Europe Road Freight Transportation Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Product and End-User Industry
The Europe road freight transportation market was valued at $394.15 billion in 2015, and is projected to reach $596.92 billion by 2025, registering a CAGR of 6.50% from 2020 to 2025.
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Presently, Germany dominates the market, followed by France and the UK in terms of revenue. However, Spain is expected to grow at a higher CAGR during the forecast period.
Factors, such as increase in trading activities due to globalization, rise in focus of manufacturers & retailers on core competencies, and development of the e-commerce industry, drive the growth of the market.
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However, risk toward goodwill of manufacturers and lack of control of manufacturers on logistics service hamper the growth of the Europe road freight transportation market. Moreover, strategic partnership with end users, surge in use of IT solutions & software, and cost cutting & lead time reduction due to adoption of multi-modal system provide lucrative opportunity for the growth of the Europe road freight transportation market.
Efficient and continuous services are required by customers in the freight transportation industry, which enable the operating companies to enhance their services as per the demand. This provides a lucrative growth opportunity for the market players as well as supports the market toward a positive growth.
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Moreover, road freight transportation offers numerous advantages such as flexibility and convenience for door-to-door delivery services and speedy delivery of products for shorter & medium distances. Road freight transportation is implemented mainly in domestic countries as they share a common border through which transportation activities can be carried out at a much cheaper cost. Moreover, several trade agreements between neighboring countries & governments have also supplemented the growth of road freight transportation across different locations.
COVID-19 impact analysis
The outbreak of COVID-19 has resulted in flight cancellations, travel bans, and quarantines, which made massive slowing of the supply chain and logistics activities across the world.
As a consequence of the coronavirus outbreak, important supply chains in the logistics and transportation industry are hampered, though differently across the air, freight, and sea sectors.
Logistics firms, which are involved in the movement, storage, and flow of goods, have been directly affected by the COVID-19 pandemic.
The most common reasons for the decline in the growth are attributed to movement restrictions, border controls & closures, and health screening.
The Europe road freight transportation industry also registered a decline in the business due to closure of national & international borders, which has halted the movement of freight carriers.
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Key Findings Of The Study
By end-use industry, the healthcare segment is expected to register a significant growth rate in the Europe road freight transportation market analysis during the forecast period.
Based on destination, the international or cross border segment is expected to register a significant growth rate in the Europe road freight transportation market analysis during the forecast period.
Spain is anticipated to exhibit the highest CAGR during the forecast period.
This study includes analytical depiction of the market along with current trends and future estimations to determine the imminent investment pockets.
In 2019, Germany led the market in Europe.
The leading companies listed in the market report expect high revenue from the Europe road freight transportation market returns.
The key players profiled in the Europe road freight transportation market include CMA CGM SA, Deutsche Bahn AG, DHL, DSV, Kuehne + Nagel, AP Moller Maersk, PRIMAFRIO SL, Turners (Soham) Ltd., UPS, and Wincanton Plc.
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