Forest Products Trucking Global Market Report 2023
Major players in the forest products trucking market are GoodLogistics, Timber Products Company, Fr. Meyer’s Sohn (GmbH & Co.) KG, JB Hunt Transport Services, Knight Transportation, CRST International, and Leavitt’s Freight Service.
New York, Feb. 23, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Forest Products Trucking Global Market Report 2023" - https://www.reportlinker.com/p06250361/?utm_source=GNW
The global forest products trucking market will grow from $193.32 billion in 2022 to $206.78 billion in 2023 at a compound annual growth rate (CAGR) of 7.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The forest products trucking market is expected to grow to $263.67 billion in 2027 at a CAGR of 6.3%.
The forest products trucking market includes revenues earned by entities by providing transportation service for the movement of woods and other raw materials from the forest to the point of processing wood.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Forest products trucking refers to a mode of transportation that provides over-the-road transportation of forest products such as wood to carry it using heavy loading trucks to the point of storage and processing to make it suitable for furniture products for domestic and commercial purposes and provide raw materials for industrial applications.
Asia Pacific was the largest region in the forest products trucking market in 2022.North America was the second largest region in the forest products trucking market.
The regions covered in the forest products trucking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of forest products trucking markets covered in this report are log transport and chip transport.Log transport involves the transport of logs from the forests to the mills by companies involved in the transportation of logs.
The market covered in this report is segmented by size into heavy trucks, medium trucks, and light trucks and by application into oil and gas, industrial and manufacturing, energy and mining, food and beverages, pharmaceuticals and healthcare, and others.
The increase in demand for wood-based raw materials drives the demand for the forest products trucking market.Wood is the raw material for pulp and paper, wood-based panels, and many chemical products.
According to the Food and Agriculture Organization’s Annual Market Review 2019-2020, the total consumption of round wood logs for industrial use and fuel in the UNECE region was estimated to be 1.4 billion m3 in 2019. Also, in the Russian Federation, the number of wooden houses is expected to increase by 30% in 2020. The rise in demand for wooden raw materials boosted the demand for trucking forest products and positively affected the forest products trucking market.
The shortage of truck drivers is a major challenge in the forest products trucking market.According to the American Trucking Association’s (ATA) USA estimates, there is a shortage of 50,000 truck drivers and this is expected to increase to 174,000 by 2026.
Moreover, according to an article in the Canadian Press, due to the shortage of truck drivers, Weyerhaeuser, an American timberland company, lost $10 million to $15 million in the fourth quarter.By 2024, the average age of truck drivers is expected to be 50, the shortage is expected to be between 38,000 and 48,000, and more than 10,000 truck drivers retire every year.
Therefore, the shortage of truck drivers is expected to limit the growth of the forest products trucking market.
In July 2021, Knight-Swift Transportation, a USA-based trucking company acquired AAA Cooper for $1.3 billion. Through this acquisition, Knight-Swift will expand its freight handling and geographic capabilities. AAA Cooper Transportation is a US-based trucking company operating in the transportation of woods.
The countries covered in the forest products trucking market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The forest products trucking market research report is one of a series of new reports that provides forest products trucking market statistics, including forest products trucking industry global market size, regional shares, competitors with a forest products trucking market share, detailed forest products trucking market segments, market trends and opportunities, and any further data you may need to thrive in the forest products trucking industry. This forest products trucking market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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