| Status : Published | Published On : Jan, 2023 | Report Code : VRAT4078 | Industry : Automotive & Transportation | Available Format :
|
Page : 163 |
Global Road Freight Transportation Market – Analysis and Forecast (2023-2030)
Industry Insights by Product Type (Less-Than-Truckload, Full Truckload Market), by Application (Domestic, International)
Industry Overview
The global road freight transportation market is forecast to grow at a CAGR of 7.4% between 2023 and 2030. The growth of this market is attributed to the increase in the global retail industry, the emergence of e-commerce in various segments, and the need for fast courier deliveries.
Road haulage or freight transport means shipment made through the way of roads. Roads are the most common way for freight transportation and this mode of transport involves various types of vehicles like flatbed trucks, truck trailers, refrigerated trucks, lorry tanks, and pickup trucks. This way of transport is the most cost-effective and quick way to provide door-to-door service of daily offerings.
Road freight transportation is the process where a truck of a significant capacity moves products from one place to another. It may be from manufacturer to distributor to retailer, it may be from the dockyard to the distributers. Any transport of goods through the roadways is road haulage. Freight haulage involves lower capital investments when compared to other ways of transportation such as through rail, sea ways or air transportation. Furthermore, with the increase in the disposable income of individuals, the demand for goods in all segments is increasing which is further bolstering the growth of the global road freight transportation market.
Market Segmentation
Insight by Product Type
On the basis of product type, the global road freight transportation market is categorized into less-than-truckload and full-truckload markets. Amongst these segments, the full truckload segment is expected to witness higher CAGR during the forecast period as this full truckload is suggested for heavy and large loads and thus ensures the maximum capacity to move from one place to another.
|
Report Metric |
Details |
|
Market Size Available for the Years in the Study |
2018–2030 |
|
Historical Period |
2018–2022 |
|
Base Year |
2022 |
|
Forecast Period |
2023–2030 |
|
Segments Covered in the Study |
Product Type, Application, and Region |
|
Geographies Covered in the Study |
North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.) |
|
Companies Covered in the Study |
FedEx Freight, Kerry Logistics Network Limited, YRC Worldwide, UPS, Schneider National, J.B. Hunt Transport Services, Estes Express Lines, DSV, DHL Global Forwarding, Swift Transportation, Cargo Carriers Limited, ArcBest, CJ Logistics Corporation, TNT Express, DB SCHENKER, Nippon Express, CEVA Logistics, Overland Total Logistics Services (M) Sdn Bhd., GEODIS, and GEFCO |
Industry Dynamics
Industry Trends
Increasing trends pertaining to the freight technology solution provider and safe roads with electronic devices for drivers are the key trends observed in the growth of the global road freight transportation market. The service providers are adopting new technologies such as predictive maintenance, RFID tracking, and Hybrid powertrains that make intercity transportation by road efficient and effective thereby accentuating the growth of the global road freight transportation market.
Growth Drivers
The emergence of the e-commerce industry, increasing disposable income of the population, and enhanced health consciousness amongst the tax relaxations provided by the government for the trade between countries along with the increasing need for fossil fuels health consciousness, are the key factors driving the growth of the global road freight transportation market. The emergence of e-commerce has led to an increase in the need for the distribution of retail products at a significant rate. With the emergence of the e-commerce platforms, the major companies even with the brick and mortar stores are now setting up their electronic stores online to reach a wider number of customers easily. This requires the companies to hire services providing freight services to areas that were not targeted before.
Challenges
However, hurdles due to road conditions, traffic congestion, and harsh weather conditions are factors that are expected to hinder the growth of the global road freight transportation market.
Geographic Overview
Geographically, the road freight transportation market in Europe is expected to generate the largest revenue by 2030 as extensive tie-ups undertaken by the region for trade with emerging countries. Additionally, emerging economies allow the market to grow at a promising rate with an increase in the import and export of goods. Furthermore, the automotive domain is fetching new features in the small and large commercial vehicles that are used for the road transportation of goods. For instance, GPS, increased fuel efficiencies, digital capacity measurement equipment, strong chassis, and containers for the vehicle to enable the transportation of large consignments more efficiently and safely with fast deliveries.
Moreover, the road freight transportation market in Asia-Pacific is expected to witness the fastest growth in the market throughout the forecast period. This is due to the fact that the emergence of the e-commerce market has led to a great expansion in the retail segment and has greatly affected this region. Furthermore, the presence of emerging economies and improved lifestyles have further attributed to the demand for oil and petroleum, manufacturing, construction, and food and beverages domain which is bolstering the growth of the road freight transportation market at a significant rate.
Competitive Insight
Key players operating in the global road freight transportation market are emphasizing their efforts upon strategic acquisitions in order to strengthen capabilities of research & development that support them in providing innovative solutions to the users and thus gain a competitive advantage.
Some of the major players operating the global road freight transportation market include FedEx Freight, Kerry Logistics Network Limited, YRC Worldwide, UPS, Schneider National, J.B. Hunt Transport Services, Estes Express Lines, DSV, DHL Global Forwarding, Swift Transportation, Cargo Carriers Limited, ArcBest, CJ Logistics Corporation, TNT Express, DB SCHENKER, Nippon Express, CEVA Logistics, Overland Total Logistics Services (M) Sdn Bhd., GEODIS, and GEFCO.
Primary Research
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from industry experts. The key profiles approached within the industry include, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads, and Others. Also, end user surveys comprising consumers are also conducted to understand consumer behavior.
.png "Road Freight Transportation Market Size")
Source: VynZ Research
.png "Road Freight Transportation Market Analysis")
Source: VynZ Research
Frequently Asked Questions
Place an order
Latest Report
Research Methodology
- Desk Research / Pilot Interviews
- Build Market Size Model
- Research and Analysis
- Final Deliverabvle
CONNECT WITH OUR SALES TEAM
- Toll-Free: 1 888 253 3960
- Phone: +91 9960 288 381
- Email: enquiry@vynzresearch.com
Road Freight Transportation Market