It took a few months, but by mid-April of 2020, the truck transport industry began to hurt from the impact of the coronavirus pandemic. Less trade, fewer auto sales and housing starts, and lower industrial production have all taken their toll on the industry.
ResearchAndMarket’s latest report on the industry, “Truck Transport Global Market Report 2020-30: Covid 19 Impact and Recovery” indicates that the global truck transport market is expected to decline from $1,609.2 billion in 2019 to $1,591.8 billion in 2020 at a compound annual growth rate (CAGR) of -1.1%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and grow at a CAGR of 9% from 2021 and reach $1,984.9 billion in 2023.
Asia-Pacific was the largest region in the global truck transport market, accounting for 29% of the market in 2019. North America was the second largest region accounting for 27% of the global truck transport market. Africa was the smallest region in the global truck transport market.
Truck transportation companies are widely using robotics solutions to reduce delivery time and costs. It enables truck transportation companies to move boxes and containers in and out of semi trailers and ocean freight containers, irrespective of its shape and size. Robotics mainly helps truck transportation companies reduce labor costs while speeding up shipment processing and delivery times. Therefore, courier delivery, logistics and material handling companies such as UPS, DHL, and FedEx are testing robotic loading and unloading of irregular parcels.
For instance, DHL started testing Baxter and Sawyer robots for co-packing and value-added tasks, such as packaging, assembly, kitting, and pre-retail services, in 2016. Earlier, material handling systems company Wynright Corporation had launched the Robotic Truck Unloader (RTU) in 2013. It is an autonomous robotic machine that can be used to unload floor-loaded products from truck trailers or ocean freight containers.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider truck transport market, and compares it with other markets.
Companies examined in the report include:
- C.H. Robinson
- J.B. Hunt Transport Services
- YRC Freight
- Swift Transportation, and
For more information about this report, click here.