The Russia-Ukraine war has aggravated logistical disruptions this year. However, sustained demand for transportation and logistics solutions in a wide range of industries, including oil and gas, construction, mining, manufacturing, and chemicals, is driving the trucking industry’s growth in the United States. As oil prices decline following a record oil reserve release announced by the Biden administration yesterday, freight transportation volumes are expected to rise significantly in the near term.
According to a report by QYResearch, the global freight trucking market is expected to reach 1.1 trillion by 2027, growing at a 3% CAGR. The robust growth in the e-commerce sector post-pandemic and increasing international trade agreements between countries have aided the growth of the freight trucking market. The trucking industry is the backbone of the U.S. economy. Nearly 70% of freight transportation will be handled by the trucking sector in 2022.
