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Road Freight Transportation Market Overview
Road freight transport is defined as the transportation of goods by road between two places (a place of loading and a place of unloading). The global road freight transportation market is expected to witness considerable growth during the forecast period (2020–2030), on account of the rapid urbanization and growing population, coupled with the expanding e-com\merce industry around the world.
Based on industry, the road freight transportation market has been categorized into food and beverage, chemical, healthcare, oil and gas, and others. The oil and gas category is expected to lead the market during the forecast period, mainly due to the industry’s expansion. The food and beverage category is predicted to witness the fastest growth during 2020–2030. With the rising global population and strong economic growth, coupled with an increase in the income of the middle-class population in developing countries, which is raising the demand for eatables, the market for this category is expected to benefit during the forecast period.
Based on vehicle type, the road freight transportation market has been bifurcated into light commercial vehicle and medium & heavy commercial vehicle. During the forecast period, the market is projected to witness faster growth in the light commercial vehicle bifurcation, mainly due to the increased adoption of these vehicles for the transportation of food & beverages and other consumer products.
Geographically, Asia-Pacific (APAC) is expected to dominate the market during the forecast period. The rising population and favorable government policies in countries such as China and India, regarding e-commerce and other industries, are expected to fuel the growth in the road freight transportation market of the region. Moreover, the developing countries in the region are investing heavily on port development, for more cargo handling. For instance, according to the Ministry of Shipping (Government of India), more than 90% of India's trade, by volume, is conducted via the sea. It is expected that by 2025, cargo traffic at Indian ports will be approximately 2,500 million metric ton per annum (MMTPA), compared to the current cargo handling capacity of Indian ports, which is only 1,500 MMTPA. Therefore, as per global requirements, the Indian government plans to improve the efficiency and capacity of its existing ports. With the rising export and import between Asian countries and increasing spending on the development of new ports in the region, the market here is expected to witness significant during the forecast period.
Road Freight Transportation Market Dynamics
The swift industrialization and rising adoption of Industry 4.0 are the major factors that are projected to fuel growth in the road freight transportation market during the forecast period. Industry 4.0 stands for the fourth industrial revolution, where machines, raw material, and all processes will be connected, which is expected to lead to the low-cost production of high-quality products. To support Industry 4.0, road freight transportation is ideal, as it offers flexible and more economical short-distance transportation. In addition, with the rise in the population, the demand for food and beverages and other consumer products is expected to grow, thereby boosting the market advance.
Factors such as the rising carbon emissions, due to the use of diesel fuel in road transportation, and increase in the number of road accidents, globally, are expected to hamper the road freight transportation market growth over the forecast period. According to the U.S. Department of Transportation, in 2017, 4,657 large trucks were involved in fatal crashes. Approximately 57% of all fatal crashes involving large trucks occurred in rural areas, 27% occurred on interstate highways, and 13% happened on rural interstate highways. Moreover, freight transport faces major setbacks from the deteriorating road condition, inclement weather, and traffic congestion, coupled with the challenges of long-distance driving.
Road Freight Transportation Market Competitive Landscape
The global road freight transportation market is a highly fragmented market, with the presence of a significant number of global and regional players. Some of the major players operating in the global road freight transportation market are Cargo Carriers Limited, Schenker AG, Kuehne + Nagel International AG, CJ Logistics Corporation, DHL Global Forwarding, Kerry Logistics Network Limited, TNT Express, CEVA Logistics, GEODIS SA, DSV Panalpina A/S , Overland Total Logistics Services (M) Sdn Bhd., Nippon Express, and GEFCO S.A.
The report also includes a country-wise market analysis. Some of the major countries covered in the report are the U.S., Canada, Germany, the U.K., France, Spain, Italy, the Netherlands, China, Japan, India, South Korea, Brazil, Mexico, and the U.A.E.
Road Freight Transportation Market Size Breakdown by Segment
The Road Freight Transportation Market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Type of Carrier
Based on Operation
Based on Industry
Based on Vehicle Type