Road Freight Transport Market size to grow by USD 130.56 billion, AlkomTrans, Cargo Carriers Ltd., CEVA Logistics AG, CJ Logistics Corp. and more among the key companies in the market, Technavio

NEW YORK , March 14, 2024 /PRNewswire/ -- The road freight transport market size is forecast to increase by USD 130.56 billion from 2022 to 2027, at a CAGR of 6.03%, according to the recent market study by Technavio. The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 312.15 billion. Technavio has extensively analyzed 15 major vendors, including AlkomTrans, Cargo Carriers Ltd., CEVA Logistics AG, CJ Logistics Corp., Deutsche Bahn AG, Deutsche Post AG, DSV AS, FedEx Corp., Fercam Spa, First European Logistics Ltd., Ital Logistics Ltd., J.B. Hunt Transport Services Inc., Kerry Logistics Network Ltd., KLG Europe, Kuehne and Nagel International AG, NGL Gondrand Group SA, Nippon Express Holdings Inc., Overland Total Logistics Services Sdn. Bhd., SNCF Group, and Yellow Corp. The growth of the market will be driven by the rapid growth in the e-commerce industry, growing retail sales in APAC, and increasing cross-border trade.

Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report

Key Benefits of Purchasing this Report

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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The market is segmented by vehicle type (medium, heavy commercial vehicle, and light commercial vehicle), end-user (manufacturing, automotive, consumer goods, food and beverage, and others), and geography (APAC, North America, Europe, Middle East and Africa, and South America).

Segmentation by Vehicle Type (Inclusion/Exclusion)

• The medium vehicle segment is projected to register significant growth over the forecast period. Major business activities in this segment include the movement of goods by surface transport carriers, such as trucks and trailers. In addition, refrigerated trucks used for the transportation of temperature-sensitive products also generate significant revenue in this sector.  

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Analyst Review

The India Road Freight Transport Market is a dynamic sector that plays a pivotal role in the country's economy, facilitating the movement of various goods across vast distances. With a diverse range of commodities being transported, including coal, ores, minerals, processed minerals, solid goods, and liquid goods, the industry forms the backbone of India's logistics landscape.

One of the prominent trends shaping the Indian road logistics market is the increasing influx of Foreign Direct Investment (FDI), particularly in sectors such as the automobile, chemical manufacturing, and drug and pharmaceutical manufacturing. This surge in investment reflects confidence in India's economic potential and underscores the significance of efficient road infrastructure.

The Union Budget 2022-2023 highlighted the government's commitment to bolstering the transportation sector, with a focus on improving road infrastructure and enhancing connectivity. Initiatives aimed at fostering growth in sectors like electronics and IT hardware manufacturing also contribute to the demand for road freight transport services.

Transport Corporation of India Limited stands out as a key player in the Indian road freight transport market, offering comprehensive solutions for long haul and commercial freight transport. The company's extensive fleet caters to diverse industries, including those dealing with organic and inorganic chemicals, marine products, and mica.

In this landscape, specialized vehicles like refrigerated trucks and container semi-trailers ensure the safe transportation of hazardous goods and perishable items. Moreover, the prevalence of e-commerce further fuels demand for efficient road freight services, especially for the timely delivery of goods such as rice and ready-made garments.

Despite the dominance of road transport, rail transportation continues to complement the logistics network, particularly for large-volume shipments and long-distance haulage. However, the flexibility and safety offered by road freight transport make it indispensable for businesses requiring small amounts of freight or limited transit volumes.

In conclusion, the India Road Freight Transport Industry is poised for sustained growth, supported by robust government initiatives, technological advancements, and the ever-expanding needs of diverse sectors ranging from wholesale and retail trade to chemical manufacturing and petroleum products. Efficient road logistics remain instrumental in driving India's economic progress and global competitiveness.

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Market Overview

The Indian road freight transport market is a bustling sector, facilitating the movement of various goods across the country. Coal, ores, and minerals are transported in bulk quantities, while processed minerals are shipped for industrial use. Solid goods like machinery and transport equipment are transported to various destinations, alongside liquid goods essential for industries. The market caters to diverse sectors including wholesale and retail trade, ensuring timely deliveries of goods. Less than Truckload (LTL) shipments are common, offering cost-effective solutions for smaller quantities. With the increasing demand for efficient logistics solutions, the Indian road logistics market continues to innovate, adapting to the dynamic needs of businesses across the nation.

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Related Reports:

• The less-than-truckload (LTL) market is estimated to grow at a CAGR of 7% between 2022 and 2027. The size of the market is forecast to increase by USD 103.05 billion.
• The truck-as-a-service market is estimated to grow at a CAGR of 17.76% between 2022 and 2027. The size of the market is forecast to increase by USD 18,499.77 million.

TOC

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Vehicle type
7. Market Segmentaion by End-User
8. Customer Landscape
9. Geographic Landscape
10. Drivers, Challenges, and Trends
11. Company Landscape
12. Company Analysis
13. Appendix

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