Press release
Road Freight Transport Industry Expected to Reach $146.06 Billion by 2029 at 7.3% CAGR
Road Freight Transport
Road Freight Transport Market Value Projection: How Much Will the Market Size by 2025?
The size of the market for road freight transport has significantly expanded in recent years. It is projected to escalate from $104.08 billion in 2024 to $110.14 billion in 2025, boasting a Compound Annual Growth Rate (CAGR) of 5.8%. This growth observed in the previous period can be linked to various factors such as economic development, infrastructure advancement, regulatory framework, globalization, fluctuation in fuel prices, and changes in consumer behaviour.
What Will Be the Market Growth Forecat for Road Freight Transport in 2029?
Expectations are high for significant expansion in the road freight transport market in the coming years, with predictions indicating growth to $146.06 billion by 2029, reflecting a compound annual growth rate (CAGR) of 7.3%. This projected growth during the forecast period is linked to various factors including sustainability efforts, investments in infrastructure, urbanization trends, the robustness of the supply chain, and regulatory shifts. Key trends anticipated during the forecast period encompass the advent of digitalization and automation, the thrust on green initiatives and sustainability, the surge in e-commerce, resilience and visibility in supply chains, as well as cooperative logistics.
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What Are the Core Competitive Drivers in the Road Freight Transport Industry?
The surge in cross-border commerce is anticipated to fuel the expansion of the road freight transport market in the future. Cross-border commerce entails the sale of goods from one nation to another via B2C, which involves either importing, exporting, or transferring capacity or power as allowed by the terms of this license. Road transportation plays a vital role in cross-border commerce as it facilitates the movement of goods, enhances connectivity, and bolsters economic development. For instance, the Bureau of Transportation Statistics, a US government body, reported in August 2023 that in 2022, the total value of U.S.- international trade was $6.5 trillion. Canada and Mexico contributed 24%, or $1.57 trillion, of this trade, equivalent to 654 million tons in freight. Thus, the escalating cross-border commerce is propelling the advancement of the road freight transport market.
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Which Road Freight Transport Market Segment Is Projected to See the Fastest Growth?
The road freight transport market covered in this report is segmented -
1) By Type of Carrier: Full Truckload, Less-Than-Truckload
2) By Vehicle Type: Light Commercial Vehicle, Medium Commercial Vehicle, Heavy Commercial Vehicle
3) By Operation: Domestic, International
4) By End-User: Agriculture, Fishing And Forestry, Construction, Manufacturing, Oil And Gas, Mining And Quarrying, Wholesale And Retail Trade, Other End-Users
Subsegments:
1) By Full Truckload (FTL): Standard FTL, Temperature-Controlled FTL, Flatbed FTL, Dedicated FTL
2) By Less-Than-Truckload (LTL): Standard LTL, Expedited LTL, Scheduled LTL, Guaranteed LTL
Which Trends Are Opening New Opportunities in the Road Freight Transport Market?
The road freight transport market is witnessing rising trends in technological innovations. The leading players in the market are focusing their energies on creating such advancements to maintain their market stance. To illustrate, ArcBest Corporation, hailing from the US and known for holding truckload and less-than-truckload freight, introduced the cutting-edge Vaux technology in March 2023. This innovative freight movement technology overhauls the intralogistics processes, enhancing operational efficiency and improving supply chains. It is a state-of-the-art combination of technology and software that transforms and revolutionizes the mechanism of loading, unloading, and moving goods. With the introduction of Vaux, an entire truck's load can be unloaded in under five minutes and the company offers comprehensive visibility into the transit of goods inside warehouse facilities, on the docks, and on the roads. It generates superior efficiencies and seamlessly orchestrates warehouse operations.
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Who Are the Leaders in the Road Freight Transport Market?
Major companies operating in the road freight transport market include 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., Pitt Ohio Express, R+L Carriers, Crete Carrier Corporation, CRST International Inc., Heartland Express Inc., Bison Transport Inc., Wilson Logistics Limited
Which Regional Road Freight Transport Markets Offer the Greatest Growth Potential?
North America was the largest region in the road freight transport market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global road freight transport market report during the forecast period. The regions covered in the road freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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