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Local General Freight Trucking Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Local General Freight Trucking Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • May 2021
  • 175 pages
  • ID: 6071819
  • Format: PDF
  • The Business Research Company


Table of Contents

Major players in the local general freight trucking market are YRC Worldwide Inc; JB Hunt Transport Services Inc.; FedEx Corporation; XPO Logistics Inc; Knight-Swift Transportation Holdings Inc; American Rail Center Logistics; DHL; United Parcel Service; Challenger Motor Freight Inc; and Creed Freight System.

The global local general freight trucking market is expected to grow from $111.84 billion in 2020 to $125.24 billion in 2021 at a compound annual growth rate (CAGR) of 12%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $170.8 billion in 2025 at a CAGR of 8.1%.

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 which may cross state lines.Generally, the trips are same-day return.

Only goods and services traded between entities or sold to end consumers are included.

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 benefit 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 temperature, humidity, pressure, shock, and tilt at parcel level.

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.

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