Road Freight Transport Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

Overview and Scope
Road freight transport refers to the movement of commodities by motor vehicles via a network of roads from one point to another (a place of loading and unloading). It is defined as shipping by road between two locations, regardless of the place in which the vehicle is registered. It is primarily used to give door-to-door service for all freight deliveries.

Sizing and Forecast
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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Segmentation & Regional Insights
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

North America was the largest region in the road freight transport market in 2023. 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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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the road freight transport market report are 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

The road freight transport market report table of contents includes:

1. Executive Summary
2. Road Freight Transport Market Characteristics
3. Road Freight Transport Market Trends And Strategies
4. Road Freight Transport Market – Macro Economic Scenario
5. Global Road Freight Transport Market Size and Growth
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31. Global Road Freight Transport Market Competitive Benchmarking
32. Global Road Freight Transport Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Road Freight Transport Market
34. Road Freight Transport Market Future Outlook and Potential Analysis
35. Appendix

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