Road Freight Transportation Market Share Growth Analysis 2029

The global road freight transportation market size was valued at USD 45,926.9 million in 2022 and is expected to grow at 11.2% CAGR during the forecast period 2023 to 2029. The primary drivers of the expansion of the global road freight transportation market include the Growing bilateral trades across the globe, growing industrialization, and Increasing demand for inland transportation for logistics.

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The Wholesale & Retail Trade Segment is expected to Dominate the Road Freight Transportation Market:
Based on the end-user, the global Road Freight Transportation market is segmented into Agriculture, Fishing & Forestry, Construction, Manufacturing, Oil and Gas, Mining & Quarrying, Wholesale & Retail Trade, and Others. The wholesale and retail trade segments are expected to account for a larger revenue share in the global road freight transportation market. The growing imports and exports of goods across the globe are expected to drive market growth in this segment. For instance, in May 2020, the export value of major commodities such as engineering goods, gems and jewelry, petroleum products, organic and inorganic chemicals, drugs and pharmaceuticals, RMG of all textiles, electronic goods, and rice were around USD 37.29 billion in India.

Asia Pacific Road Freight Transportation Market:
The Asia Pacific Road freight transportation market is expected to increase over the forecast period due to the huge population base leading to increasing industrialization and the presence of emerging economies like India, China, and Japan. In addition, favorable government regulations regarding e-commerce and other businesses in India and China are expected to boost market growth over the forecast period. Moreover, the developing countries in this region such as India are heavily investing in port developments for handling more cargo. Which expected to increase the demand for road transportation and thus, is expected to trigger the growth of the road freight transportation market over the forecast period.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

The global Road Freight Transportation market further reveals that the key players are increasingly adopting strategies such as the launch of newer products, product launches, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance, In May 2022, Maersk acquired Pilot Freight Services, a US-based international and domestic supply chain provider with cross-border solutions, in Canada and Mexico.
The Road Freight Transportation market is segmented based on the destination, product type, end-user, containerization, truckload specification, distance, and geography.
Based on the destination, the market is segmented into the following:
• Domestic
• International

Based on the product type, the market is segmented into the following:
• Liquid Goods
• Solid Goods

Based on the end user, the market is segmented into the following:
• Agriculture
• Fishing and Forestry
• Construction
• Manufacturing
• Oil & Gas
• Mining & Quarrying
• Wholesale & Retail Trade
• Others

Based on the containerization, the market is segmented into the following:
• Containerized
• Non- Containerized

Based on the truckload specification, the market is segmented into the following:
• Full Truckload
• Less Than Truckload

Based on the distance, the market is segmented into the following:
• Long Haul
• Short Haul

Based on geography, the market is segmented into the following:
• North America
• Europe
• The Asia Pacific
• Latin America
• MEA

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Key players profiles in the road freight transportation market report are Alkom-Trans SIA, Ital Logistics Ltd., DB Schenker, Kuehne & Nagel Inc, Fercam S.p.A., Gondrand Group, FedEx, Deutsche Post AG, FM Logistic, KLG Europe, First European Logistics Ltd, Maersk.

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This release was published on openPR.