Truck Transport Market Growth Prospects By The Business Research Company
TBRC's truck transport market report expands on growth rates, drivers, and opportunities globally.
LONDON, June 15, 2022 -- The truck transport market consists of sales of truck transportation services and related goods by entities (organizations, sole traders and partnerships) that provide over-the-road transportation of cargo using motor vehicles, such as trucks and tractor-trailers. The companies in the truck transport industry provide general freight trucking and specialized freight trucking service to commercial establishments.
The global truck transport market growth is expected to go from $1,663.34 billion in 2021 to $1,833.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.3%. The truck transportation market size is expected to then grow to $2,594.36 billion in 2026 at a CAGR of 9.1%.
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Truck Market Regional Analysis
Asia Pacific sees the largest truck transport market demand, with the region accounting for 30.8% of the total market in 2021. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the truck transport 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.
Truck Transport Market Drivers
Increasing investments in truck transportation in end-use industries will drive the growth of the truck transportation market in the forecast period. The investments in food and beverage, oil and gas, mining, energy, and other logistic industries will increase their reach towards the customer by their transportation services.
Truck Transport Industry Trends
Trucking platooning is gaining traction in the truck transport market as it improves transit safety and efficiency. Truck platooning is the process of linking two or more trucks or a fleet of vehicles using connected and automotive technology in braking and acceleration while maintaining a pre-set distance between each other. Under this process, the truck leading the fleet is generally a regular truck with a driver, followed by the automated or semi-automated 'platoon'. The truck platooning technique provides various benefits, such as reduction in carbon emissions.
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