NEW YORK , Feb. 27, 2023 /PRNewswire/ -- Major players in the long-distance general freight trucking market are XPO Logistics Inc., YRC Worldwide Inc., FedEx Corporation, JB Hunt Transport Services Inc., Knight-Swift Transportation Holdings Inc., Old Dominion Freight Line, Progressive Carriers, Joe's Logistics, Universal Truckload, and Reynold Transportation.
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The global long-distance general freight trucking market will grow from $732.40 billion in 2022 to $809.43 billion in 2023 at a compound annual growth rate (CAGR) of 10.5%. 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 long-distance general freight trucking market is expected to grow to $1,170.32 billion in 2027 at a CAGR of 9.7%.
The long-distance general freight trucking market includes revenues earned by entities by providing transportation services for local pickup of goods to deliver them to the customer.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.
Long-distance general freight trucking is a mode of transportation that uses motor vehicles such as trucks to transport a variety of commodities, which are generally palletized and transported in a container or van trailer for carriage of domestic and commercial goods, typically between metropolitan areas and may cross country borders.
Asia Pacific was the largest region in the long-distance general freight trucking market in 2022.North America was the second largest region in the long-distance general freight trucking market.
The regions covered in long-distance general freight trucking market report are Asia-Pacific , Western Europe , Eastern Europe , North America , South America , Middle East , Africa .
The main services in the long-distance general freight trucking market are general long-distance truckload carriers, general long-distance less-than-truckload carriers, and other transportation services.The general long-distance truckload carriers provide long-distance general freight trucking between metropolitan areas.
The market is segmented by activities into general long-distance truckload transit, general long-distance less-than-truckload transit, logistics planning, container trucking long-distance, and motor freight trucking long-distance. It is also segmented by size 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.
An increase in the manufacturing output of different industries is expected to drive the growth of the long-distance general freight trucking market.More manufacturing output calls for more trucking to carry the freight from one place to another.
In March 2020 , Tesla planned to increase electric vehicle production capacity in China.This production capacity will be 250,000 cars a year.
To transport these manufactured cars, there will be a need for freight trucking.In June 2020 , a Tesla semi, which is used for long haul trucking, was transporting the cars.
Thus, the increased manufacturing output, which results in increased trucking for transportation of the finished products, is driving the growth of the long-distance general freight trucking market.
Travel restrictions and lockdowns during COVID-19 are limiting the growth of the long-distance general freight trucking market.Coronavirus lockdown limitations have restricted freight movement, raising operating expenses and increasing anxiety among drivers and crew members.
According to an analysis by Geotab Inc., a web analytics company, there was a significant drop in commercial transport activity between March 16 and May 8, 2020 in the United States , when compared with baseline data from February 2020 . The commercial transport activity of the United States is operating at an average of 83% of total commercial transport activity. This decrease in activity is felt more seriously in federal regions such as New York and New Jersey , with working levels at 66% of normal activity. Thus, these variables, such as travel restrictions and lockdown, are affecting the development of the long-distance general freight trucking market.
Electric trucks are being increasingly used by the long-distance general freight trucking market for transportation, which is expected to propel the market's growth.Numerous retailers and transporters are putting in huge orders of electric trucks for beverage routes and last-mile delivery.
In September 2020 , Amazon bought 10 electric trucks from Lion Electric, and they ordered 100,000 electric delivery vans from startupRivian with deliveries from 2021 to 2024.
In June 2020 , Mark-It Express Logistics, a US-based intermodal trucking and freight brokerage company, acquired the operating assets of Sava Transportation for an undisclosed amount.The acquisition will help Mark-It Express Logistics offer flexible and robust solutions to their customers and will add 20 more trucks to their fleet.
This acquisition will also diversify its customer base and increase its market share. Sava Transportation is a US-based company specialising in intermodal traffic.
The countries covered in the long-distance general freight trucking market are Australia , Brazil , China , France , Germany , India , Indonesia , Japan , Russia , South Korea , UK, 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 long-distance general freight trucking market research report is one of a series of new reports that provides long-distance general freight trucking market statistics, including long-distance general freight trucking industry global market size, regional shares, competitors with a long-distance general freight trucking market share, detailed long-distance general freight trucking market segments, market trends and opportunities, and any further data you may need to thrive in the long-distance general freight trucking industry. This long-distance 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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