Tank Trucking Market to grow by USD 97.06 billion from 2023-2027, Globally at 7.29% CAGR- Technavio

NEW YORK, Feb. 16, 2024 /PRNewswire/ -- The global tank trucking market size is estimated to decline by USD 97.06 billion from 2022 to 2027. The market is estimated to decline at a CAGR of  7.29% during the forecast period. For more Insights on market size Request a sample report

Technavio has segmented the market based on ownership (for hire and private), and capacity (medium-duty, heavy-duty, and light-duty). 

• The for-hire segment will grow at a significant rate during the forecast period. It is essential to hire tank trucks for businesses operating in the global tank trucking market since it enables them to keep their fleet up-to-date and involves lower upfront costs than purchasing them. Although the small-scale and mid-scale vendors are generally unable to spend their limited resources on purchasing tank trucks there is a rise in the sales of this segment. The reason behind this is the increase in demand for tank trucking for short-term transport operations. This is a major factor that is expected to boost the growth of this market segment during the forecast period.

By geography, the global indusry is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth.

• North America is estimated to account for 30% of the growth during the forecast period. The large-scale investments in infrastructure development and construction activities are the major reasons behind the growth in North America. High capital investments have been made in constructing many oil and gas pipelines in the US. As per the US Energy Information Administration (EIA), the natural gas pipeline network in the country is a highly integrated transmission and distribution network that can transport natural gas from and to nearly all the states in the country. In addition, increased oil and gas production due to a surge in unconventional exploration and production (E&P) activities in the region over the last five years has facilitated the availability of cheap feedstock for refineries. Such factors will increase the market growth during the forecast period. Download a Sample Report

The growing demand for oil and natural gas is notably driving the growth.  The global consumption of natural gas over the past decade has increased significantly. The major factor behind the widespread use of natural gas is that it is used as a fuel in heating applications. Growing consumption of fuel in developing countries such as India is also expected to increase the demand for natural gas during the forecast period. In addition, the gradual recovery of global crude oil prices will also bring new investments into the oil and gas sector. These factors will boost the global industry during the forecast period. 

• Technological advancements are an emerging trend. 
• Leakage issues during the transportation of oil and gas are major challenges impeding the growth. Drivers, trends, and challenges have an impact on dynamics, which can impact businesses. Find some insights from a sample report!

The tank trucking industry thrives on the movement of goods via specialized equipment such as trucks and trailers. Catering to long-distance professional cargo transportation, these vehicles vary in size, weight, and shape, adapting to the diverse characteristics of transported goods. Within the tank trucking market, operators deploy a range of vehicles, including low duty tanker trucks and medium duty tanker trucks, to fulfill transportation needs efficiently. These trucks play a crucial role in transporting liquids and gases across vast distances, ensuring timely delivery and adherence to safety standards. As pivotal players in the logistics chain, tank trucking companies facilitate the seamless flow of goods, underpinning various industries reliant on bulk transportation.

The Tank Trucking sector encompasses a diverse array of vehicles, including heavy-duty tanker trucks and tank trucks, which play a pivotal role in transporting various commodities. These motor vehicles are crucial for hauling goods such as oil, coal, iron ores, gases, frozen food, and heavy machinery across vast distances. They facilitate the movement of freight along roads, ensuring essential supplies reach their destinations efficiently. Tank trucks, also known as automobiles for specialized cargo, are equipped with standard box trailers tailored to specific cargo types. Their versatility enables them to handle different names, from liquid oil to solid coal, making them indispensable assets in the logistics and transportation industry.

Related reports:

The military aerial refueling tanker market is estimated to grow at a CAGR of 8.13% between 2022 and 2027. The size is forecasted to increase by USD 4,709.07 million.

The tank container shipping market is estimated to grow at a CAGR of 5.06% between 2021 and 2026. The size is forecasted to increase by USD 195.98 million. 

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SOURCE Technavio