Trucking Market

Key Insights

The Global Trucking Market is valued at USD 14.54 Billion in 2023 and is projected to reach a value of USD 31.8 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 10.28% between 2024 and 2032.

Overview and Description

A tracking system, also known as a locating system, is used for the observing of persons or objects on the move and supplying a timely ordered sequence of location data for further processing. It is important to be aware of human tracking, further details are listed below.

The global Trucking market is segmented based on products, applications, regions, and countries. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. All the segments have been analyzed based on present and future trends. The research study provides complete assessment of the market on the basis of competition, drivers, restraints, opportunities, trends, and industry-authenticated data. The market is estimated from 2016 to 2020 with forecast from 2023 to 2032.

COVID-19 Impact Analysis

COVID-19 pandemic led to government of numerous countries across the globe to impose strict lockdown restrictions during the preliminary stages. In 2021, numerous countries faced the adverse effects of the pandemic due to the outbreak of second wave, which also led governments to again impose lockdown measures. Business shutdowns, partial business operations, and travel restrictions have led to challenges in supply chain and in turn production. However, it is expected that reopening of trade activities, the market will witness steady growth in the demand in the coming years. Impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends for all the regions and countries.

The report provides a completely separate chapter for COVID-19 Impact Analysis. This chapter includes:

• Impact Assessment of COVID-19 Pandemic
• Pre & Post COVID-19 Market Size
• Qualitative analysis on the short term & long term impact of COVID-19 on the market
• The analysis provides foremost strategies adopted by competitors to minimize the impact of the pandemic on their business activities and scope for future developments.

Industry Insights

• Huge and different funding sources and business approaches to encourage and rely on global programs is driving factor for Trucking Market.
• The improvement in demand for applications where high temperature, mechanical strength, and high chemical resistance is driving Trucking Market.
• The environmental & health and well-being matters with volatile raw material expenses and high intimidation of replacements is hindering Trucking Market.

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Regional Analysis: Preview

Based on region, the global Trucking market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific region led the market with the largest share in 2020. Some of the key countries contributing to the surge in the market are the U.S., U.K., Germany, France, China, India, Japan, and South Korea.

The market comprises of numerous small, medium, and large sized players spread across various geographies. Some of the main competitors in the global Trucking market are Old Dominion Freight, Hunt (Jb) Transprt Svcs Inc, Ryder System Inc, Marten Transport Ltd, Knight Transportation Inc, Landstar System Inc, Covenant Transportation Grp, Usa Truck Inc, Heartland Express Inc, Amerco. The report covers company market share analysis which gives a comprehensive overview of the main competitors in the market. In addition, the report also covers major strategies adopted by market players such as new product launch, acquisitions & mergers, partnerships, collaborations & joint ventures, research & development, and regional expansion. The study also covers the product portfolio of major companies operating in the market.

The global Trucking market can be categorized as Type, Application, End-Use Industry, and Region.