Road Haulage Market to grow by USD 1.31 billion from 2022 to 2027; Rising freight demand from retail and manufacturing industries to drive the growth- Technavio

NEW YORK, Nov. 24, 2023 /PRNewswire/ -- The road haulage market is expected to grow by USD 1.31 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 6.99% during the forecast period. The market is segmented by vehicle type (Heavy Commercial Vehicles and Light Commercial Vehicles,) type (domestic road haulage and International road haulage), and geography (APAC, North America, Europe, South America, and Middle East and Africa). 

Rising freight demand from retail and manufacturing industries is a key factor driving the market growth. Industrial companies around the world are expanding, and there's a growing demand for logistics. To increase operational efficiency and decrease costs, as well as enable a more efficient supply chain with minimum blocked capital, several shippers have turned to 3PL providers. In addition, the development of vehicles such as autonomous and electric trucks has been stimulated by an increasing demand for road haulage from retailers and manufacturers.

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Key Highlights:

• The report recognizes the following as some of the key players in the road haulage market: AM Cargo Ltd., BG Rodwell Ltd., Caterpillar Inc., CEVA Logistics AG, Container Corp. of India Ltd., DB Schenker, DSV AS, Fercam Spa, FM Logistic, Gosselin Group, Ital Logistics Ltd., KLG Europe, LKW WALTER Internationale Transportorganisation AG, Manitoulin Transport Inc., Maxi Group Ltd, Mesaroli Spa, Monarch Transport Ltd., Siemens AG, SLH Transport Inc., and Woodside Haulage Holdings Ltd.
• Road Haulage Market is fragmented in nature.
• Market to observe 5.77% YOY growth in 2023.

Market Dynamics:

Major Trend

• The rapid adoption of smartphones and growing internet penetration is a major trend in the market.
• Artificial intelligence technology is making an impact on the motor vehicle industry. The IoT devices, which can be linked to smartphones and accessed through voice commands, are being installed in automobiles.
• In addition, to enhance the usefulness of their vehicles, truck manufacturers are eager to integrate autonomous and semiautonomous technologies in trucks.

Significant Challenge

• High operational costs and competitive pricing a significant challenge restricting market growth.
• The volatility in global fuel prices is driving up the operating costs of road haulage services. The suppliers of road freight services on the market in question are constantly being challenged to keep prices low by their customers.
• Moreover, maintaining low operating costs is becoming more difficult for smaller logistics companies that do not have enough revenue due to their business activities.

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Keg Segments:

• The market share growth by the heavy commercial vehicles segment will be significant during the forecast period.  HCVs are often used when carriers decide that they have enough supplies for a vehicle, e.g. trucks, and want to load all their shipments into one trailer if the freight is time-sensitive or decide it is more efficient than other available means of transport.

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The construction equipment market in APAC is estimated to grow at a CAGR of 5.09% between 2022 and 2027. The size of the market is forecast to increase by USD 19,239.15 million. 

The Global Motor Graders Market is estimated to grow by USD 935.53 million and the size of the market is forecast to increase at a CAGR of 3.57% between 2022 and 2027.

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Vehicle Type

Market Segmentation by Types

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio