Global Specialized Freight Trucking Market: A Growth Trajectory Fueled by Economic Stability and Technological Advances

LONDON, GREATER LONDON, UK, November 29, 2023 /EINPresswire.com/ -- The global specialized freight trucking market exhibited robust growth, surging from $980.5 billion in 2022 to $1061.49 billion in 2023, achieving a commendable Compound Annual Growth Rate (CAGR) of 8.3%. Forecasts indicate sustained expansion, reaching $1418.06 billion by 2027, with a CAGR of 7.5%.

Economic Stability Driving Market Dynamics

The specialized freight trucking market‘s growth is underpinned by stable economic forecasts in both developed and developing nations. Projections from the International Monetary Fund (IMF) indicate a global GDP growth of 3.3% in 2020 and 3.4% in 2021. Recovering commodity prices, particularly after a notable historical decline, contribute further to the market's upward trajectory. Developed economies are poised for stable growth, while emerging markets are expected to outpace their developed counterparts. This stable economic backdrop is anticipated to spur investments in end-user markets, serving as a key driver for market growth.

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Key Market Players Shaping the Industry Landscape

Major companies influencing the specialized freight trucking market include Cargill Incorporated, Toyota Motor Corp, FedEx Corporation, Energy Transfer Partners LP, Thyssenkrupp AG, Plains GP Holdings, A.P. Møller-Mærsk A/S, Toyota Tsusho, CJ Corp, and Knight-Swift Transportation Holdings Inc.

Collision Mitigation Technology: Enhancing Safety in Truck Transportation

Truck transportation companies are increasingly adopting collision mitigation technology to mitigate the human and material costs associated with accidents. These systems detect imminent collisions and alert the driver, taking automatic action if necessary. Such collision mitigation systems are becoming standard features in new trucks globally. For instance, several automakers have committed to equipping nearly all new passenger vehicles with a low-speed Automatic Emergency Braking (AEB) system by 2022, as per data from the US Department of Transportation. This move is expected to prevent thousands of crashes annually. Key manufacturers of collision mitigation systems for trucks include Delphi Automotive LLP, Robert Bosch GmbH, Denso Corporation, Autoliv, Inc., and General Electric Company.

Regional Dynamics: Asia-Pacific Leading the Charge

In 2022, Asia-Pacific emerged as the largest region in the specialized freight trucking market, with North America securing the second-largest share.

Comprehensive Market Segmentation: Tailoring Solutions for Varied Needs
The global specialized freight trucking market is segmented -

1) By Type: Automobiles And Heavy Equipment, Bulk Liquids, Dry Bulk Materials, Forest Products, Refrigerated Goods

2) By Application: Oil & Gas, Industrial & Manufacturing, Energy & Mining, Food & Beverages, Pharmaceuticals & Healthcare, Other Applications

3) By Size: Heavy Trucks, Medium Trucks, Light Trucks

For comprehensive insights into market dynamics and future trends, please refer to the complete report:
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Specialized Freight Trucking Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Specialized Freight Trucking Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on specialized freight trucking market size, specialized freight trucking market drivers and trends, specialized freight trucking market major players, specialized freight trucking market competitors' revenues, specialized freight trucking market positioning, and specialized freight trucking market growth across geographies. The specialized freight trucking market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the specialized freight trucking market report and tap into segments with the highest growth potential.

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