Road Freight Transportation Market Trends and Forecast
The future of the global road freight transportation market looks promising with opportunities in the food & beverage, chemical, healthcare, and oil & gas markets. The global road freight transportation market is expected to grow with a CAGR of 5.4% from 2024 to 2030. The major drivers for this market are increasing demand for last-mile delivery services, government investments in infrastructure, including road networks and transportation hubs,, and rise of e-commerce transformed consumer behavior and supply chain logistics.
• Lucintel forecasts that full truckload is expected to witness higher growth over the forecast period.
• Within this market, food & beverage is expected to witness the higher growth.
• APAC is expected to witness the highest growth over the forecast period.
Country Wise Outlook for the Road Freight Transportation Market
• United States: In June 2024, FedEx announced a $2 billion investment in expanding its road freight network, aiming for 20% increase in capacity by 2026. The U.S. Department of Transportation unveiled a $1.5 billion infrastructure grant program to improve freight corridors, targeting enhanced efficiency and reduced transit times.
• Germany: DHL Freight launched a new carbon-neutral road freight service in May 2024, targeting a 30% reduction in CO2 emissions by 2030. The German government announced a €500 million subsidy for the adoption of electric trucks, aiming to electrify 50% of the road freight fleet by 2027.
• China: In April 2024, SF Express started operations at its new logistics hub in Chengdu, increasing its road freight capacity by 25%. The Chinese Ministry of Transport set a target to reduce road freight transit times by 15% by 2025 through infrastructure upgrades and digital logistics platforms.
• India: Gati Ltd. announced a strategic partnership with Allcargo Logistics in March 2024 to enhance its road freight network, aiming for a 40% increase in market share by 2025. The Indian government introduced a $1 billion funding initiative to improve national highways and reduce freight transportation costs by 10% by 2026.
A more than 150-page report is developed to help in your business decisions. Sample figures with some insights are shown below.
Road Freight Transportation Market by Segment
The study includes a forecast for the global road freight transportation market by type of carrier, operation, end use, and region.
Road Freight Transportation Market by Type of Carrier [Value from 2018 to 2030]:
• Full Truckload
• Less-Than-Truckload
Road Freight Transportation Market by Operation [Value from 2018 to 2030]:
• Domestic
• International
Road Freight Transportation Market by End Use [Value from 2018 to 2030]:
• Food & Beverages
• Chemical
• Healthcare
• Oil & Gas
• Others
Road Freight Transportation Market by Region [Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
List of Road Freight Transportation Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies road freight transportation companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the road freight transportation companies profiled in this report include-
• Alkom-Trans SIA
• DB Schenker
• Deutsche Post AG (DHL Group)
• DSV A/S
• Fercam S.p.A.
• First European Logistics Ltd
• FM Logistic
Recent Development in the Road Freight Transportation Market
• DHL: DHL launched a new digital freight platform aimed at improving logistics efficiency and customer service by providing real-time tracking and dynamic routing for its road freight services across Europe. This initiative is part of DHL’s broader strategy to leverage digital technologies to enhance its logistics operations.
• XPO Logistics: XPO Logistics expanded its less-than-truckload (LTL) service offering in North America with new terminal openings and enhanced network capacity. This expansion is intended to meet growing demand and improve service reliability for customers across various industries.
• FedEx: FedEx introduced a new service called FedEx Freight Direct, which offers last-mile delivery for heavy and bulky items. This service is designed to cater to the increasing e-commerce demand for large-item deliveries directly to consumers’ homes.
• UPS: UPS invested in a fleet modernization program that includes the purchase of electric and hybrid delivery trucks. This initiative is aimed at reducing the company’s carbon footprint and aligning with global sustainability goals while enhancing its road freight capabilities.
• DB Schenker: DB Schenker announced a partnership with Volvo Trucks to pilot electric trucks in its road freight operations in Europe. This collaboration is part of DB Schenker’s commitment to achieving zero-emission logistics and promoting the use of green technologies in the transportation sector.
Features of the Global Road Freight Transportation Market
Market Size Estimates: Road freight transportation market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Road freight transportation market size by type of carrier, operation, end use, and region in terms of value ($B).
Regional Analysis: Road freight transportation market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different type of carriers, operations, end uses, and regions for the road freight transportation market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the road freight transportation market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for road freight transportation market?
Answer: The global road freight transportation market is expected to grow with a CAGR of 5.4% from 2024 to 2030.
Q2. What are the major drivers influencing the growth of the road freight transportation market?
Answer: The major drivers for this market are increasing demand for last-mile delivery services, government investments in infrastructure, including road networks and transportation hubs,, and rise of e-commerce transformed consumer behavior and supply chain logistics.
Q3. What are the major segments for road freight transportation market?
Answer: The future of the global road freight transportation market looks promising with opportunities in the food & beverage, chemical, healthcare, and oil & gas markets.
Q4. Who are the key road freight transportation market companies?
Answer: Some of the key road freight transportation companies are as follows:
• Alkom-Trans SIA
• DB Schenker
• Deutsche Post AG (DHL Group)
• DSV A/S
• Fercam S.p.A.
• First European Logistics Ltd
• FM Logistic
Q5. Which road freight transportation market segment will be the largest in future?
Answer: Lucintel forecasts that full truckload is expected to witness higher growth over the forecast period.
Q6. In road freight transportation market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the road freight transportation market by type of carrier (full truckload and less-than-truckload), operation (domestic and international), end use (food & beverages, chemical, healthcare, oil & gas, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
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