general freight trucking market is expected to grow to $139.47 billion in 2027 at a CAGR of 1.8%.
The local general freight trucking market includes revenues earned by entities by providing transportation service for local areas.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.
Local general freight trucking refers to modes of transportation that use trucks and vans to deliver a wide variety of commodities in local metropolitan areas, generally palletized and transported in a container or van trailer to deliver goods for both domestic and commercial purposes and used for short distances.
Asia-Pacific was the largest region in the local general freight trucking market in 2022.North America was the second largest region in the local general freight trucking market.
The regions covered in the local general freight trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of local general freight trucking are truckload transportation; less-than-truckload transportation; intermodal transportation; dry-bulk transportation; and others.Intermodal transportation involves the movement of large-sized goods through more modes of transport in containers.
The market is segmented by type into heavy trucks, medium trucks, and light trucks and by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, and others.
The increase in e-commerce sales is expected to fuel the growth of the local freight trucking market in the coming years.E-Commerce refers to the purchase and sale of products and services on the Internet.
The e-commerce industry relies on trucking to move its items from one location to another, which impacts the trucking industry directly. For instance, according to the US Census Bureau, in 2020, American consumers spent $211.5 billion in the second quarter, an increase of 31.8% from the previous quarter. The increase in e-commerce sales increases the demand to transport the goods and thereby drives the growth of the local freight trucking market.
The impact of COVID-19 is expected to limit the growth of the local freight trucking market in the coming years.The transportation industry faces severe challenges due to the coronavirus with disruption in the supply chain.
A decrease in demand led to a fall in the supply of raw materials or end-products such as restaurant supplies or live event equipment, among others. According to the Center for Disease Control and Prevention, the trucking industry lost more than 88,000 jobs in April 2020, a 5.8% decline from March. There were 20.5 million job losses across the U.S., placing the nation’s total unemployment rate at 14.7%. A recent survey found that nearly half (48%) of carriers registered significantly lowered freight rates across the U.S. Therefore, the prevalence of COVID-19 restrains the growth of the local freight trucking market.
The integration of the Internet of Things (IoT) into the transportation sector is a key trend gaining popularity in the local general freight trucking market.The IoT is expected to change the transport sector by gathering data and vital information from market and technology developments related to data analytics and automation of mobility and will provide benefits in fleet management and location tracking.
Companies around the world are finding more and more interesting ways to take advantage of the Internet of Things for greater productivity and efficiency. For instance, Kuehne + Nagel, a Swiss-based transport and logistics company, uses IoT for freight monitoring, which helps to warn about temperature, humidity, pressure, shock, and tilt at the parcel level.
The countries covered in the local general freight trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The local general freight trucking market research report is one of a series of new reports that provides local general freight trucking market statistics, including local general freight trucking industry global market size, regional shares, competitors with a local general freight trucking market share, detailed local general freight trucking market segments, market trends and opportunities, and any further data you may need to thrive in the local general freight trucking industry. This local general 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.
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