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Road Freight Transport Global Market 2023 - Key Drivers, Growth Factors, Technological Development And Forecast To 2032
Road Freight Transport Market
The Business Research Company's Road Freight Transport Global Market Report 2023 identifies increasing cross-border trade as the major driver for the Road Freight Transport market's growth in the forecast period. Cross-border trade refers to the act of selling a product from one country to the buyer of another via B2C that involves the import, export, or transit of capacity or power as permitted by the conditions of this license. Road transport is a crucial part of cross-border trade since it makes it easier for commodities to move around, increases connectivity, and promotes economic growth.
The global road freight transport market size is expected to grow from $92.12 billion in 2022 to $98.94 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global road freight transport market size is expected to reach $127.27 billion in 2027 at a CAGR of 6.5%.
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Major competitors in the Road Freight Transport market are Cargo Carriers Ltd., CEVA Logistics AG, CJ Logistics Corp., Deutsche Bahn AG, Deutsche Post AG, FedEx Corp., Fercam Spa, Ital Logistics Ltd.
A key trend in the Road Freight Transport market includes technological advancements. Major market players are concentrating their efforts on innovating different technological advancements to sustain their position in the market. For instance, in March 2023, ArcBest Corporation, a US-based holding company for truckload and less-than-truckload freight, launched the Vaux™, a revolutionary freight movement technology that restructures intralogistics procedures to increase efficiency and advance supply chains. This is a cutting-edge combination of technology and software that modernizes and revolutionizes the way goods are loaded, unloaded and moved. With Vaux, a trailer's full contents may be unloaded in less than five minutes, and the company provides total insight into the movement of goods inside warehouse facilities, on the dock, and the road. Extreme efficiencies are produced, and operations in the warehouse are orchestrated flawlessly.
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The Road Freight Transport market is segmented -
• By Type of Carrier: Full Truckload, Less-Than-Truckload
• By Vehicle Type: Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle
• By Operation: Domestic, International
• By End-User: Agriculture, Fishing And Forestry, Construction, Manufacturing, Oil And Gas, Mining And Quarrying, Wholesale And Retail Trade, Other End-Users
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Road Freight Transport market.
The Business Research Company's "Global Road Freight Transport Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Road Freight Transport Market Include:
1. Executive Summary
2. Road Freight Transport Market Characteristics
3. Road Freight Transport Market Trends And Strategies
4. Road Freight Transport Market - Macro Economic Scenario
5. Road Freight Transport Market Size And Growth
……………………………….
26. Africa Road Freight Transport Market
27. Road Freight Transport Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Road Freight Transport Market
29. Road Freight Transport Market Future Outlook and Potential Analysis
30. Appendix
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