The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The long-distance general freight trucking market has witnessed rapid growth, expanding from $832.99 billion in 2023 to a projected $924.43 billion in 2024, reflecting a Compound Annual Growth Rate (CAGR) of 11.0%. The historic period’s growth is attributed to the expansion of long-distance trucking, the rise of e-commerce, a shortage of qualified truck drivers, intense competition, and robust economic growth in emerging markets.

Market Expansion in 2023-2024

• Market size to grow from $832.99 billion in 2023 to $924.43 billion in 2024.
• Compound Annual Growth Rate (CAGR) of 11.0%.

Driving Forces in the Historic Period

• Expansion of Long-Distance Trucking
• Growth of E-Commerce
• Shortage of Qualified Truck Drivers
• High Levels of Competition
• Strong Economic Growth in Emerging Markets

Anticipated Growth by 2028

• Projected market size: $1358.38 billion.
• CAGR: 10.1%.

Emerging Trends in the Forecast Period

• Increasing Use of Tractor-Trailer Combinations
• Gradual Shift Towards More Local Truck Drivers
• IoT (Internet of Things) in Trucks
• Truck Platooning for Efficient Operations
• Use of Artificial Intelligence (AI)

The Role of E-Commerce and Warehousing

The surge in e-commerce and the growth of warehouse facilities are expected to drive the continued growth of the long-distance general freight trucking market. E-commerce, constituting 30% of the UK’s retail sector, relies heavily on efficient transportation, and warehouses play a pivotal role in storing goods until distribution. The rise in online purchases, with 82% of UK residents making at least one online purchase in 2021, highlights the increasing reliance on e-commerce and the subsequent demand for effective freight transportation.

• E-commerce Statistics
  • Consumer e-commerce contributes 30% to the UK’s retail sector.
  • Annual e-commerce revenue surpasses $120 billion.

Major Companies and Innovations

Major companies in the long-distance general freight trucking market, including XPO Inc., FedEx Corporation, and Knight-Swift Transportation Holdings Inc., are focusing on innovation to gain a competitive edge. Vaux, an innovative technology launched by ArcBest Corporation, exemplifies how hardware and software suites enhance operational efficiency, fuel efficiency, cargo tracking, and driver assistance systems.

• Innovative Hardware and Software
  • Real-time route optimization.
  • Comprehensive insight into cargo transportation.
  • Rapid unloading with Vaux technology in less than five minutes.

View More On The Long-Distance General Freight Trucking Market Report 2024 – https://www.thebusinessresearchcompany.com/report/longdistance-general-freight-trucking-global-market-report

Strategic Acquisition for Market Expansion

In July 2023, Knight-Swift Transportation Holdings Inc. acquired U.S. Xpress Enterprises Inc. for $808 million. This strategic move aims to expand business reach, attract professional drivers, gain customers, and improve overall earnings.

• Acquisition Details
  • U.S. Xpress Enterprises Inc. is a long-distance general freight trucking company.
  • Knight-Swift’s goal is to enhance its business presence and profitability.

Market Segmentation

Understanding the intricacies of the long-distance general freight trucking market is essential. It is segmented based on services, size, and application.

Segmentation Overview

1. By Services
   • Truckload Carriers
   • Less-than-truckload Carriers
   • Other Transportation Services
2. By Size
   • Heavy Trucks
   • Medium Trucks
   • Light Trucks
3. By Application
   • Oil & Gas
   • Industrial & Manufacturing
   • Energy & Mining
   • Food & Beverages
   • Pharmaceuticals & Healthcare
   • Other Applications

Regional Dominance

Asia-Pacific emerged as the largest region in the long-distance general freight trucking market in 2023, underscoring the global nature of the industry.

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The Long-Distance General Freight Trucking Global Market Report 2024  provides comprehensive insights on the long-distance general freight trucking market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the long-distance general freight trucking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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