Global Trucking Industry To Reach $230 Billion By 2015
San Jose, California, Jan 12, 2012 (PRWeb.com via COMTEX) — The trucking industry encompasses the dynamic interaction of several diverse industries focused on producing, transporting and distributing goods. Though truck enterprises traditionally focused on transporting goods from source to various destinations, the landscape has changed dramatically in recent years to include an umbrella of varied services tailored to suit the needs of different industries.
Freight characteristics, multi jurisdictional regulations, safety regulations, economic forces, international trade, shipper and customer needs, and truck and trailer manufacturer improvements affect operations of the trucking industry. The industry operations are also governed by factors such as conditions in the industrial production sector, which are significantly influenced by recession/boom cycles in the economy. The deregulation of trucking industry has given rise to volatile market conditions for commercial fleets, where intense competition, particularly price based, threatens the existence of several independent carriers. In order to compete, these companies seek to enhance their economic efficiencies and market standing, as well as differentiate themselves by offering excellent customer service. The focus of industry is on operating in cooperation with other modes of transport to meet specific delivery requirements, as cost efficiencies can be combined to minimize overall costs incurred on freight transportation.
In the United States, the economic slowdown affected the trucking industry far more than the railroad sector. This is mainly due to the fact that unlike trucking industry, the railroad sector is more inclined towards transportation of non-cyclical commodities such as coal and agricultural products, which stayed relatively stable despite the economic crisis. The trucking industry, which is more dependent on manufacturing and retail demand, experienced comparatively steep decrease in volume during the economic slowdown. With the crisis compelling production shutdowns in several companies, demand for transportation of goods witnessed a considerable decline. Increase in fuel costs also accounted for the downward slide. Presently, the industry is witnessing renewed activity buoyed by a positive outlook in the economy and improved business conditions. Freight Act of 2010, intended to enhance efficiency and security of trucking, is also expected to offer better growth opportunities for transporters. Growth is expected to be propelled by increased manufacturing activity; indicated by increase in number of workers employed, enhanced retail sales, inventory stocking, growth in freight volumes and gradual increase in utilization rates.
China’s trucking industry is witnessing robust growth following the recovery of global markets, and increased export import opportunities. Long distance transportation is gaining prominence in China owing to rapid increase in unit freight mileage thereby bolstering the demand for high-end trucks that are required to transport shipment over a long distance. Demand for heavy-duty trucks with high fuel efficiency and better emission control systems is expected to escalate backed by various factors. Increase in diesel fuel taxes is projected to further the demand for fuel efficient vehicles. Also propelling demand for newer vehicles is the proposed harmonization of emission rules on par with that of Europe and the US compelling truckers to comply with international emission standards.
The research report titled “Trucking: A Global Outlook” announced by Global Industry Analysts, Inc., provides a collection of statistical anecdotes, market briefs, and concise summaries of research findings. The report offers an aerial view of the global trucking industry, identifies major short to medium term market challenges, and growth drivers. Market discussions in the report are punctuated with fact-rich market data tables. Regional markets elaborated upon include United States, Canada, Japan, UK, Australia, and China among others. Also included is an indexed, easy-to-refer, fact-finder directory listing the addresses, and contact details of companies worldwide.
For more details about this comprehensive industry report, please visit – http://www.strategyr.com/Trucking_Industry_Market_Report.asp About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes more than 1300 full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world’s largest and reputed market research firms.