Road Freight Transport Market Size, Share & Trends Analysis Report by Region, And Segment Forecasts, 2022 2030.

01 November 2022

Market Synopsis

The global road freight market was valued USD 3.53 Trillion in 2020 and it is estimated to value USD 5.20 Trillion in 2025, with the forecasted CAGR of 5.89% after the impacts of the COVID-19 pandemic.

Road freight transport is the movement of freight across a road network. The most often used form of freight transportation is by road. There are several different types of vehicles used in road freight transport, including flatbed trucks, refrigerated trucks, pick-up trucks, truck trailers, and lorries with tanks. Road freight transportation is an efficient, time- and money-saving method of moving freight from door to door.

Road freight transportation is a speedy, economical, and door-to-door service solution for freight transportation. The market will expand significantly due to factors such the world's expanding e-commerce industry, rapid urbanization, and rising population. The volume of materials and goods imported and exported is anticipated to fuel this industry's expansion as the majority of firms in the globe become global in nature. Road transportation has many advantages over rail or air transportation, including being good for short distances, flexible, affordable, and many more. These advantages are crucial growth drivers.

Segment Insights

• The oil and gas category is expected to lead the market during the forecast period, mainly due to the industry’s expansion. The food and beverage category is predicted to witness the fastest growth during forecasted period.
• Light commercial vehicle is projected to witness faster growth due to the increased adoption for short distance transportation of food & beverages and other consumer goods.
• International segment will witness significant growth due to increase in global import and export and it is anticipated to stay dominated over the forecasted period. Domestic segment is expected to register highest CAGR due to the growth of E-Commerce.
• The strong adoption of advanced technologies, Western Europe, North America, and Australia have the highest levels of shipper and supplier competence.
• A significant portion of the world's market for road freight transport is in Asia Pacific, mostly because of the region's expanding population of middle class and their rising consumption. The region's road freight transportation market is anticipated to increase as a result of rising population levels and pro-business government policies in nations like China and India.

Key Players

• Cargo Carriers Limited
• Schenker AG
• CJ Logistics Corporation
• DHL Global Forwarding
• Kerry Logistics Network Limited
• TNT Express
• CEVA Logistics
• GEODIS SA
• DSV Panalpina
• Nippon Express
• GEFCO S.A.

Market Dynamics

Drivers

• Growing industrialization & rising adoption of Industry 4.0
• Revised trade policies & regulations by Government
• Low capital investment compared to rail & air transportation leading to expansion of service companies
• Surge in import & exports of goods
• Rapid advancement in technology and rising role of E-tailing

Challenges

• Rising carbon emission with increasing demand of fossil fuels
• Deteriorating road condition, inclement weather, and traffic congestion, coupled with the challenges of long-distance driving

Recent Developments

• Electric Vehicles are used for by road transportation
• Using drones offering flexible and more economical short distance transportation
• Use of RFID tags to identify and monitor the arrival and departure of a truck; additionally, the reader can also track the fuel consumption of the truck

Segmentation

By Carrier Type

• Full Truckload
• Less-Than-Truckload

By Operation

• Domestic
• International

By Industry

• Food and Beverage
• Chemical
• Healthcare
• Oil and Gas
• Others

By Vehicle Type

• Light Commercial Vehicle
• Medium & Heavy Commercial Vehicle

By Region

• North America

• U.S.
• Canada
• Mexico

• Europe

• U.K.
• France
• Germany
• Spain
• Italy
• Netherlands

• Asia-Pacific

• China
• Japan
• India
• South Korea

• Latin America, Middle East, and Africa

• Brazil
• U.A.E.