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The tank trucking industry includes operators who use trucks and trailers to provide long-distance professional cargo transportation. Goods transported in this industry require specialized equipment for transportation due to their size, weight, shape, or other characteristics. Tank trucking market is classified into low duty tanker truck, medium duty tanker truck, and heavy duty tanker truck. A tank truck is a motor vehicle specially designed to transport goods such as automobiles, oil, coal, iron ores, gases, frozen food, heavy machinery, and other freight that cannot be transported via standard box trailers from one place to another by road. Tank trucks are commonly known by different names such as “Tanker Truck” or “Petroleum Tanker.” They are used on routes that are not connected by pipelines or by a railroad. They are also used to transport fuels as well as toxic or non-toxic chemicals. Hazardous materials are usually transported by tanker trucks so transporters must comply with higher regulations and standards.
COVID-19 scenario Analysis:
The tank trucking industry all over the world has been affected severely due to government restrictions during the COVID-19 lockdown on delivery of non-essential goods. The pandemic has impacted every sector. However, the pandemic has accelerated the FMCG industry and health care industry, which directly impacts the tank trucking industry in a positive way. An unprecedented global disruption, owing to the COVID-19 outbreak is observed in the tank trucking market, which, in turn, has caused an uncertainty toward demand and supply of trucks. Majority of tank trucking manufacturers are facing major issues such as shutdown of all operations, low production productivity, and shortage of workforce due to government declared lockdowns.
Technological advancements are changing shape, size, and structure of components in tank trucking. Currently, manufacturers are emphasizing on lightweight components and parts that are reliable, durable, and help improve efficiency of vehicles. Tank trucks are used to store fuel, which is used to power vehicles. Composition of theses trucks is more solid and tough, as compared to fuel tanks of other kinds. For instance, in June 2019, Volvo joined with Nvidia Corp to develop artificial intelligence used in self-driving trucks. In addition, in 2020, Tata motors launched their new fleet of refrigerated tank trucks during the pandemic. Expansion and new technological advancements are introduced in the trucking trucks industry, which are expected to propel the market growth.
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