$2.53 Tn General Freight Trucking Market Opportunities And Strategies To 2034, Fueled By Emerging Market Expansion And Industrial Growth, Despite Challenges From Driver Shortages And Insurance Costs

(MENAFN- GlobeNewsWire - Nasdaq) Asia Pacific was the largest region in the general freight trucking market, accounting for 29.82% or $320.44 billion of the total in 2024. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the general freight trucking market will be Africa and Middle East where growth will be at CAGRs of 12.79% and 11.50% respectively. These will be followed by South America and Asia Pacific where the markets are expected to grow at CAGRs of 10.39% and 10.26% respectively.

Dublin, May 09, 2025 (GLOBE NEWSWIRE) -- The "General Freight Trucking Market Opportunities and Strategies to 2034" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the general freight trucking market and covers 2019-2024, termed the historic period, and 2024-2029, 2034F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global general freight trucking market reached a value of nearly $1.07 trillion in 2024, having grown at a compound annual growth rate (CAGR) of 6.90% since 2019. The market is expected to grow from $1.07 trillion in 2024 to $1.66 trillion in 2029 at a rate of 9.11%. The market is then expected to grow at a CAGR of 8.83% from 2029 and reach $2.53 trillion in 2034.
Growth in the historic period resulted from strong economic growth in emerging markets, rise in oil and gas industry, pharmaceutical industry growth and increasing government support. Factors that negatively affected growth in the historic period were driver shortages in the trucking industry and rising truck insurance costs. Going forward, increasing urbanization, expansion of the retail and e-commerce industry, expanding road infrastructure and increasing industrialization will drive the growth. Factor that could hinder the growth of the general freight trucking market in the future include supply chain disruptions.
The global general freight trucking market is fragmented, with large number of small players in the market. The top ten competitors in the market made up to 9.95% of the total market in 2023. The market fragmentation can be attributed to the presence of large number of small players in different geographies. DHL Group was the largest competitor with a 1.89% share of the market, followed by FedEx Corporation with 1.34%, C.H. Robinson Worldwide, Inc with 1.29%, J.B. Hunt Transport Services with 1.06%, CMA CGM (Ceva Logistics AG) with 1.04%, A.P. Moller - Maersk with 0.94%, XPO Inc. with 0.80%, Old Dominion Freight Line Inc with 0.60%, Landstar System, Inc with 0.50% and Knight Swift Transportation Holdings Inc. with 0.49%.
The general freight trucking market is segmented by type into local general freight trucking and long-distance general freight trucking. The long-distance general freight trucking market was the largest segment of the general freight trucking market segmented by type, accounting for 85.73% or $921.31 billion of the total in 2024. Going forward, the long-distance general freight trucking segment is expected to be the fastest growing segment in the general freight trucking market segmented by type, at a CAGR of 9.74% during 2024-2029.
The general freight trucking market is segmented by size into heavy trucks, medium trucks and light trucks. The heavy trucks market was the largest segment of the general freight trucking market segmented by size, accounting for 60.10% or $645.9 billion of the total in 2024. Going forward, the heavy trucks segment is expected to be the fastest growing segment in the general freight trucking market segmented by size, at a CAGR of 9.19% during 2024-2029.
The general freight trucking market is segmented by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare and other applications. The industrial and manufacturing market was the largest segment of the general freight trucking market segmented by application, accounting for 25.50% or $274.04 billion of the total in 2024. Going forward, the industrial and manufacturing segment is expected to be the fastest growing segment in the general freight trucking market segmented by application, at a CAGR of 9.56% during 2024-2029.
The top opportunities in the general freight trucking market segmented by type will arise in the long-distance general freight trucking segment, which will gain $544.76 billion of global annual sales by 2029. The top opportunities in the general freight trucking market segmented by size will arise in the heavy trucks segment, which will gain $356.45 billion of global annual sales by 2029. The top opportunities in the general freight trucking market segmented by application will arise in the industrial and manufacturing segment, which will gain $158.57 billion of global annual sales by 2029. The general freight trucking market size will gain the most in the USA at $147.03 billion.
Market-trend-based strategies for the general freight trucking market include development of advanced enterprise resource planning (ERP) software, developing digital freight booking and management platform, focused on IoT to strengthen their position in the market. The Internet of Things (IoT) for trucks refers to the networking of items using, focused on fleet management software, focus into entering into partnership and collaboration and deploying artificial intelligence (AI) and technological advancements.
Player-adopted strategies in the general freight trucking market include focus on expanding operational capabilities through new developments, focus on enhancing business capabilities through restructuring and operational changes and focus on enhancing business operations through strategic collaborations and partnerships.
To take advantage of the opportunities, the analyst recommends the general freight trucking companies to focus on developing advanced ERP solutions, focus on developing digital freight booking platforms, focus on implementing IoT solutions, focus on implementing fleet management software, focus on strategic partnerships and collaborations, focus on deploying artificial intelligence in freight operations, focus on the long-distance general freight trucking segment, focus on the heavy trucks segment, expand in emerging markets, continue to focus on developed markets, provide competitively priced offerings, continue to use B2B promotions, participate in trade shows and events and focus on the industrial and manufacturing segment.

Key Attributes:

Report Attribute	Details
No. of Pages	407
Forecast Period	2024 - 2034
Estimated Market Value (USD) in 2024	$1.07 Trillion
Forecasted Market Value (USD) by 2034	$2.53 Trillion
Compound Annual Growth Rate	9.0%
Regions Covered	Global

Major Market Trends

• Advancements in ERP Solutions For the Freight Trucking and Logistics Industry
• Digital Freight Platforms Revolutionizing Logistics Efficiency and Customer Experience
• IoT-Enabled Solutions Revolutionizing Freight Trucking and Supply Chain Management
• Enhanced Fleet Management Software To Increase Efficiency
• Strategic Partnerships and Collaborations
• AI-Powered Innovations Transforming the Freight Trucking Industry

Customer Information

• Downward Trend in Freight Rates With Freight Volumes To Increase
• Upward Trend of Female Truck Drivers
• Hiring and Retention Challenges in Trucking
• Fuel Prices Were a Top Concern in the Trucking Industry
• Partnerships Effect on 3PL Services
• Fall in Heavy Goods Vehicle (HGV) Driver Employment and Increase in Pay

Key Mergers and Acquisitions

• AIT Worldwide Logistics Acquired Krupp Trucking
• PS Logistics Acquired Fluker Transportation
• RK Logistics Holdings Acquires on Time Trucking
• DSV a/S Acquired DB Schenker
• CMA CGM Acquired Bollore Logistics
• Knight-Swift Transportation Holdings Inc. Acquired U.S. Xpress Enterprises Inc.
• L.V. Overseas SAS Acquired Active Freight
• Geodis Acquired International Transport & Shipping Ltd.
• TLSS Acquisition Inc Acquired Freight Connections
• P.a.M. Transportation Services Inc. Acquired Metropolitan Trucking, Inc
• DHL Supply Chain Acquired Glen Cameron Group
• A.P. Moller-Maersk Group Acquired Pilot Freight Services
• JBT Transport Acquired Heritage Transportation
• Boekestijn Acquired V&R Express

Companies Featured

• DHL Group
• FedEx Corporation
• C.H. Robinson Worldwide, Inc
• J.B. Hunt Transport Services
• CMA CGM (Ceva Logistics AG)
• A.P. Moller - Maersk
• XPO Inc.
• Old Dominion Freight Line Inc
• Landstar System, Inc
• Knight Swift Transportation Holdings Inc.
• Spice Logistics Private Limited
• Freight Mart Logistics
• Prime Transport Corporation
• OM Logsitcs Limited
• UB Freight Australia Pty LTD
• Doyun Logistics Co., Ltd.
• GKR Transport
• Australian Container Freight Services.
• Jiangsu Kunyue Logistics Co Ltd
• Kunshan Yunda Express Co Ltd
• Changsha Sitong Moving Transport Co Ltd.
• Ningbo Jinxing Logistics Co Ltd
• Sichuan Wangcang County Transport Co Ltd
• Shanghai Ruiqiang Logistics Co Ltd
• Beijing Keyun Logistics Co Ltd.
• TuSimple Holdings, Inc
• Tianjin Jinshi Wukuang International Logistics Co Ltd.
• Welch's Transport Ltd
• DSV A/S
• DB Schenker
• InstaFreight GmbH
• Haberling
• Einride AB
• Bollore Logistics
• Simco Trans GmbH
• L.V. Overseas S.A.
• Fixemer Real Estate
• Kahmen TransCargo GmbH
• Active Freight
• MAN Truck & Bus SE
• AW Transport & Logistics GmbH
• SGL
• Livchem Logistics GmbH
• Boekestijn
• ROHLIG SUUS Logistics SA
• DHL Express
• TNT Expressare.
• Spares
• Flexport Inc.
• JBT Transport
• Pavages J.M. Beaulieu Inc, Les
• Schneider National
• Kodiak Robotics, Inc.
• Smart Moves Trucking LLC
• Blackmine Outfitters Trucking Ltd
• J & S Services Inc
• R & C Weare Logging Ltd
• N. W. White & Company
• Bayshore Transportation System, Inc.
• Benny Whitehead Inc
• Koleaseco, Inc.
• Harper Investments, Inc.
• Pemex Logistica, E.P.S.
• Frialsa Frigorificos, S.A. de C.V.
• Bravo Servicos Logisticos Ltda
• Ic Transportes Ltda
• Transportes Transvidal Ltda
• Transportes Della Volpe Sa
• Liderbras Logistica E Transportes Ltda
• Wellfield Services Limitada
• Charabanc Transportation
• DP World
• Einride
• Iranian Road Transport Group
• Trans-Israel Freight Ltd.
• Ekol Logistics
• Tristar Transport
• Agility Logistics UAE
• Oilmar Shipping and Chartering DMCC (UAE)
• Tri Star Transport (UAE)
• DFDS
• Transmar
• Freterium
• Reinhardt Transport (Pty) Ltd
• Autocarrier Transport
• FPT Group (Pty) Ltd

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• General Freight Trucking Market

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