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Road Freight Transport Market Size, Emerging Trends, Market Opportunities, Key Players And Forecast To 2033
Road Freight Transport Market
According to The Business Research Company's, The road freight transport market size has grown strongly in recent years. It will grow from $98.94 billion in 2023 to $105.96 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to economic growth, infrastructure development, regulatory environment, globalization, fuel prices, consumer behavior.
The road freight transport market size is expected to see strong growth in the next few years. It will grow to $136.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to sustainability initiatives, infrastructure investments, urbanization trends, supply chain resilience, regulatory changes. Major trends in the forecast period include digitalization and automation, green initiatives and sustainability, e-commerce boom, resilience and supply chain visibility, collaborative logistics.
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Market Drivers and Trends:
The increasing cross-border trade is expected to propel the growth of the road freight transport market going forward. 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. For instance, in February 2022, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization within the United Nations Secretariat, the total value of global trade in 2021 reached a record high of $28.5 trillion. Therefore, increasing cross-border trade is driving the growth of the road freight transport market.
Technological advancements are the key trends gaining popularity in the road freight transport market. 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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Major Key Players of the Market:
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., New England Motor Freight, Pitt Ohio Express, R+L Carriers, Crete Carrier Corporation, CRST International Inc., Heartland Express Inc., Bison Transport Inc., Wilson Logistics Limited
Road Freight Transport Market 2024 Key Insights:
• The road freight transport market will grow to $136.38 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%.
• Increasing Cross-Border Trade Ignites Growth In The Road Freight Transport Market
• A New Standard In Freight Transport For Intralogistics Efficiency And Visibility In Supply Chains
• North America was the largest region in the road freight transport market in 2023
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