The specialized freight trucking industry group comprises the establishments primarily engaged in providing local and long-distance specialized freight trucking. Establishments of this industry are primarily engaged in the hauling/transportation of freight which, because of weight, size, shape, or other inherent characteristics, requires specific equipment for instance tankers, flatbeds, or refrigerated trailers. This industry contains the transportation of institutional, used household and commercial furniture & equipment.
As per study, “Specialized Freight Trucking Global Market Report 2020-30: Covid 19 Impact and Recovery” the key companies operating in the global specialized freight trucking market include Schneider National; C.H. Robinson; UPS (United Parcel Service); Fedex (Federal Express); J.B. Hunt Transport Services. Leading market players operating in the food & beverages sector are mainly focused on improving their product implementation process by streamlining logistics & catering to the low volume high-frequency necessities of the industry. Furthermore, due to cut-throat competition within the food & beverages sector, various food companies are progressively more focusing on adapting to novel transportation networks & minimizing costs. Specializing freight trucking is one of the most popular & adopted freight transportation across the globe and the trend is expected to continue during the forecast period.
By type, specialized freight trucking market is bifurcated as bulk liquids, refrigerated goods, automobiles and heavy equipment, forest products and dry bulk materials. By size, market is bifurcated as heavy trucks, medium trucks and light trucks. In addition, by application type, market is bifurcated as food & beverages, pharmaceutical & healthcare, energy & mining, oil & gas, industrial & manufacturing and others.
One of the significant sectors to confront the impacts of the novel Corona-Virus (COVID-19) pandemic is the transportation sector. The freight trucking market is likely to witness a sluggish period amidst the approaching COVID-19 pandemic, as governments across the globe continue to initiate the preventive measures to combat casualties and spread of the virus. Investors in the specialized freight trucking market are anticipated to be heavily impacted owing to the ongoing pandemic. However, freight trucking organizations involved in the delivery of essential goods/products and services are estimated to capitalize on the opportunity & gain ground in the competitive market landscape. As the Corona-Virus pandemic continues to disrupt the supply chains of major enterprises around the world, market players associated with the freight trucking market are expected to seek new solutions to address these challenges.
Based on geography, the North-America region dominates the global specialized freight trucking market owing to rise in demand for online shopping coupled with convenience & easy access related to home delivery services across the region. The Asia-Pacific and Europe regions are anticipated to exhibit considerable growth rate due to rise in the middle class population across the world that has resulted in growth in consumption and hence, is anticipated to boost the volume of goods or products transported. Changes in consumer tastes & preferences where individuals are inclined toward the western lifestyle have fueled the demand for deliveries that take the lesser time. This is likely to boost the freight trucking market during the forecast period. It is estimated that future of the global specialized freight trucking market will be bright because of surge in automation and expansion of the e-commerce sector during the forecast period.
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Ankur Gupta, Head Marketing & Communications