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Road Logistics Global Market Report Competitive And Growth Analysis 2033
Road Logistics Global Market Report 2024
According to The Business Research Company's, the road logistics market size has grown strongly in recent years. It will grow from $2,118.72 billion in 2023 to $2,273.24 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to rise of platform-based logistics, good quality transport infrastructure, customer experience focus.
The road logistics market size is expected to see strong growth in the next few years. It will grow to $2,870.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%. The growth in the forecast period can be attributed to growing consumer expectations, infrastructure development, rise of e-commerce, demand from the medical and healthcare industry. Major trends in the forecast period include technological advancements, product innovations, partnerships, and investments.
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Market Drivers and Trends:
Growth in e-commerce is expected to propel the growth of the road logistics market going forward. Electronic commerce, or e-commerce, is the term used to describe the purchasing and selling of goods and services via the Internet. It entails an online transaction involving two parties, typically a business and a customer, for the payment and delivery of goods or services. Since road freight transit is the main mode of transportation for e-commerce, particularly for last-mile deliveries and suppliers transferring goods for distribution, road logistics play a critical role in the e-commerce industry. There is an opportunity for logistics companies to improve their delivery times as a result of the growth of e-commerce and the resulting demand for faster delivery times. For instance, in November 2023, according to the United States Census Bureau, a US-based government agency, e-commerce sales in the third quarter of 2023 accounted for 15.6% of total sales. On a not-adjusted basis, the estimate of U.S. retail e-commerce sales for the third quarter of 2023 totaled $271.7 billion, an increase of 0.9% (±0.4%) from the second quarter of 2023. Therefore, the growth in e-commerce is driving the expansion of the road logistics market.
Major companies operating in the road logistics market are focused on introducing advanced road logistics digital solutions, to drive their revenues in the market. An advanced road logistics digital solution encompasses the use of digital technologies to enhance and optimize various aspects of road freight transportation and logistics. For instance, in October 2021, DP World, a United Arab Emirates-based logistics company, launched CARGOES Logistics, a new digital logistics solution offering quick online cargo booking, incredibly effective transportation, and sophisticated tracking from point of origin to point of destination. The platform offers clients a one-window solution that makes moving cargo easy, safe, secure, and productive. Customers may send freight by rail, sea, or road, obtain immediate prices, expedite booking confirmation, and select from a variety of safe payment options with CARGOES Logistics in just three easy steps: search, choose, and book
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Major Key Players of the Market:
DHL International GmbH, Deutsche Post AG, United Parcel Service Inc., FedEx Corp., Xiamen Xiangyu Co. Ltd. , CEVA Logistics Inc., Kuehne Nagel Management AG, Noatum Logistics USA LLC, Penske Corp., C H Robinson Worldwide Inc., J.B. Hunt Transport Services Inc., Ryder System Inc., XPO Logistics Inc., Knight Swift Transportation Holdings Inc., Schneider National Inc., ArcBest Corp., Yellow Corp., GEFCO S.A., Saltchuk, Werner Enterprises Inc., Bennett International Group LLC, AAA Cooper Transportation Inc., Agility Public Warehousing Co. K.S.C.P, Quantix SCS Inc., Acme Truck Line Inc., LT Harnett Trucking Inc., RD Logistics Inc., World Trade Logistics Inc., Cannon Logistics LLC, Sea Transport Management WA, Just International Logistics Co. Ltd.
Road Logistics Market 2024 Key Insights:
• The road logistics market is expected to grow to $2,870.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.0%.
• E-Commerce Growth Propels Road Logistics Market Growth
• Innovative Digital Solutions Transforming Road Logistics Industry
• Asia-Pacific was the largest region in the road logistics market in 2023
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