What Has Been The Historical And Current Growth Of The Road Freight Transport Market?
The road freight transport market has seen considerable growth due to a variety of factors.
•There has been notable expansion in the road freight transport market in the past few years. The market, which is expected to surge from $104.08 billion in 2024 to $110.75 billion in 2025, will experience an annual growth rate of 6.4%.
The past increase can be attributed to factors such as economic expansion, infrastructure evolution, regulatory setting, globalization, fluctuations in fuel prices, and shifts in consumer behaviour.
What Is The Forecast For The Road Freight Transport Market By 2029?
The road freight transport market is expected to maintain its strong growth trajectory in upcoming years.
• Expectations suggest that the road freight transport market will exhibit robust growth in the upcoming years, with projections indicating a surge to $146.97 billion by the year 2029. This corresponds to a compound annual growth rate (CAGR) of 7.3%.
This projected increase during the forecast period is largely due to factors such as sustainability programs, investments in infrastructure, the shift towards urbanization, supply chain resilience, and regulatory transformations. The primary trends predicted for this forecast period include increased digitalization and automation, eco-friendly initiatives and sustainability, a surge in e-commerce, resilience and transparency in the supply chain, and cooperative logistics.
What Are The Essential Drivers Behind The Growth Of The Road Freight Transport Market?
The uptick in cross-border commerce is anticipated to spur the expansion of the road freight transport market in the future. Cross-border commerce encompasses the business transaction of selling goods from one nation to another, typically involving B2C operations that permit the import, export, or transport of capacity or power as dictated by the license's terms. Road transportation plays a vital role in cross-border trade by allowing goods to be moved easily, enhancing connectiveness, and fostering economic development. For example, the US Bureau of Transportation Statistics reported in August 2023 that the total amount of U.S. international trade in 2022 was $6.5 trillion. Canada and Mexico contributed 24%, or $1.57 trillion, which translates to 654 million tons of freight. Thus, the escalation in cross-border trade activities is propelling the growth of the road freight transport market.
How Is The Global Road Freight Transport Market Divided Into Key Segments?
The road freight transport market covered in this report is segmented –
1) By Type of Carrier: Full Truckload, Less-Than-Truckload
2) By Vehicle Type: Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle
3) By Operation: Domestic, International
4) By End-User: Agriculture, Fishing And Forestry, Construction, Manufacturing, Oil And Gas, Mining And Quarrying, Wholesale And Retail Trade, Other End-Users
Subsegments:
1) By Full Truckload (FTL): Standard FTL, Temperature-Controlled FTL, Flatbed FTL, Dedicated FTL
2) By Less-Than-Truckload (LTL): Standard LTL, Expedited LTL, Scheduled LTL, Guaranteed LTL
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What Trends Are Reshaping The Future Of The Road Freight Transport Market?
Tech improvements are gaining traction as the leading trends in the road freight transport market. Dominant players in the market are focusing their resources on pioneering technological breakthroughs to maintain their market stance. For instance, in March 2023, ArcBest Corporation, a freight holding company based in the US, unveiled Vaux. It is an innovative freight movement technology that redefines intralogistics processes to enhance efficiency and streamline supply chains. This synergy of technology and software refreshes and transforms how goods are loaded, unloaded and transported. Vaux enables the unloading of an entire trailer's contents in under five minutes and grants the company comprehensive visibility into the circulation of goods within warehouse facilities, at the dock, and en route. This results in exceptional efficiencies with warehouse operations conducted seamlessly.
Who Are the Key Players in the Road Freight Transport Market?
Major companies operating in the road freight transport market include:
• Cargo Carriers Ltd.
• CEVA Logistics AG
• CJ Logistics Corp.
• Deutsche Bahn AG
• FedEx Corp.
• Fercam Spa
• Ital Logistics Ltd.
• J.B. Hunt Transport Services Inc.
• Kerry Logistics Network Ltd.
• KLG Europe
• Kuehne and Nagel International AG
• Nippon Express Holdings Inc
• United Parcel Service Inc.
• Yellow Corporation
• First European Logistics Ltd.
• Alkom-Trans SIA
• DHL Supply Chain
• C.H. Robinson Worldwide Inc.
• XPO Logistics Inc.
• Schneider National Inc.
• Old Dominion Freight Line Inc.
• Knight-Swift Transportation
• Landstar System Inc.
• Werner Enterprises Inc.
• Saia Inc.
• Estes Express Lines
• ArcBest Corporation
• Ryder System Inc.
• Southeastern Freight Lines
• ABF Freight System Inc.
• Roadrunner Transportation Systems Inc.
• Averitt Express Inc.
• Dayton Freight Lines Inc.
• Holland Inc.
• Pitt Ohio Express
• R+L Carriers
• Crete Carrier Corporation
• CRST International Inc.
• Heartland Express Inc.
• Bison Transport Inc.
• Wilson Logistics Limited
What are the Regional Insights into the Road Freight Transport Market?
North America was the largest region in the road freight transport market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global road freight transport market report during the forecast period. The regions covered in the road freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
