Global General Freight Trucking Market Poised for Explosive Growth
The global general freight trucking market reached $1.07 trillion in 2024. By 2034, it’s projected to soar to $2.53 trillion. This impressive rise reflects a robust 8.83% CAGR starting in 2029. The future of trucking looks more promising than ever.
Why the Market is Booming
Urban populations are growing fast. As a result, cities need more goods delivered quickly and reliably. At the same time, e-commerce is exploding, with millions of orders shipped daily. Expanding road infrastructure and rapid industrialization also power this upward trend. Together, these forces are transforming trucking into one of the most vital global industries.
Top Performing Regions
In 2024, Asia Pacific led the market with a 29.82% share—valued at $320.44 billion. Looking ahead, Africa and the Middle East will grow fastest. Africa is projected to grow at 12.79% CAGR, with the Middle East close behind at 11.50%. These regions are investing heavily in logistics and road networks, unlocking new opportunities for freight businesses.
Segment Spotlight
Long-distance trucking stands out, claiming 85.73% of the market in 2024, or $921.31 billion. It also has the highest projected growth rate. Heavy trucks led the market by size, holding 60.10%. This segment will continue gaining momentum due to strong demand and infrastructure improvements.
Leading Application Areas
Industrial and manufacturing applications made up 25.50% of the market. These sectors are expanding fast and driving freight demand worldwide. Trucking companies that serve these industries are set to benefit from stable, long-term growth.
A Fragmented Yet Thriving Industry
The market remains highly competitive. The top 10 companies hold under 10% market share. DHL Group is the largest, with just 1.89%. This leaves plenty of room for new and growing carriers to thrive.
Source: Research and Markets, IBISWorld, Statista (2024)