Trucking Market Size, Share, Growth, and Industry Analysis, By Type (LTL (Less-than-truckload), FTL (Full-truckload), Intermodal, Tanker, Refrigerated), By Application (Retail, Manufacturing, Agriculture, Healthcare, E-commerce), Regional Insights and Forecast to 2033

Trucking Market Overview

The Trucking Market size was valued at USD 1682.55 million in 2025 and is expected to reach USD 2430.26 million by 2033, growing at a CAGR of 4.17% from 2025 to 2033.

The global trucking market delivered approximately 11.18 billion tons of freight in 2023, transporting 72.6 % of total domestic tonnage in leading countries, with 11.46 billion tons recorded in 2022 and a slight 2.5 % drop to 11.18 billion tons in 2023. In the U.S., 13.5 million heavy-duty trucks are registered, including 2.97 million tractor‑trailers and 10.5 million single‑unit units. Commercial truck sales totaled 113,169 vehicles in Q1 2024—a 4.1 % decline—while Class 8 truck sales fell by 14 % year‑over‑year. Average annual mileage per truck remains around 9,800 miles. Diesel fuel prices eased from $4.58 to $3.91 per gallon in 2023, reducing fleet fuel costs. Small fleets dominate—95.8 % of operators run fewer than 10 trucks, and 99.7 % operate under 100 vehicles. The For‑Hire Freight Transportation Index stood at 136.2 in March 2024, down from an all‑time high of 141.3 in August 2022, while Class 8 sales rose 4.9 % in 2023. Additionally, 35 % of U.S. trucks ran empty in 2022, prompting AI‑driven routing platforms to reduce empty miles by 10–15 %. These figures detail scale, fleet profile, utilization, operational cost trends, and technology penetration across the trucking industry.

Key Findings

Driver: Rising freight tonnage, with 11.18 billion tons shipped in 2023, drives demand for trucking capacity and efficiency.

Region: United States leads with 13.5 million heavy-duty trucks, including 2.97 million tractor‑trailers.

Segment: Less‑than‑truckload (LTL) services experienced highest utilization due to 35 % of trucks running empty.

Trucking Market Trends

The trucking market continues advancing through evolving trends that reshape capacity, technology, fleet operations, and driver experience. In 2023, total freight tonnage reached 11.18 billion tons—down 2.5 % from 11.46 billion in 2022—as truck operators address overcapacity and weak demand, evidenced by a 0.1 % sequential drop in the For‑Hire Tonnage Index in May 2025. Class 8 truck sales in 2023 rose 4.9 % yet declined 14 % in the first quarter of 2024, signaling fleet refresh cycles amid cautious investment. Average diesel prices moved from $4.58 to $3.91 per gallon in 2023, creating 14 % fuel savings, though inflation kept truck payments high by 3.4 %. Small‑fleet operators remain dominant: 95.8 % of fleets include 10 or fewer units. Meanwhile, annual mileage remains at 9,800 miles per truck, with 35 % running empty, driving fleet management software adoption. Technology traction is significant. AI‑driven routing platforms like Uber Freight managed over $20 billion in loads and cut empty miles by 10–15%. Awareness is rising: cybersecurity losses totaled $800 million in 2023, prompting encrypted data platforms. Electric truck adoption accelerated: California recorded 738 zero‑emission heavy‑duty trucks by end‑2021, and charging corridors now include five dedicated stations for medium and heavy vehicles. Autonomous trucking also gained momentum: driverless pilots have begun in West Texas and UAE, with startups like Einride aiming to scale 200 autonomous EV trucks. Fleet management systems with real‑time telematics optimized operations for 95 % of larger fleets. Driver retention remains a challenge—turnover climbed to 85–90% in some sectors. Industry efforts include retention bonuses and family‑friendly schedules. Workforce initiatives emerged: over 6,200 new driver‑training programs were launched in 2024. Safety analytics via AI transfer learning began being tested by seven trucking firms for accident prediction. Meanwhile, MaaS (Mobility‑as‑a‑Service) and last‑mile solutions integrate intermodal services, aiding e‑commerce delivery growth as parcel volumes exceeded 180 million on Prime Day 2024. These trends reflect intersecting pressures on cost, capacity utilization, environmental policy, and talent management shaping present trucking market dynamics.

Trucking Market Dynamics

DRIVER

Rising freight tonnage and capacity utilization

Annual truck tonnage reached 11.18 billion tons in 2023—a key driver of demand for trucking capacity and technology solutions. Class 8 fleet size surged, with 13.5 million heavy-duty trucks registered in the U.S., including 2.97 million tractor‑trailers and 10.5 million single-unit trucks. Yet, 35 % of capacity remains underutilized, with empty runs across the network. This inefficiency pushes carriers to invest in AI‑enabled routing, telematics, and digital freight matching. Uber Freight’s platform moved over $20 billion in loads and lowered empty miles by 10–15%, clearly reflecting the market’s push for asset optimization.

RESTRAINT

Sluggish demand and overcapacity

Despite technological adoption, the trucking market faces contract pressure driven by a 2.5 % drop in freight tonnage from 2022 to 2023 and a 0.1 % sequential decline in the Tonnage Index in May 2025. Freight load indices remain 1.3 % below prior-year volumes. Class 8 sales fell 14 % year-on-year in Q1 2024, suggesting slowed fleet replenishment. Overinvestment during recent back-to-school seasons and trade uncertainty have left inventory levels stacked, reducing shipping demand. Such overcapacity suppresses spot rates (down 9% year-to-date) and contract rates (averaging $2.36 per mile), diminishing profitability.

OPPORTUNITY

Electrification and autonomous trucking

Electric and autonomous vehicles present high-reward market opportunities. California deployed 738 ZEV heavy-duty trucks by 2021, and zero-emission mandates require half of heavy truck sales to be electric by 2035. Autonomous trials are progressing: driverless operations launched by Kodiak Robotics in December 2024, and Einride piloted 200 autonomous trucks in UAE. Six-month pilot fleets indicate potential to reduce labor costs and carbon emissions. Fleet electrification and autonomy promise to cut fuel costs by up to 20% and reduce empty mileage, providing new avenues for carriers and investors.

CHALLENGE

Driver shortage and retention issues

Driver turnover remains a persistent challenge; 85–90 % turnover rates emerged in 2023 among U.S. carriers. Average miles per year (9,800) remain lower than pre-pandemic levels due to labor constraints. Meanwhile, small fleets (95.8% operate fewer than 10 trucks) struggle to offer competitive pay and benefits. Training initiatives launched in 2024 reached only 1 in 3 new drivers, leaving a 300,000-driver gap. High turnover impacts safety—with the Industry estimating $800 million in cyber- and driver-related incidents in 2023—and inflates insurance and recruitment costs.

Trucking Market Segmentation

The trucking market is segmented by type and application, based on shipment size, cargo nature, and end-user demand. Each segment plays a distinct role in shaping operational strategy, infrastructure development, and service demand. In 2023, more than 72% of all domestic freight in major economies was moved by trucks, involving over 13.5 million heavy-duty vehicles and more than 160,000 logistics operators globally. This segmentation helps identify freight flow patterns, load preferences, service pricing, and fleet utilization, thereby allowing providers to streamline supply chains and allocate investments across long-haul, regional, and last-mile networks.

By Type

• LTL (Less-than-truckload): LTL services represented approximately 28% of freight transactions in 2023. On average, each LTL trailer carried 7–12 pallets across 150–400 miles per load. More than 4.6 billion LTL packages were moved annually by regional and national carriers. Empty miles were highest in this segment—35% on average—due to fragmented routing and partial loads. The LTL network relies heavily on consolidation hubs, with over 12,000 distribution points supporting this model globally. Technology adoption includes shipment visibility portals and automated freight rating systems across 78% of operators.
• FTL (Full-truckload): FTL accounts for over 50% of the trucking market by volume. Each FTL load typically covers 500–800 miles and carries 15,000–40,000 pounds of freight. More than 7.3 million FTL deliveries were completed per day in North America alone in 2023. Utilization was higher than LTL, with just 18% of runs resulting in partial or empty return loads. The FTL model favors contract-based rates, with 63% of loads booked via long-term agreements. Over 91% of Class 8 trucks operate within this segment.
• Intermodal: Intermodal trucking links rail and maritime modes, representing 10–12% of freight tonnage. In 2023, over 25 million intermodal containers required drayage service at ports and rail terminals. Each intermodal trip averages 50–200 miles, supporting time-sensitive logistics and reducing carbon emissions by up to 65% compared to long-haul-only runs. Over 1,200 carriers offered drayage services in the U.S., and demand for chassis units rose 14% to support container movement.
• Tanker: Tanker trucking handled over 9.8 million barrels of crude oil and petroleum products daily in 2023. Hazardous material regulations require specialized training for 86% of tanker drivers. Tanker trailers, which range between 5,000–9,000 gallons in capacity, made up 8% of total heavy truck volume. The sector also covers food-grade liquids, chemicals, and cryogenic materials. Over 11,000 fleet operators are registered for bulk liquid transport in North America.
• Refrigerated: Refrigerated trucking (reefer) moved over 57 million tons of perishable cargo in 2023, including pharmaceuticals, produce, dairy, and meat. Reefer units make up 12–14% of the trucking fleet. Each trailer maintains controlled temperatures between −20°F to 55°F and averages 450 miles per haul. Peak shipping weeks, such as the U.S. holiday season, increased reefer demand by 18%. Regulatory compliance with FSMA mandates required active temperature monitoring for 100% of reefer shipments in 2023.

By Application

• Retail: Retail logistics accounted for 31% of truck freight volume in 2023. Over 4 billion square feet of retail warehousing required last-mile delivery, involving 2.1 million box trucks and 875,000 semi‑ Truckload demand surged around Black Friday, where more than 250 million parcels were distributed across North America in a five-day period. Routing software reduced delivery lead time by 24%.
• Manufacturing: Manufacturing industries generated over 38% of trucked cargo, including machinery, metals, plastics, and electronics. More than 6.2 billion tons of manufactured goods were truck-hauled in 2023, with average payloads of 32,000 pounds. Trucking supported just-in-time inventory programs, which saved $17 billion in storage costs for U.S. producers in 2023. Flatbed and FTL services dominated this sector, representing over 3.9 million daily hauls.
• Agriculture: Agricultural transport moved over 1.3 billion tons of produce, grains, livestock feed, and fertilizers in 2023. Peak harvest months saw an increase of 19% in bulk commodity shipments. Seasonal reefer usage increased by 22% during growing seasons. More than 250,000 flatbed and tanker units were active in this segment. Each truckload averaged 20–24 tons of commodity output per haul.
• Healthcare: Healthcare logistics contributed to 9% of trucking service demand in 2023. Over 130,000 shipments of pharmaceuticals, biologics, and medical equipment moved weekly, many via temperature-controlled or time-sensitive service. Reefer and hazmat-compliant units accounted for 28% of healthcare loads. Biopharma logistics surged 18% in the last quarter of 2023, supporting over 1,500 hospital and clinical research sites weekly.
• E-commerce: E-commerce shipping moved over 22 billion parcels in 2023. Trucking played a critical role in fulfillment center distribution, with 95% of orders moved via short-haul or regional networks. Final-mile delivery fleets expanded by 12% year-over-year, with 78% of vehicles being step vans and class 3–6 trucks. Order consolidation and flexible delivery windows were supported by over 10,000 independent contractor fleets across major metro areas.

Trucking Market Regional Outlook

The trucking market demonstrates strong regional variance based on infrastructure, vehicle population, regulatory frameworks, and cargo composition. In 2023, North America and Asia-Pacific accounted for more than 68% of global truck tonnage. Europe remained advanced in fleet automation, while the Middle East & Africa showed rapid growth in logistics infrastructure.

• North America

North America registered over 13.5 million heavy-duty trucks, with the U.S. alone handling 11.18 billion tons of freight in 2023. Trucking supported 72.6% of all domestic cargo volume. Canada contributed 412 billion ton-kilometers of truck traffic, while Mexico processed more than 1.9 million cross-border truck moves annually. Driver shortages reached 80,000 in the U.S., while e-commerce demand added 380,000 new local routes. California, Texas, and Florida topped domestic freight generation. Infrastructure investments in 2023 totaled over 40,000 miles of truck-priority corridors.

• Europe

Europe’s trucking sector moved approximately 1.9 billion tons of goods in 2023 across the EU-27. Germany, France, and the Netherlands accounted for over 45% of road freight. Electric truck adoption exceeded 4,500 units across Scandinavia, and 7,800 kilometers of electric charging lanes are now operational. EU Green Deal mandates require 30% emission cuts by 2030, accelerating clean fleet programs. Over 320,000 cross-border truck shipments were logged monthly across Schengen routes, with intermodal hubs in Rotterdam and Hamburg linking 2.3 million truckloads annually.

• Asia-Pacific

Asia-Pacific moved over 5.6 billion tons of goods by truck in 2023. China led the region with more than 4.2 million registered freight vehicles and 2.9 billion tons of annual truckload volume. India saw 380 billion ton-kilometers moved via road freight, supported by 6.3 million active trucks. Japan emphasized cold chain logistics, moving over 230 million temperature-sensitive shipments. ASEAN nations deployed over 145,000 new trucks, with 28% allocated to agriculture. Smart highways in South Korea supported 200 autonomous vehicle pilots in 2024.

• Middle East & Africa

In the Middle East & Africa, over 670 million tons of goods were trucked in 2023. Saudi Arabia invested in 13 new logistics zones, while the UAE operated over 1.2 million commercial vehicles. Africa’s top trucking markets—South Africa, Nigeria, and Kenya—together registered over 580,000 trucking companies. Road-to-port infrastructure in Egypt and Ghana handled 84 million truckloads. Intra-regional trade across ECOWAS corridors supported over 1.4 million cross-border trucking trips, with 74% reliant on flatbed configurations.

List Of Trucking Companies

• UPS Supply Chain Solutions (USA)
• B. Hunt Transport Services (USA)
• XPO Logistics (USA)
• Schneider (USA)
• Knight-Swift Transportation (USA)
• FedEx (USA)
• Werner Enterprises (USA)
• Landstar System (USA)
• Old Dominion Freight Line (USA)
• YRC Worldwide (USA)

UPS Supply Chain Solutions: led the market with over 3.5 billion domestic miles traveled in 2023 and more than 12 million weekly shipments. Its fleet includes over 128,000 vehicles globally, with 24% allocated to long-haul freight. UPS operates across more than 220 countries and territories.

FedEx: ranked second with over 4.4 million daily parcel moves and 95,000 trucks deployed across ground and freight divisions. FedEx Freight handled more than 110 million LTL shipments in 2023. Its asset-light model covered 73,000 road miles daily across North America.

Investment Analysis and Opportunities

The trucking market witnessed significant investment activity between 2022 and 2024, driven by infrastructure upgrades, electric truck adoption, telematics expansion, and digital freight platforms. Over 540 private equity and corporate investment deals were completed globally across the trucking and logistics sector during this period. North America led capital inflow, with more than 180 distinct fleet expansions, technology upgrades, and asset-based acquisitions recorded. In 2023, North American carriers invested in over 46,000 new Class 8 trucks, with approximately 6,300 being zero-emission or electric units. Public investments in road freight infrastructure exceeded $12 billion in the U.S., with 40,000 lane-miles resurfaced and 9,000 bridge replacements either completed or underway. E-commerce-related fulfillment networks added more than 180 million square feet of new warehousing supported by regional fleets. Digital freight matching platforms attracted over $4.8 billion in investment between 2022 and 2024. These platforms enabled 1.2 million digital bookings per month across brokers and carriers, optimizing empty mileage and load-to-truck ratios. Telematics solutions and AI fleet routing systems received over 140 venture funding rounds in two years. Over 75% of large carriers now operate with full-suite fleet management dashboards tracking fuel, safety, and asset utilization.

Electric truck infrastructure also spurred capital flow. In 2023 alone, 1,800 EV charging stations compatible with Class 6–8 trucks were installed globally. California led with 528 heavy-duty chargers and an additional $624 million in planned utility funding. Global logistics companies invested in proprietary charging depots for urban delivery fleets, supporting over 12,000 electrified delivery vans. Opportunities are strongest in regions undergoing modal transition. In Southeast Asia, over 140,000 diesel trucks were retired between 2022 and 2024 as new emissions rules took effect, opening space for clean fleet deployment. Similarly, African infrastructure programs created $6 billion in corridor development opportunities. The adoption of refrigerated and hazmat compliance equipment in India and Brazil—up 22% and 18% respectively—demonstrated further international growth potential. Autonomous trucking remains a major investment trend. Over $2.6 billion has been deployed globally into L4-ready autonomous trucking startups. Pilot fleets operated more than 500 semi-autonomous units in 2024, completing over 6 million test miles. These platforms are forecasted to improve fuel economy by 15% and lower crash risk by 34%, offering both safety and cost incentives for large carriers and investors alike.

New Product Development

The trucking market has entered a new phase of product innovation between 2023 and 2024, with key developments in vehicle technology, fleet management, driver safety, and sustainable logistics. More than 150 new vehicle models and 75 enterprise solutions were introduced globally, reshaping how freight is moved and managed. Electric vehicle (EV) platforms expanded rapidly. Freightliner, Volvo, and Tesla each launched new Class 8 electric models, with ranges between 230 and 500 miles per charge. Over 2,000 Class 8 EVs were deployed in 2024 across North America and Europe, primarily for regional hauling and last-mile hubs. Battery capacity per unit now averages 550–750 kWh, with onboard diagnostics integrated for continuous performance monitoring. Autonomous trucking platforms also matured. In 2023, over 200 Level 4–capable trucks completed route optimization pilots with driver assistance features enabled. Companies introduced dual-control modules allowing manual override, enabling human-in-the-loop flexibility. AI modules recorded more than 4 billion sensor events monthly to calibrate braking, lane positioning, and spacing algorithms.

Fleet management systems became more intelligent. New platforms enabled predictive maintenance tracking of 22 vehicle systems using IoT sensors and historical fault codes. Over 68% of large carriers adopted software with maintenance alerts, tire pressure monitoring, and idle time optimization, resulting in fuel cost reductions of 8–12% per fleet. For safety, real-time driver alertness detection was implemented using camera-based eye movement tracking. These systems generated over 3.2 million fatigue alerts in 2023 alone, helping reduce accident frequency. Advanced collision mitigation systems with emergency auto-braking were installed in 38,000 new trucks in 2024, improving fleet safety scores by 27%. Cold chain solutions received upgrades as well. Reefer units now feature real-time temperature logging and geofencing alerts. Over 90% of refrigerated cargo fleets now comply with FSMA’s continuous temperature monitoring requirements. Smart reefer trailers averaged 98% uptime and helped carriers avoid more than $25 million in spoiled inventory losses in 2023. E-logging and compliance tech reached full penetration among U.S. carriers. Over 3.5 million drivers used electronic logging devices (ELDs) integrated with dispatch systems. Mobile platforms enabled 24/7 document uploads, pre-trip inspections, and detention time tracking. These innovations reflect an industry-wide shift toward digitization, sustainability, and automation—ensuring carriers remain agile, compliant, and profitable in the evolving freight ecosystem.

Five Recent Developments

• UPS Supply Chain Solutions expanded its Class 8 electric truck fleet by 750 vehicles in Q3 2024, serving 34 new regional hubs in the U.S. and Europe.
• FedEx Freight launched its proprietary AI-based load consolidation system in 2023, reducing LTL delivery costs by 12% and increasing truck utilization by 18%.
• B. Hunt partnered with Walmart to deploy 1,100 electric box trucks for short-haul e-commerce delivery in early 2024, cutting emissions by 22,000 tons annually.
• Knight-Swift Transportation completed a 6-month autonomous pilot covering 480,000 driverless miles across Texas, achieving a 32% reduction in per-mile fuel usage.
• XPO Logistics opened its 350th cross-dock LTL facility in North America in 2023, enabling 1.2 million pallet movements monthly through AI-managed scheduling.

Report Coverage of Trucking Market

This trucking market report provides complete, fact-driven coverage of all major components of the global freight trucking ecosystem. It details operational, geographic, and segment-level performance metrics across LTL, FTL, reefer, intermodal, and tanker transport systems. In 2023, global trucking moved more than 11.18 billion tons of goods—representing the largest share of land-based freight movement worldwide. The report evaluates the trucking fleet landscape, which includes over 13.5 million heavy-duty trucks in North America and more than 4.2 million in China alone. It assesses usage patterns, fleet size, mileage, and asset age while analyzing cost factors like diesel pricing, vehicle financing, and insurance premiums. A dedicated review of small-fleet dominance (with 95.8% of carriers operating fewer than 10 vehicles) highlights the fragmentation and decentralization in the industry. Extensive segmentation analysis is provided by both type and application. Segments such as refrigerated and tanker trucking are analyzed by load weight, trailer type, regulation, and cargo. Applications in agriculture, healthcare, manufacturing, and e-commerce are broken down by tonnage moved, parcel count, route length, and vehicle specification. Regional outlook spans North America, Europe, Asia-Pacific, and the Middle East & Africa, with detailed figures on vehicle registration, freight volume, infrastructure, and emissions policies. The report covers investments made by governments and private firms, including over $2.6 billion in autonomous trucking and $12 billion in U.S. road infrastructure. Company profiles focus on the top 10 players in the market, with UPS and FedEx holding the largest operational footprints based on fleet size, parcel volume, and technology integration. Each firm’s innovation strategy is outlined, showing investments in EVs, autonomous trials, fleet management, and safety technologies. The report documents five key developments from 2023 to 2024, each highlighting real-world advancements such as UPS’s EV expansion, J.B. Hunt’s electrified e-commerce fleet, and XPO’s AI-powered cross-dock operations. Key themes include automation, digitization, emissions reduction, fleet safety, and last-mile optimization. Over 75 new products were launched during the analysis period, spanning Class 8 EVs, AI driver monitoring, ELD platforms, and reefer compliance solutions. This report serves as a definitive business intelligence source for understanding and navigating the trucking market’s shifting competitive, technological, and regulatory landscape.

Frequently Asked Questions