New York, April 04, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Local General Freight Trucking Global Market Report 2022" - https://www.reportlinker.com/p06250368/?utm_source=GNW
The global local general freight trucking market is expected to grow from $121.99 billion in 2021 to $126.07 billion in 2022 at a compound annual growth rate (CAGR) of 3.3%. The market is expected to grow to $136.75 billion in 2026 at a compound annual growth rate (CAGR) of 2.1%.
The local general freight trucking market consists of sales of local general freight trucking services and related goods by entities (organizations, sole traders, and partnerships) that provide local general freight trucking services.General freight establishments handle a wide variety of commodities, generally palletized and transported in a container or van trailer.
Local general freight trucking establishments usually provide trucking within a metropolitan area that may cross state lines.Generally, the trips are same-day returns.
Only goods and services traded between entities or sold to end consumers are included.
The main types of local general freight trucking are truckload transportation, less-than-truckload transportation, intermodal transportation, dry-bulk transportation, and others. Intermodal transportation involves the movement of large-sized goods through more modes of transport in containers. The market is segmented by type into heavy trucks, medium trucks, and light trucks and by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, and others
Asia-Pacific was the largest region in the local general freight trucking market in 2021.North America was the second largest region in the local general freight trucking market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increase in e-commerce sales is expected to fuel the growth of the local freight trucking market in the coming years.E-Commerce refers to the purchasing and sale of products and services on the Internet.
The e-commerce industry relies on trucking to move their items from one location to another and impacts the trucking industry directly. For instance, according to the US Census Bureau, in 2020, the USA consumers spent $211.5 billion in the second quarter and increased by 31.8% from the previous quarter. The increase in e-commerce sales increases the demand to transport the goods and thereby drives the growth of the local freight trucking market.
The impact of COVID19 is expected to limit the growth of the local freight trucking market in the coming years.The transportation industry faces severe challenges due to coronavirus with disruption in the supply chain.
A decrease in demand led to a fall in the supply of raw material or end-products such as restaurant supply, live event equipment, among others. According to the Center for Disease Control and Prevention, the trucking industry lost more than 88,000 jobs in April 2020, a 5.8% decline from March, a 20.5 million job losses across the U.S., placing the nation’s total unemployment rate at 14.7%. A recent survey found that nearly half (48%) of carriers registered significantly lowered freight rates across the U.S. Therefore, the prevalence of COVID-19 restrains the growth of the local freight trucking market.
The integration of the Internet of Things (IoT) in the transportation sector is a key trend gaining popularity in the local general freight trucking market.The IoT is expected to change the transport sector by gathering data and vital information from market and technology developments related to data analytics and automation of mobility and provide benefits in fleet management and location tracking.
Companies around the world are finding more interesting ways to take advantage of the Internet of Things for greater productivity and efficiency. For instance, Kuehne + Nagel, a Swiss-based transport and logistics company, uses IoT for freight monitoring, which helps to warn about temperature, humidity, pressure, shock, and tilt at the parcel level.
The countries covered in the local general freight trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06250368/?utm_source=GNW
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