Evolve Business Intelligence has published a research report on the Global Road Freight Market, 2023–2033. The global Road Freight Market is projected to exhibit a CAGR of around 6.51% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Road Freight Market: Cargo Carriers Limited, DB SCHENKER, DHL global forwarding, CJ logistics corporation, Kerry Logistics Network Limited, Nippon Express, TNT Express, CEVA Logistics and GEODIS.
Market Highlights
The Global Road Freight Market is projected to be valued at USD 16.54 Billion by 2033, recording a CAGR of around 6.51% during the forecast period. The Road Freight Market refers to the sector of the transportation industry that involves the movement of goods by road. This market is a crucial component of the supply chain and logistics industry, facilitating the delivery of goods from manufacturers to consumers or businesses.
Key factors influencing the Road Freight Market include fuel prices, regulatory changes, technological advancements, and economic conditions. The market is also shaped by trends like the rise of e-commerce, which increases demand for efficient and flexible freight services.
The COVID-19 pandemic had a significant impact on the Road Freight Market. The pandemic led to the closure of manufacturing plants, disruptions in supply chains, and a sharp decline in production, which reduced the volume of goods needing transport. Restrictions on movement and the closure of borders slowed down cross-border freight transport, causing delays and added complexity in logistics. As more consumers shifted to online shopping during lockdowns, the demand for road freight services in the e-commerce sector surged, particularly for last-mile delivery. The implementation of strict health and safety measures, including sanitization, social distancing, and the use of PPE, increased operational costs and complexity. The pandemic accelerated the adoption of digital technologies, such as route optimization software, real-time tracking, and contactless delivery, to enhance efficiency and safety. As economies began to recover, the Road Freight Market also rebounded, driven by the ongoing growth in e-commerce, the resumption of industrial activities, and the global demand for efficient logistics solutions.
Segmental Analysis
The global Road Freight Market has been segmented based on Deployment, Component and End Use.
Based on Deployment, the Road Freight Market is segmented into Cloud and On-Premise. The On-Premise segment is anticipated to dominate the market.
Based on Component, the Road Freight Market is segmented into Freight Transportation Cost Management, Freight Security and Monitoring System, Freight Mobility Solution, Warehouse Management System, Freight 3PL Solutions and Other Solutions. The Freight Transportation Cost Management segment is anticipated to dominate the market.
Based on End Use, the global Road Freight Market has been divided into Aerospace and Defense, Automotive, Oil and Gas, Consumer and Retail, Energy and Power and Other End Users. The Consumer and Retail segment is anticipated to dominate the market.
More Information: https://evolvebi.com/report/road-freight-market-analysis/
Regional Analysis
The Road Freight Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, & Africa. North America, particularly the United States, has a well-developed road freight market, driven by a strong economy, extensive road networks, and high demand for goods transportation. The growth of e-commerce, the demand for just-in-time delivery, and the integration of digital technologies are key drivers in this region and advancements in electric and autonomous vehicles, as well as investments in infrastructure, present significant opportunities for growth. Europe’s road freight market is characterized by a highly developed transportation network and strong cross-border trade within the European Union (EU). The rise of e-commerce, strict environmental regulations pushing for cleaner technologies, and the demand for efficient logistics in densely populated areas are major drivers. The Asia-Pacific region is one of the fastest-growing road freight markets, driven by rapid urbanization, industrialization, and the expansion of e-commerce in countries like China and India. There are significant opportunities in emerging markets, infrastructure development, and the adoption of digital and green logistics solutions. Latin America’s road freight market is growing, albeit at a slower pace compared to other regions, influenced by economic volatility, political instability, and infrastructure constraints. Urbanization, growth in e-commerce, and the need for better logistics in remote areas are driving demand for road freight services. The road freight market in the MEA region is diverse, with the Middle East having more developed infrastructure compared to many parts of Africa. Infrastructure development, particularly in Africa, along with the adoption of technology and green logistics practices, present opportunities for growth.