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Global Road Freight Transportation Market Analysis - Segmentation By Industry (Chemical, Healthcare, Food and Beverage and Oil and Gas), by Vehicle Type (Medium & Heavy Commercial Vehicle and Light Commercial Vehicle) and by Regional Analysis (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast (2023 – 2028)

Published: March, 2023
ID: 11138
Pages: 150
Formats: report pdf report excel report power bi report ppt

Global Road Freight Transportation Market Size (2023-2028)

The global Road Freight Transport Market was worth US$ xx million in 2022, and it is foreseen to reach a valuation of US$ xx million, progressing with an annual expansion rate (CAGR) of xx% between 2023 and 2028.

Road freight transport is defined as road transport between two places (loading and unloading). The carriage of goods by road is a transport of goods or shipment. The transport of goods by road is the most widely used method of transport of goods. Road freight transportation includes a variety of vehicles such as pickup trucks, tank trucks, refrigerated trucks, truck trailers, and flatbed trucks. Road freight is a fast and cost-effective door-to-door service that provides freight transportation systems.

Market Drivers

  • The growth of bilateral trade and the rise of industrialization, complemented by revised trade policies, are the main factors expected to drive the Road Freight Transport market during the forecast period. Road freight transport has a lower capital investment compared to other transport such as rail and air transport systems. This leads to the establishment of new companies and strengthens their position in the Road Freight Transport market. Also, increased imports and exports of goods and materials around the world are supposed to boost the Road Freight Transport market during the foreseen period. The development and expansion of goods and services companies around the world is focused on the development of a powerful online platform that is estimated to improve the transport of goods by road because it provides fast, flexible and frequent services. Market growth is driven by the need to improve operational efficiency. Operating efficiency has increased due to the increase in vehicle operating costs due to increased vehicle and fuel prices. This has affected the profit margins of the Road Freight Transport business. The main reasons for the increasing use of intermodal transport are increased efficiency, cost savings and environmental impact. It offers many advantages over other modes of transport. Additionally, increased productivity will create a high demand for material handling activities, likely to drive the Road Freight Transport market. The global market is supposed to show significant growth during the foreseen period due to rapid urbanization, population growth, and the expansion of the global e-commerce industry. Rapid industrialization and increased adoption of Industry 4.0 are the main factors expected to drive the growth of the Road Freight Transport market during the outlook period. Industry 4.0 represents the fourth industrial revolution in which machinery, raw materials and all processes are connected, which is believed to lead to the low-cost production of high-quality products. To support Industry 4.0, road freight transport is ideal as it provides flexible and economical short-distance transport.
  • Furthermore, as the population grows, the demand for food and beverages and other consumer goods is expected to increase, stimulating the Road Freight Transport market entry. The rapid development of technology and the increasing role of e-retailing are expected to boost the Road Freight Transport market during the forecast period. Road freight transport is ideal for short destinations and offers a number of advantages, such as cheap, flexible and cost-effective packaging. This is estimated to revitalize the Road Freight Transport market during the conjecture period. Increased economic activity in the United States has led to an increase in per capita income. Additionally, sales of commercial vehicles for logistics and transportation applications have increased as railroads do not provide last-mile connectivity and e-commerce sites have gained popularity. Furthermore, the implementation of artificial intelligence (AI) is transforming the automotive industry. The automobile is equipped with Internet of Things (IoT) devices and can be connected to a smartphone and accessed using voice commands. Therefore, Road Freight Transport are expected to increase with the adoption of IoT with applied artificial intelligence technology. Furthermore, the increase in FDI in the automotive industry is likely to contribute to the growth of the Road Freight Transport market. The growth of the global Road Freight Transport industry is one of the key factors driving regional market growth during the forecast period.

Market Restraints

  • Factors such as an increase in carbon emissions from the use of diesel fuel for road transport and an increase in the number of road accidents around the world are foreseen to hamper the growth of the road freight transport market during the conjecture period. Along with long-distance transportation, road freight transport faces great challenges due to road conditions, weather, and traffic congestion. These factors are likely to limit the road freight market during the envisioned period.

GLOBAL ROAD FREIGHT TRANSPORTATION MARKET REPORT COVERAGE:

REPORT METRIC

DETAILS

Market Size Available

2022 – 2028

Base Year

2022

Forecast Period

2023-2028

CAGR

xx%

Segments Covered

By Industry, Type of Vehicle, and Region.

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled

Schenker AG, Cargo Carriers Limited, CJ Logistics Corporation, Kuehne + Nagel International AG, Kerry Logistics Network Limited, DHL Global Forwarding, CEVA Logistics, TNT Express, DSV Panalpina A/S, Nippon Express, Overland Total Logistics Services (M) Sdn Bhd. and Gefco SA and Others.

 

Market Segmentation

This global market research report is segmented and sub-segmented into the following categories:

Global Road Freight Transportation Market - By Industry:

  • Chemicals
  • Food and Beverage
  • Oil and Gas
  • Medical, etc.

The oil and gas category is expected to drive the market during the forecast period primarily due to the expansion of the industry. The food and beverage category is expected to grow the fastest in 2023-2028. Markets in this category are expected to benefit over the forecast period as demand for food increases with world population growth, strong economic growth, and middle-class population growth in developing countries.

Global Road Freight Transportation Market - By Type of Vehicle:

  • Light Commercial Vehicles
  • Heavy and Medium Commercial Vehicles

During the forecast period, the market is expected to see faster growth in the quarter of light commercial vehicles, mainly due to the increasing adoption of these vehicles for the transport of food and beverages and other consumer goods.

Impact of COVID-19 on the Road Freight Transport Market

The coronavirus pandemic has disrupted the activities and supply chain in several industries, including road freight transport market. The impact of the pandemic on the transport, especially exports and imports, has caused a loss in terms of demand. The industry faces many problems mainly due to production unit closures and logistic restrictions. The Road Freight Transport market is estimated to resume with the relaxing lockdown conditions in the following days.

Regional Analysis

Asia Pacific Road Freight Transport is projected to dominate the market during the foreseen period. Population growth and favorable government policies in countries such as China and India regarding e-commerce and other industries are expected to drive the growth of the Road Freight Transport market in the area. Additionally, developing countries in the region are investing heavily in port development to handle more cargo. Therefore, according to global requirements, the Government of India plans to improve the efficiency and capacity of existing ports. As imports and exports among Asian countries increase and expenditures on developing new ports in the region rise, the market here is believed to witness significant size during the conjecture period. The United States was North America's largest trucking market in 2020 and the region will provide market providers with several growth opportunities during the foreseen period. To increase the industry's production capacity, freight forwarding will greatly drive the growth of the North American Road Freight Transport market during the prediction period.

Leading Companies

Key players operating in the global road freight transport market include Schenker AG, Cargo Carriers Limited, CJ Logistics Corporation, Kuehne + Nagel International AG, Kerry Logistics Network Limited, DHL Global Forwarding, CEVA Logistics, TNT Express, DSV Panalpina A/S, Nippon Express, Overland Total Logistics Services (M) Sdn Bhd. and Gefco SA.

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