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
Market Restraints
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:
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.
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.
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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