Global Road Freight Transportation Market was valued US$ xx Mn. in 2019 and the total revenue is expected to grow about CAGR 9.7% from 2020 to 2027, reaching US$ xx Mn.
Global Road Freight Transportation Market
Global Road Freight Transportation Market: Overview
The global freight transport market is expected to grow at a significant rate over the forecast period, owing to the acceptance of globalization leading to surge in international trade. Growing urbanization and increasing digitalization along with communication innovations are expected to boost the market. Cost efficient, trade blocks and quick delivery of goods offered by road freight transport will increase the demand in market. Advancements in technology and innovation in transportation is leading efficient system. Increasing quick transitions and quick contracts are increasing reliability of shipments driving the Road Freight Transportation market.
On-time delivery is gaining more importance for the zero inventory or minimum inventory program of new manufacturing standards adopted by many industries. The above-mentioned factor is majorly driving the quick logistics supply and effective management of transportation driving the road freight transport industry. Transportation shares 33% of the logistics cost with management of freight transportation positively influencing the market of Global Road Freight Transportation system.
Global Road Freight Transportation Market: Design type
By vehicle, Global Road Freight Transportation Market segmented type into light truck, medium truck, heavy truck, and other transportation. The heavy truck segment has dominance over global road freight transportation market, owing to the ability of heavy truck to cover long distance for import and export purposes around the globe. Furthermore, heavy trucks are ideal for both short and long-distance transportation, as they possess the ability to carry heavy goods and materials in larger quantity as compared to other vehicle types. The above-mentioned factors majorly driving the market which is that is projected to significantly grow during the forecast period.
Global Road Freight Transportation Market1
Global Road Freight Transportation Market: Drivers
Increasing Industrialization and construction activities is growing increasing demand for Global Road Freight Transportation Market. Globalization and the connectivity over the internet are the major factors propelling the Market along with that the digitalization of payment methods fueling the growth of Global Road Freight Transportation Market.
Adoption of industry 4.0 and swift industrialization majorly driving the growth of road transport market in forecasted period, The industrial revolution where raw material, machines, and all processes is well connected, which expected to reduce production cost along with high quality product. The road freight is ideal, as it offers economical, flexible, short distance transportation
Population growth creating demand for food and beverages and other products is projected to grow the Global Road Freight Transportation Market.
Increasing emission of carbon, owing to the use of diesel as fuel for road transportation, and number of road accidents are increasing worldwide, these factors are expected to hinder the growth of road freight transportation market over the forecast period. Department of Transportation U.S. recorded fatality in crashes accounted about 4657 in 2017. In which 57% of the incidents occurred in rural areas, and 27% occurred on state highways, Moreover, deteriorating road condition is major setbacks for road freight transport, traffic condition is majorly restraining the growth of Global Road Freight Transportation Market.
Global Road Freight Transportation Market: Regional Overview
By region, Global Road Freight Transportation Market is segmented into Asia Pacific, North America, Europe, South America and Middle East & Africa. Asia Pacific is major market for Road Freight Transportation, owing to its industrial growth. Asia Pacific region consists of countries like India and China which are highly demanding the transportation of raw material and finish goods. This region has major automotive component manufacturers and fabricators. This will be expected to show high growth rate during forecasted period. Europe region is major segment in Road Freight Transportation market due to high demand industrial setup and Petrochemical transportation.
The report also helps in understanding Road Freight Transportation Market dynamics, structure by analyzing the market segments and projects the Road Freight Transportation Market size. Clear representation of competitive analysis of key players by Supply Chain, price, financial position, Product portfolio, growth strategies, and regional presence in the Road Freight Transportation Market make the report investor’s guide.
Scope of the Road Freight Transportation Market
Road Freight Transportation Market, By Industry
• Food and Beverage
• Oil and Gas
Road Freight Transportation Market, By Type of Carrier
• Full Truckload
Road Freight Transportation Market, By Vehicle Type
• Light Commercial Vehicle
• Medium Commercial Vehicle
• Heavy Commercial Vehicle
Road Freight Transportation Market, By Operation
Road Freight Transportation Market, by Region
• Asia Pacific
• North America
• South America
• Middle East & Africa
Key players operating in Road Freight Transportation Market
• 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.
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