United States Trucking Market Report and Forecast 2024-2032

United States Trucking Market Outlook

The United States trucking market size reached approximately USD 13.51 billion in 2023. The market is estimated to grow at a CAGR of 10.4% in the forecast period of 2024-2032, reaching a value of around USD 33.08 billion by 2032.

Key Trends in the Market

Trucking forms an integral part of the logistics sector as it involves the transportation of commodities, goods, and freights using small pickups or light trucks. These trucks are generally used for the transportation of goods between warehouses, distributors, retailers, and customers.

• Growing usage of shared freight services, which offers consolidated shipment from different shippers in a single truck, is one of the prominent United States trucking market trends. Such services offer an economical solution by saving fuel costs from multiple trucks as well as faster transit time compared to less-than-truckload shipment transportation.

• The surging trend of electrification of freight trucks to lower greenhouse gas emissions caused by freight transportation is another crucial trend boosting the market expansion. Additionally, many trucks are also using alternative fuels such as hydrogen gas to lower their environmental impact.

• Increased integration of technologies like data analytics in trucks for route optimisation to reduce fuel consumption and real-time tracking to provide timely updates is also expected to favour the United States trucking market growth.

• Increasing attempts by key players to deploy autonomous trucks that can enhance operational efficiency, reduce the risk of human errors, and improve the safety of logistics are anticipated to further fuel the market in the coming years. For example, Mars Auto, a South Korean truck startup, aims to provide a fleet of 30 self-driving trucks in the USA by the year 2025 for delivery service.

Market Analysis

Based on vehicle type, the market is divided into semi-trailers, and light trucks, among others. On the basis of application, the market is bifurcated into full truckload and less than truckload.

The United States trucking market segmentation, on the basis of end user, includes manufacturing, consumer goods and retail, food and beverages, IT hardware and telecom, healthcare, chemicals, construction, automotive, and oil and gas, among others. The major regional markets of trucking in the United States include New England, Mideast, Great Lakes, Plains, Southeast, Southwest, Rocky Mountain, and Far West.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the United States trucking market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• J.B. Hunt Transport Services, Inc.  

• UPS Inc.  

• XPO, Inc. 

• YRC Worldwide 

• Landstar Systems 

• FedEx Corporation 

• Expeditors International of Washington Inc.

• Others

Market Share by Application

Less than truckload (LTI) freight occupies a significant portion of the United States trucking market share, owing to its smaller size, which offers great flexibility for delivering small shipments to multiple locations. LTI also offers facilities such as liftgate pickup or delivery, and additional insurance on goods and services.

Moreover, LTI freight is more eco-friendly than full truckload freight as it consolidates shipment from multiple providers and removes the requirement for non-essential trucks to lower overall carbon emissions.

Market Share by End User

As per the United States trucking market analysis, the consumer goods and retail sector accounts for a substantial market share, due to the growth of the online retailing sector in the country. The ease of buying day-to-day goods from the comfort of homes is expected to boost the growth of the e-commerce sector, consequently fuelling the demand for trucking services.

This has also led to the rise of last-mile delivery services, further fuelling the demand for lightweight trucks that transport goods from local warehouses to the end consumers.

Competitive Landscape

J.B. Hunt Transport Services, Inc., founded in 1961, is a transportation and logistics company, headquartered in Arkansas, the United States. Some of its shipping solutions include final mile services, highway services, and intermodal and managed logistics, among others. It primarily provides semi-trailer truck transportation for the continental USA and Canada.

UPS Inc., established in 1907 and based in Georgia, the United States, is a shipping and supply chain management company. It is a Fortune 500 member and is known as one of the world’s largest shipping courier providers. It offers its package shipment and delivery services in over 200 countries across the world.

XPO, Inc. incorporated in 2000, is a transportation corporation, with its headquarters in Connecticut, the United States. The company offers services such as expedited transportation, freight brokerage, global forwarding, and last mile, among others.

Other United States trucking market players include YRC Worldwide, Landstar Systems, FedEx Corporation, and Expeditors International of Washington Inc., among others.

Key Highlights of the Report