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What Are The Market Size Estimates For The Road Freight Transport Market?

The market size of road freight transport has been experiencing robust growth in the past few years. The forecasted rise is from $104.08 billion in 2024 to $110.14 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.8%. Factors responsible for this upward trend in the past have included economic expansion, infrastructural development, regulation policies, globalization, fluctuating fuel prices, and consumer behavior.

Robust expansion is anticipated in the road freight transport market size in the coming years, with a projected growth to $146.06 billion in 2029, translating to a compound annual growth rate (CAGR) of 7.3%. Factors influencing this growth during the forecast period encompass sustainability drives, investment into infrastructure, urbanization patterns, resilient supply chains, and modifications in regulations. Key trends shaping this period are expected to be digitalization and automation, green initiatives and sustainability, the surge in e-commerce, supply chain visibility, and collaborative logistics.

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What Underlying Factors Are Supporting The Road Freight Transport Market Growth?

The growth of the road freight transport market is anticipated to be fuelled by the rising cross-border commerce. Cross-border trade involves the sale of goods from one nation to another via B2C, which encompasses the import, export, or transit of capacity or power in accordance with the terms of the license. Road transportation plays a vital role in cross-border commerce as it facilitates the circulation of goods, enhances connectivity, and fosters economic expansion. For example, the Bureau of Transportation Statistics, a US government agency, reported in August 2023 that the total U.S.-international trade in 2022 amounted to $6.5 trillion, with Canada and Mexico representing 24%, equivalent to $1.57 trillion, over 654 million tons of freight. Hence, the escalation in cross-border commerce is propelling the expansion of the road freight transport market.

Which Segmentation Categories Are Highlighted In The Road Freight Transport Market Analysis?

The road freight transportmarket 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

Subsegments:

1) By Full Truckload (FTL): Standard FTL, Temperature-Controlled FTL, Flatbed FTL, Dedicated FTL

2) By Less-Than-Truckload (LTL): Standard LTL, Expedited LTL, Scheduled LTL, Guaranteed LTL

Which Market Trends Are Expected To Define The Future Of The Road Freight Transport Market?

Innovations in technology are becoming increasingly prevalent in the road freight transport sector. Dominant market players are focusing on creating and implementing new technological solutions to maintain their market standings. For instance, ArcBest Corporation – a leading American holding company overseeing truckload and less-than-truckload freight – rolled out Vaux, a forward-looking freight movement solution, in March 2023. This tool, melding technology and software, alters and upgrades the processes through which goods are loaded, handled and transported. Using Vaux, the entire shipment within a trailer can be unloaded in under five minutes. The company further allows complete visibility into the movement of goods within warehouse settings, at the dock, and during road transportation. This results in significant efficiency boosts and ensures seamless warehouse operations.

Which Players Are Shaping The Competitive Landscape Of The Road Freight Transport Market?

Major companies operating in the road freight transport market include 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., Pitt Ohio Express, R+L Carriers, Crete Carrier Corporation, CRST International Inc., Heartland Express Inc., Bison Transport Inc., Wilson Logistics Limited

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Which Regional Markets Are Emerging As Key Hubs For The Road Freight Transport Market?

North America was the largest region in the road freight transport market in 2024.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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