The general freight trucking (Truckload) industry comprises of the sales of general freight trucking services & related goods by entities (sole traders, organizations, and partnerships) that provide various general freight trucking services. This industry is primarily engaged in the full, long-distance, single load and local transportation/hauling of palletized commodities by van trailer or container. Operators frequently carry out the enthusiastic freight transportation using a full dry van trailer & intermodal container to carry the palletized load for single customer. The establishments of general freight trucking industry group provide a combination of some different network activities including local pickup, local sorting & terminal operations, destination sorting & terminal operations, line-haul, and local delivery. In particular, increasing the consumer spending and disposable income levels have prompted growing demand for industry services as customer & retail industries demand dedicated to transportation services more frequently.
As per study, “General Freight Trucking Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global general freight trucking market include J B Hunt Transport Services; Schneider national; Landstar; Swift Transportation; YRC Worldwide. The entry of mechanized vehicles with cutting edge safety measures, radar, cameras, and LIDAR sensors controlling the way, organizations are able to save the money through less fuel as well as more frequent schedules.
Based on type, general freight trucking market is segmented as long-distance general freight trucking and local general freight trucking. Long-distance/significant-distance general freight trucking segment provides trucking between the metropolitan regions that may cross the North-American countries borders. Included in this industry are enterprises operating as Truckload (TL) or Less Than Truckload (LTL) carriers. Additionally, local or domestic general freight trucking segment provides trucking within a metropolitan region that may cross the state lines. Based on size, market is segmented as light trucks, medium trucks and heavy trucks. In addition, based on application, market is segmented as energy & mining, oil & gas, food & beverages, industrial & manufacturing, pharmaceutical & healthcare and others.
The general freight trucking market is driven by growth in urbanization & communication innovations, followed by increase in volume of transportation of goods. However, congestion in trade routes & risk associated with cross border transportation and complexity of shipping & delivering goods along with the inefficiency in controlling cost may impact the market. Moreover, huge demand owing to technological advancements in general freight market is a leading opportunity for market. Furthermore, increase in popularity of online shopping and upsurge in convenience & easy access related to home delivery services are key trends for global market.
Based on geography, the Asia-Pacific region holds major share in global general freight trucking market owing to growth in international trade across the region. The North-America and Europe regions are estimated to witness higher growth rate due to increase in number of trade blocks over the forecast period. It is anticipated that the global market will be reached at rapid pace on account of speedy growth in the internet retailing coupled with technological advancements equipped with GPS tracking, flatbed & load-to-road service and temperature-controlled compartments during the forecast period.
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Ankur Gupta, Head Marketing & Communications