According to Cognitive Market Research, the global truck freight market size is USD 2215642.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.60 % from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 886256.88 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.8% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 664692.66 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 509597.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.6% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 110782.11 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.0% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 44312.84 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.3% from 2024 to 2031.
The Dry van & box truck held the highest truck freight market revenue share in 2024.

Market Dynamics of Truck Freight Market

Key Drivers of Truck Freight Market

E-commerce Boom to Increase the Demand Globally

The rise in online purchasing brought about by the e-commerce boom has raised demand for truck freight services. The increasing trend of online shopping has increased the need for effective delivery methods. To fulfill this need, truck freight services are leading the way in getting goods from distribution facilities to customers' doorsteps. The logistics sector is changing due to this trend, leading businesses to invest in growing their fleets of trucks and streamlining delivery routes. The demand for truck freight services is anticipated to stay strong as customers continue to value the convenience of online shopping, spurring efficiency and innovation in the transportation industry.

Growing Economies to Propel Market Growth

Global economic expansion is accompanied by increased production and transportation of commodities, which is excellent news for the truck freight sector. Greater consumer demand for commodities results from economies expanding, and getting goods from producers to consumers requires effective transportation strategies. Truck freight services are essential in this supply chain since they offer a dependable and adaptable way to move goods over land. The growing interconnectedness of trade and business has made truck freight services even more crucial for enabling the transportation of commodities across national boundaries. Consequently, the expanding economies support the truck freight industry's continuous expansion and vitality, guaranteeing its ongoing significance in logistics.

Restraint Factors Of Truck Freight Market

Fuel Price Volatility to Limit the Sales

Fuel price fluctuation is a significant issue for trucking companies as it directly affects their operating expenses and margins. Fuel price fluctuations can result in erratic costs, which makes it challenging for trucking companies to stick to a budget and be profitable. Companies' bottom lines are impacted when gasoline prices rise because they must pay more to fuel their fleets. On the other hand, businesses may feel a brief sense of relaxation when fuel costs decline, but they still need to be on the lookout because prices could spike again and jeopardize their long-term financial health. Trucking companies frequently utilize fuel hedging, fuel-efficient technology investments, and freight rate adjustments to account for fluctuations in fuel prices to lessen the effects of fuel price volatility. Trucking businesses must adjust to these changes to stay competitive and sustainable in a changing commercial landscape.

Impact of COVID-19 on the Truck Freight Market

The COVID-19 outbreak has significantly impacted the truck freight market. At first, supply networks were interrupted by lockdowns and limitations, which decreased demand for trucking services. However, as traditional retail moved online and e-commerce took off, there was a corresponding rise in the demand for freight, especially for necessities like groceries and medical supplies. Furthermore, the pandemic hastened the rise of nearshoring and reshoring, which has forced businesses ...

Freight Trucking Market size was valued at USD 2.17 Trillion in 2022 and is poised to grow from USD 2.28 Trillion in 2023 to USD 3.42 Trillion by 2031, at a CAGR of 5.2% during the forecast period (2024-2031).

This statistic shows the revenue of the industry “truck transportation“ in the U.S. from 2012 to 9999, with a forecast to 2024. It is projected that the revenue of truck transportation in the U.S. will amount to approximately ***** billion U.S. Dollars by 2024.

According to Cognitive Market Research, the global Specialized Freight Trucking market size will be USD 1065485.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 9.00% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 426194.20 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.2% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 319645.65 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 245061.67 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.0% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 53274.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.4% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 21309.71 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.7% from 2024 to 2031.
The Automobiles And Heavy Equipment is the fastest growing segment of the Specialized Freight Trucking industry

Market Dynamics of Specialized Freight Trucking Market

Key Drivers for Specialized Freight Trucking Market

Increasing E-commerce Boom to Boost Market Growth

The e-trade boom has drastically transformed logistics, main to a heightened demand for specialized transportation services. As online purchasing keeps growing, companies are more and more targeting ultimate-mile delivery solutions for bulky or fragile gadgets. This section of logistics requires tailored approaches to ensure safe and efficient handling, such as temperature control for perishable goods and greater packaging for delicate objects. Companies are investing in superior tracking technologies and optimizing shipping routes to satisfy purchaser expectations for brief and dependable carriers. Consequently, the upward push of e-trade is reshaping the transportation panorama, prompting improvements in final-mile shipping strategies.

Expansion of Industrial Growth to Drive Market Growth

Industrial increase in sectors, which include production, production, and energy, has amplified the want for specialized transportation services. These industries frequently manage outsized, heavy, or risky substances that call for cautious planning and execution all through transit. Transporting such items calls for specialized cars and gadgets, compliance with stringent safety rules, and professional personnel to control logistics. The growth in infrastructure initiatives and electricity production tasks has pushed demand for reliable transportation solutions that could correctly supply materials to job websites. As these industries enlarge, the emphasis on green and steady transportation techniques for business substances becomes increasingly crucial to their achievement.

Restraint Factor for the Specialized Freight Trucking Market

High Operational Costs, will Limit Market Growth

High operational expenses in specialized freight trucking get up from the need for specialized devices, trained employees, and stringent protection measures. The complexity of transporting outsized, hazardous, or fragile substances requires investment in advanced cars and generation, which increases overhead. Additionally, compliance with protection rules and the want for professional drivers similarly increase costs. Compounding this trouble is the continuing driving force scarcity within the enterprise, exacerbated by using an ageing staff and high turnover charges. This scarcity now needs to be more effective and limits capability. Additionally, it drives up wages as groups compete for certified drivers, ultimately affecting the overall efficiency and profitability of specialized freight offerings.

Impact of Covid-19 on the Specialized Freight Trucking Market

The COVID-19 pandemic had a sizable impact on the specialized freight trucking marketplace, causing disruptions in delivery chains and fluctuating calls. Initially, regulations brought about reduced shipping volumes and operational demanding situations because of lockdowns and health protocols. However, as e-trade surged for the duration of the pandemic, the call for specialized transportation services for goods like cl...

Local freight truckers have enjoyed predominantly favorable conditions for top-line growth. Companies have increasingly adopted digital tools, such as sensors and cloud computing, to improve operational efficiency and optimize delivery routes. This period also witnessed substantial investment in intermodal transportation, as many truckers integrated their services with rail networks to offset competition and reduce fuel costs. However, the sector faced challenges with a structural driver shortage and high turnover rates, especially among large fleets. Rising consumer spending and confidence boosted manufacturing activity, which increased demand for truckers to carry input materials and finished products. Still, high interest rates have limited freight volumes for truckers carrying industrial products in 2023 and 2024. Revenue has climbed for local freight truckers despite the macroeconomic volatility, illustrating their established and resilient position in the US economy. Industry revenue has surged at a CAGR of 6.1% to an estimated $99.4 billion through the end of 2025, including a 1.1% expansion in 2025. The pressure from interest rates has led to a dip in revenue in 2023, particularly as manufacturing activities slowed down amidst cooling demand in key end-user sectors such as construction and mining. Meanwhile, regulatory changes are placing increased pressure on the industry, with new mandates from the EPA and NHTSA set to bring up operational and compliance costs. Trucking companies are also contending with the potential implications of speed limit regulations under consideration by the FMCSA. Rising fuel prices amid returning travel and lessened global supply allowed trucking companies to implement fuel surcharges to compensate for heightened input costs. Still, the industry's competitive nature doesn't allow truckers to fully pass rising costs downstream, forcing them to absorb a portion of the spikes in costs, which continued to pressure profit through the end of the period. Rising consumer spending and increased e-commerce activity are poised to boost demand for local freight services, creating opportunities for growth. As the industry continues to adapt to regulatory pressures, companies will need to invest in new technologies to meet emission standards and potentially transition to hydrogen or electric-powered trucks. However, these changes are projected to increase costs, pressuring profitability across the sector. Additionally, the continued push for vertical integration among large corporations and the growing competition from rail transport will present additional challenges. Despite these headwinds, the industry's ability to integrate intermodal solutions and enhance its operational efficiency is expected to position local freight truckers for sustainable growth through 2030. Revenue for local freight truckers is set to climb at a CAGR of 1.4% to an estimated $106.5 billion over the five years through 2030.

The global freight trucking market size reached US$ 2.7 Trillion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4.1 Trillion by 2032, exhibiting a growth rate (CAGR) of 4.51% during 2024-2032. The significant growth in the e-commerce industry, rapid industrialization, and introduction of electric freight trucks represent some of the key factors driving the market.

IMARC Group provides an analysis of the key trends in each segment of the global freight trucking market, along with forecasts at the global, regional, and country levels from 2024-2032. Our report has categorized the market based on truck type, cargo type, distance, and end user.

Forecast: Trucking Industry Revenue in Canada 2024 - 2028 Discover more data with ReportLinker!

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Truck-as-a-Service Market Size 2024-2028

The truck-as-a-service market size is forecast to increase by USD 13.87 billion at a CAGR of 4.09% between 2023 and 2028.

The Truck-as-a-Service (TaaS) market is experiencing significant growth, driven by the digital transformation in the trucking industry. This shift towards technology integration is enabling more efficient and cost-effective transportation solutions. One of the key trends shaping this market is the adoption of blockchain technology. Blockchain's ability to provide secure, transparent, and tamper-proof transactions is particularly beneficial in the trucking industry, enhancing supply chain visibility and reducing fraud. However, the market faces a significant challenge: the shortage of truck drivers. With an increasing demand for freight transportation, the lack of available drivers poses a major obstacle for TaaS providers.
This shortage necessitates innovative solutions, such as driver training programs, flexible work arrangements, and the integration of autonomous vehicles. Companies seeking to capitalize on the opportunities presented by the TaaS market must navigate these challenges effectively, leveraging technology to streamline operations and attract and retain skilled drivers.

What will be the Size of the Truck-as-a-Service Market during the forecast period?

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The market continues to evolve, driven by the integration of advanced technologies and service-oriented business models. Operational efficiency and cost optimization are key priorities for large enterprises in the trucking industry, leading to the adoption of digital transformation. Connected vehicles enable real-time data analytics for fuel consumption, vehicle maintenance, and driver safety. Remote diagnostics and predictive maintenance using artificial intelligence (AI) and machine learning optimize vehicle uptime and reduce carbon footprint. Shared mobility and on-demand transportation services are disrupting traditional freight transportation, while fleet management solutions leverage cloud computing for asset utilization and risk management.
The unfolding of these market activities shapes the commercial vehicle landscape, with heavy-duty trucks adopting autonomous capabilities and emissions reduction technologies. The ongoing evolution of the market reflects the dynamic nature of the transportation industry, as it continues to adapt to changing customer needs and regulatory requirements.

How is this Truck-as-a-Service Industry segmented?

The truck-as-a-service industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Service

  Rental services
  Telematics and analytics
  Truck platooning


End-Use Industry

  Chemicals
  Pharmaceutical and healthcare
  FMCG
  Food and beverages
  Retail
  Others


Business Model

  Subscription-Based
  Pay-Per-Use
  Full-Service Leasing
  On-Demand Services


Application

  Last-Mile Delivery
  Long-Haul Transportation
  Regional Distribution
  Specialized Transport


Vehicle Type

  Light-Duty Trucks
  Medium-Duty Trucks
  Heavy-Duty Trucks


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa

    Egypt
    Oman
    UAE


  APAC

    China
    India
    Japan


  South America

    Argentina
    Brazil


  Rest of World (ROW)

By Service Insights

The rental services segment is estimated to witness significant growth during the forecast period.

The market is witnessing significant growth due to the integration of advanced technologies such as connected vehicles, autonomous driving, and remote diagnostics. These innovations prioritize driver safety and operational efficiency, leading to cost optimization and improved vehicle uptime. The trucking industry is undergoing digital transformation, embracing service-oriented business models, and on-demand transportation solutions. Large enterprises are leveraging cloud computing, machine learning, and data analytics to optimize asset utilization and supply chain management. Predictive maintenance and emissions reduction are crucial aspects, reducing the carbon footprint and enhancing risk management.

Shared mobility and subscription services are gaining popularity, offering flexible and cost-effective solutions for commercial vehicles and freight transportation. Heavy-duty trucks are being equipped with AI and fuel consumption monitoring systems, ensuring optimal performance and reducing fuel consumption. The market trends indicate a focus on fleet management, transportation management, and big data analysis to improve overall operational efficiency and competitiveness.

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The Rental services segment was

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North America Road Freight Transportation Market Size 2025-2029

The north america road freight transportation market size is forecast to increase by USD 129.8 billion at a CAGR of 2.3% between 2024 and 2029.

The North American road freight transportation market is experiencing significant growth, driven by the increasing demand for efficient and cost-effective logistics solutions. One key trend transforming the industry is the adoption of blockchain technology, which offers enhanced transparency, security, and traceability in the supply chain. This innovation is particularly relevant for companies seeking to increase operational efficiency and reduce costs. However, the market is not without challenges. New regulations, such as those related to emissions and hours of service, are negatively impacting operational costs and productivity. Compliance with these regulations requires significant investment in technology and training, adding to the financial burden for transportation providers. To navigate these challenges and capitalize on market opportunities, companies must stay informed of regulatory changes and invest in technology solutions that enable compliance and streamline operations. By doing so, they can differentiate themselves in a competitive market and maintain a strategic advantage.

What will be the size of the North America Road Freight Transportation Market during the forecast period?

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The road transportation industry in North America is undergoing significant changes as companies explore new ways to enhance operational efficiency and address environmental concerns. One such innovation is the adoption of blockchain technology to streamline logistics processes and enhance supply chain transparency. This comes as regulatory pressure mounts to reduce carbon dioxide (CO2) and nitrogen oxide emissions from road freight transportation. Environmental conservation is a growing priority, with many players in the industry turning to alternative fuels and self-driven trucks to minimize their carbon footprint. Less-than-truckload (LTL) and full truckload carriers are also exploring collaborations with rail freight to optimize their networks and reduce reliance on road transport. Cross-border trade remains a significant driver of growth in the road freight transportation market. However, the logistics industry faces challenges in managing complex regulatory frameworks and ensuring compliance with evolving environmental regulations. As the industry evolves, operational efficiency and environmental sustainability will be key differentiators for market success. Companies that can effectively navigate these trends and adapt to changing market dynamics will be well-positioned to thrive in the North American road freight transportation landscape.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. TypeFull truckloadLess-than truckloadProduct TypeSolid goodsLiquid goodsVehicle TypeLight commercialHeavy commercialService TypeThird-party logistics (3PL)Express and parcel servicesFreight forwardingGeographyNorth AmericaUSCanadaMexico

By Type Insights

The full truckload segment is estimated to witness significant growth during the forecast period.

The North American road freight transportation market is characterized by the full truckload segment's continuous expansion. Full truckload carriers specialize in transporting bulk freight, ranging from food and perishable products to hazardous materials, requiring diverse equipment and insurance. Flatbed, dry van, and refrigerated trailers are commonly used for these shipments. The full truckload segment exhibits a highly fragmented landscape, with the leading carriers holding less than 1% of the market share. Concurrently, the industry concentration remains relatively low, with the top 25 full truckload carriers accounting for approximately 8% of the market in 2024. Operational efficiency and cost-effectiveness are critical factors driving the growth of the full truckload segment. Value-added services, such as freight management and logistics, are increasingly being adopted to optimize supply chain performance. The use of digital mobile communications, electronic toll collection, and intermodal transportation facilitates streamlined operations. Environmental concerns are gaining significance in the road freight transportation sector. Harmful gases, including carbon dioxide and nitrogen oxides, contribute to air pollution. To mitigate these emissions, alternative fuels, such as biodiesel and natural gas, are being explored. Additionally, the use of big data analytics and synchronization among agencies enables more efficient traffic flow and reduces con

This statistic shows the revenue of the industry “general freight trucking, long-distance, less than truckload“ in Texas from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of general freight trucking, long-distance, less than truckload in Texas will amount to approximately 5.026,7 million U.S. Dollars by 2024.

Forecast: Trucking Industry Distance in Canada 2024 - 2028 Discover more data with ReportLinker!

North America Truck Freight Market size will be USD 886256.88 million in 2024 and will expand at a compound annual growth rate (CAGR) of 3.8 % from 2024 to 2031.

Forecast: Trucking Industry Revenue per Shipment in Canada 2024 - 2028 Discover more data with ReportLinker!

This statistic shows the revenue of the industry “truck transportation“ in Washington by segment from 2012 to 2017, with a forecast to 2024. It is projected that the revenue of truck transportation in Washington will amount to approximately ******* million U.S. Dollars by 2024.

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Tank Trucking Market Size 2025-2029

The tank trucking market size is forecast to increase by USD 134.2 billion at a CAGR of 8.5% between 2024 and 2029.

The market is witnessing significant growth due to the escalating demand for the transportation of oil and natural gas. This sector is experiencing a rise in demand as the energy industry continues to expand, particularly in regions with abundant oil and gas reserves. Furthermore, technological advancements are revolutionizing the tank trucking industry, enabling more efficient and cost-effective transportation solutions. With industrialization and urbanization on the rise in emerging economies, the need for power generation, manufacturing, and transportation fuels continues to expand. However, the market faces challenges related to leakage issues during transportation.
Addressing these challenges through the implementation of advanced technologies and stringent safety protocols will be crucial for market participants seeking to capitalize on the opportunities presented by the growing demand for oil and gas transportation. Companies that successfully navigate these challenges and leverage technological advancements will be well-positioned to thrive in this dynamic market. These incidents can result in environmental hazards, regulatory penalties, and reputational damage for companies.

What will be the Size of the Tank Trucking Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the complex and dynamic world of tank trucking, various market elements interplay to shape industry trends. Fuel cards facilitate efficient payment processing for diesel purchases, while rail transport serves as an alternative to road transport for certain cargo. Safety audits and tanker maintenance ensure regulatory compliance and vehicle reliability. Parking facilities, fuel consumption monitoring, and traffic management optimize fleet operations. Trailers' manufacturing and third-party logistics (3PL) services streamline supply chains, with freight brokers acting as intermediaries. Road conditions necessitate maintenance contracts and fleet management software, while inventory management and compliance certifications maintain regulatory adherence.
Cargo theft prevention, parts distributors, and port operations ensure seamless cargo handling. Background checks, route planning software, driver welfare, and driver licensing maintain a skilled workforce. Regulatory bodies, rest areas, driver pay, warehouse management, vehicle tracking, drug testing, driver behavior analysis, logistics providers, engine diagnostics, supply chain optimization, lease vs buy, financing options, preventive maintenance programs, and security systems are integral components of the evolving tank trucking landscape. Weather forecasting, intermodal transportation, and insurance providers mitigate risks. The market is experiencing significant growth due to the increasing demand for transporting oil and natural gas.

How is this Tank Trucking Industry segmented?

The tank trucking industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Ownership

  For hire
  Private


Capacity

  Medium duty
  Heavy duty
  Light duty


Application

  Oil and gas
  Chemicals
  Food and beverage
  Agriculture
  Others


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    Spain
    UK


  APAC

    China
    India
    Singapore


  Rest of World (ROW)

By Ownership Insights

The for hire segment is estimated to witness significant growth during the forecast period. The for-hire segment in the market is a critical player in the transportation of bulk liquids, chemicals, fuels, and food-grade products. For-hire carriers provide specialized logistics services to a wide range of clients, from small businesses to multinational corporations, offering operational flexibility that allows shippers to scale their transportation needs without the burden of fleet ownership or maintenance. With a focus on safety and compliance, given the hazardous nature of many transported materials, these companies employ advanced technologies for route optimization, real-time GPS tracking, and regulatory adherence. Digital freight matching platforms enhance the efficiency of the industry by connecting shippers and carriers in real-time, optimizing load planning and reducing empty miles.

Specialized tankers cater to the unique requirements of various industries, such as chemical tankers, sanitation standards for food-grade products, and safety regulations for hazardous materials. Fuel efficiency and cos

The performance of long-distance freight truckers largely mirrors the US economy. In the period following the pandemic-induced slowdown, robust economic activity and increased consumer spending led to a surge in demand for transportation services. Ramping up manufacturing, retail and e-commerce sectors necessitated long-distance freight solutions incentivizing new entrants to enter the industry. Adopting just-in-time inventory management led to shorter haul distances, negatively impacting mileage and reducing revenue growth. Revenue is expected to increase at a CAGR of 0.4% to $285.8 billion through the end of 2025, including a growth of 1.3% in 2025 alone. Truckers are facing several ongoing challenges as they navigate economic cycles. The entry of new establishments during the economic rebound has amplified competition and pressured spot markets, which have stagnated as freight movements struggled to recover amid tightened monetary policy. Fuel price volatility continues to pressure small carriers that lack the scale of the larger fleets to obtain volume discounts. Despite challenges, there is a clear push for technological advancement, with businesses actively seeking to upgrade fleets with safety technologies, AI-driven route optimization and fuel-efficient solutions. Still, the drive for innovation is driving up purchase costs, which, combined with elevated fuel costs, have pressured profit and continue to keep it below 2019 levels even in 2025. Easing monetary policy is expected to drive a recovery in consumption and economic activity, leading to a rebound in growth as manufacturing, construction and retail sectors revitalize. Fleet electrification and integration into the broader supply chain are set to continue being the main priority for carriers, which continue to adapt to the evolving distribution trends. Despite the expected rebound in spot markets, private truckers are set to face financial pressures because of rising financing costs as lenders tighten amortization schedules. Well-established companies will lean on their diversified operations and strong cash flows to capitalize on the improving market conditions, allowing them to benefit from the turmoil. Industry revenue is expected to expand at a CAGR of 1.5% to an estimated $308.6 billion through the end of 2030.

Forecast: Trucking Industry Weight in Canada 2024 - 2028 Discover more data with ReportLinker!

The size of the United States Tank Trucking Market was valued at USD 13.1 Billion in 2024 and is projected to reach USD 18.43 Billion by 2033, with an expected CAGR of 5.00% during the forecast period. United States Tank Trucking Market Involves Transportation of bulk liquids, chemicals, gases, etc., in a specific type of tanker truck. Such trucks are meant to carry petroleum products, chemicals, food-grade, etc., for a long distance. Key features of tank trucking include containment systems to prevent spills, temperature control to preserve sensitive materials, and compliance with safety regulations. The market finds applications in oil and gas, chemicals, food and beverage, and pharmaceutical industries. The technology types in this market include GPS tracking systems, real-time data analytics, and automated inventory management systems, which help in the efficiency of operations. Tank trucking has an impact on the supply chain to ensure timely and safe delivery of the most essential materials. The main advantages are reliability, flexibility, and safety in transporting hazardous materials. The key drivers of the market are increasing demand for fuel and chemicals in various sectors, which ensures that the tank trucking industry will continue to grow. The market in the coming years has plenty of scope to grow as technologies and safety awareness keep on taking strides. Recent developments include: November 2022: Customers and drivers in the US tank trucking industry are showing enthusiasm for Toyota's fuel-cell modules, scheduled to commence production in Georgetown, Kentucky, by 2023. The "Shore to Store" ZANZEFF project, recently completed at the Port of Los Angeles, demonstrated the effectiveness of hydrogen-powered trucks in demanding environments. As part of the ZANZEFF (Zero and Near Zero Emissions Freight Facility) S2S (Shore to Store) initiative, ten fuel cell electric T680 trucks developed collaboratively by Toyota and Kenworth were deployed. These trucks significantly reduced or eliminated heavy-duty transportation and the movement of port freight., October 2022: The tank transportation division of Bay and Bay Transportation, based in Burnsville, Minnesota, is set to be acquired by McCoy Group, the parent company of dry and liquid bulk carrier Quest Liner and tank transporter Foodliner. However, specific details regarding the terms of the agreement have not been disclosed to the public..

The trucking industry has experienced significant fluctuations driven by various economic and geopolitical factors. Surging consumer spending and rising disposable income levels through the beginning of the period heightened demand for trucking services as vendors required the transport of larger volumes of goods. The surge in demand drove significant revenue increases and attracted new entrants into the market. The industry faced challenges due to soaring inflation, prompting the Federal Reserve to implement tighter monetary policies, subsequently slowing down manufacturing activity and shipment volumes. The growth in e-commerce further transformed logistics and supply chain management, with large shipments often necessitating full-load transport. Revenue is expected to increase at a CAGR of 6.0% to $253.5 billion through the end of 2024, including growth of 1.2% in 2024 alone. Economic pressures and subdued consumer spending maintain a hold over the industry, causing a slow recovery from a freight recession seen through 2023. Companies are navigating the challenging spot market influenced by lingering overcapacity problems, resulting in renegotiated contract terms. Investment in technology has improved operational efficiencies, yet smaller carriers are struggling to keep pace in a market dominated by larger enterprises with stable cash flows. While there are signs of recovery, including stabilizing spot rates and better alignment of fleet operations to high-priced regional lanes, uncertainties remain, particularly around elevated insurance, maintenance and vehicle costs that are pressuring profit. The trucking industry is poised for gradual but positive growth amid a more stable economic environment. Economic expansion, rising manufacturing and improved retail spending are anticipated to enhance freight volumes, driving demand for trucking services. The industry will face persistent challenges, including the driver shortage and rising wages, yet opportunities remain, particularly in the expansion of manufacturing segments and the potential reshoring of supply chains. Technological advancements, including the development of autonomous vehicles and integration with rail services, are expected to bolster operational efficiencies and fuel savings, particularly for established enterprises. While the outlook is favorable, growth is projected to be more aligned with GDP increases, absent major catalysts that characterized the previous period. Industry revenue is set to expand by a CAGR of 1.7% to an estimated $276.3 billion by the end of 2029.