The integration of new technology into freight trucks and the huge growth of numerous sectors throughout the world are anticipated to boost the market industry
LONDON , UNITED KINGDOM, July 11, 2022 /EINPresswire.com/ — The global freight trucking market size was valued at USD 1,783.6 million in 2021 and is expected to expand at a CAGR of 6.3% over the forecast period. The operation of freight trucks, the incorporation of cutting-edge technologies, improvements in vehicle designs, and other factors have significantly changed the freight trucking industry over undergone significant changes in the freight trucking industry during the past few years. Due to logistical demands from a variety of end-use industries, like food & beverage, oil & gas, energy & mining, chemicals, and more, freight truck production is still expanding globally. The rise in automation, the explosive development of e-Commerce, and the emphasis on industrialization by governments throughout the Asia Pacific are just a few of the variables that are anticipated to have an impact on the growth of the freight trucking industry.
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The Freight Trucking Market – Growth Factors
Market participants in the food and beverage sector are largely focused on streamlining logistics and meeting the low volume, high-frequency requirements of the sector in order to improve their product fulfillment processes. Furthermore, a number of food companies are concentrating on adaptation to changing transportation networks and reducing costs as a result of the fierce rivalry in the food and beverage industry. One of the most well-liked and widely used modes of freight transportation is trucking, and this trend is expected to persist over the projection period.
The Freight Trucking Market – Segmentation
The global Freight Trucking Market on the basis of Cargo Type is segregated into Dry/Bulk Goods, Hazardous/Dangerous Goods, and Temperature Controlled Goods. On the basis of Type, the market is categorized into Closed Box & Refrigerated, Flatbed Truck, and Curtain Side. On the basis of Product, the market is bifurcated into Low to Medium Truck Load (LTL) and Full Truck Load (FTL).
The Freight Trucking Market Trends:
• The market for freight trucking is anticipated to grow during the forecasted period due to ongoing technological advancements.
• Increased transportation volumes would also be a result of rapid urbanization, industrialization, and construction industry expansion, driving the global freight trucking market ahead.
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The Freight Trucking Market Regional Analysis:
The North American market is anticipated to post a strong revenue CAGR over the forecast period, according to a regional study. This growth can be attributed to the growing use of freight trucks in industrialized nations like the U.S. and Canada. On the other hand, Asia Pacific is anticipated to experience significant development due to the rapid growth of the e-commerce industry in developing countries like India, China, & Japan.
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