BANGALORE, India, Oct. 13, 2023 /PRNewswire/ -- Road Freight Transportation Market is Segmented By Type( Full Truckload,Less-Than-Truckload), By Application (Domestic,International): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is published in Valuates Reports Under the Category of Freight & Trucking
The Global Road Freight Transportation market is projected to reach 3361.2 Billion USD 2029, increasing from 3101.8 Billion USD 2022, with the CAGR of 3.92% during the period of 2023 to 2029.
Major Factors Driving the Growth of Road Freight Transportation Market:
The Road Freight Transportation market is expanding as a result of numerous important reasons. Increased demand for the transportation of commodities is a result of economic growth and international commerce, while efficiency and sustainability are improved by technical breakthroughs like telematics and data analytics. Adoption of environmentally friendly technology is being encouraged by environmental concerns.
Rapid urban expansion and e-commerce have accelerated urbanization and the growth of last-mile delivery services. Companies are turning to road freight due to the requirement for varied transportation choices and supply chain resiliency. This is further expected to drive the growth of the Road Freight Transportation market.
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TRENDS INFLUENCING THE GROWTH OF ROAD FREIGHT TRANSPORTATION MARKET:
The market for road freight transport is heavily influenced by economic growth. The need for the transfer of commodities and raw resources rises as economies develop. The expansion of manufacturing, e-commerce, and international trade all contribute significantly to the need for road freight transportation. According to projections, this need will increase going forward, fueling the expansion of the road freight transportation market.
The cost of moving goods by road is reasonable. Due to the use of existing infrastructure and relatively inexpensive transport equipment, road freight is a financially advantageous form of transportation. Road freight is typically the best option for businesses with low transit volumes since the price benefit is most noticeable for little amounts of freight. LTL in particular is a desirable option in this context. Similar to how flexible route planning and intermediate stops are made possible by the well-developed road infrastructure. A route may be readily expanded and changed with road freight. Because using the road infrastructure is permitted at any time without prior authorization or reservations, transport requests made on the spur of the moment are usually fulfilled. Trucks can be used for intermodal transport. When loaded, they could travel on specialized waggons via rail and the sea. This avoids the need for laborious reloading when switching between modes of transportation.
The need for last-mile delivery services has increased as a result of rapid urbanization and the expansion of e-commerce. In order to reach customers in metropolitan areas, more road freight transportation is required. To accommodate this demand, businesses are growing their fleets and distribution systems, which is fueling market expansion.
Road freight movement is significantly impacted by fuel prices. Operating costs may change as a result of changes in oil prices. Alternative fuels and fuel-efficient automobiles are being investigated to reduce this cost and enable market expansion. Additionally, there is growing pressure on the road freight transportation sector to minimize its environmental effect. Adoption of greener practices, such using electric and hydrogen-powered vehicles, is being sped up by regulations and public awareness. The industry needs to become more sustainable in order to stay competitive, which will encourage investments in eco-friendly practices and technology.
Technology developments have changed the way that goods are transported by vehicle. Fleet management systems, GPS, and telematics have increased productivity and safety. Routes have been optimized and operating expenses have decreased thanks to automation and the incorporation of data analytics. These technical advancements improve the market's sustainability and competitiveness, which supports market expansion.
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ROAD FREIGHT TRANSPORTATION MARKET SHARE ANALYSIS:
A vital and dynamic component of the logistics and supply chain infrastructure of the continent is the North American road freight transportation market. The United States controls a substantial portion of the North American market for road freight transportation. The market is characterized by a competitive environment that includes a mix of big carriers, SMEs, and owner-operators.
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KEY PLAYERS
- UPS
- FedEx Freight
- J.B. Hunt Transport Services
- YRC Worldwide
- Swift Transportation
- Schneider national
- ArcBest
- Estes Express Lines
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SIMILAR REPORTS
- The global market for Road Freight Transportation Services estimated at USD 1712420 million in the year 2022, is projected to reach a revised size of USD 1974280 million by 2028, growing at a CAGR of 2.4% during the forecast period 2022-2028.
- Cross Border Road Freight Market
- The global Intermodal Freight Transportation market size is projected to reach USD 44620 million by 2028, from USD 23220 million in 2021, at a CAGR of 9.3% during 2022-2028.
- Artificial Intelligence (AI) in the Freight Transportation Market
- The global Freight Transportation Management market is projected to grow from USD 11460 million in 2023 to USD 15740 million by 2029, at a Compound Annual Growth Rate (CAGR) of 5.4% during the forecast period.
- The global logistics market size is valued at USD 7641.20 billion in 2017 and is projected to reach USD 12975.64 billion by 2027 registering a CAGR of 6.5% from 2020 to 2027.
- The global express delivery market size was valued at USD 262.86 billion in 2020 and is projected to reach USD 484.38 billion by 2030 registering a CAGR of 6.4% from 2021 to 2030.
- The global Freight Forwarding market size is about 186 billion USD in 2021 and is expected to grow at a CAGR of 3.3% in the forecast years till 2028.
- The global 3rd party logistics market was valued at USD 1027.71 billion in 2019 and is projected to reach USD 1789.94 billion by 2027 registering a CAGR of 7.1% from 2020 to 2027.
- The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.
- The global autonomous last mile delivery market size is expected to be valued at USD 11.90 Billion in 2021 and is projected to reach USD 84.72 Billion by 2030, registering a CAGR of 24.4% during the forecast period.
- The global Digital Logistics market size is projected to reach USD 22170 million by 2028, from USD 10230 million in 2021, at a CAGR of 11.5% during 2022-2028.
- The global eVTOL Aircraft market size is estimated to be worth USD 51780 million in 2022 and is forecast to a readjusted size of USD 97370 million by 2028 with a CAGR of 11.1% during the review period.
- The global Last Mile Delivery market size is estimated to be worth USD 42860 million in 2022 and is forecast to a readjusted size of USD 75510 million by 2028 with a CAGR of 9.9% during the review period.
- The global Same Day Delivery Service market was valued at USD 21140 million in 2022 and is anticipated to reach USD 58530 million by 2029, witnessing a CAGR of 18.5% during the forecast period 2023-2029.
- The global Drone Logistics and Transportation market size is projected to reach USD 12180 million by 2028, from USD 5752.2 million in 2021, at a CAGR of 10.8% during 2022-2028.
- The global Air Cargo market size is projected to reach USD 111810 Million by 2027, from USD 82570 Million in 2020, at a CAGR of 4.0% during 2021-2027.
- The global Freight Trucking market size is projected to reach USD 1110460 million by 2027, from USD 875560 million in 2020, at a Compound Annual Growth Rate (CAGR) of 3.0% during 2021-2027.
- The global Intelligent Transportation System (ITS) market size is projected to reach USD 1610.8 Million by 2028, from USD 901.4 Million in 2021, at a CAGR of 8.2% during 2022-2028.
- The global Reverse logistics market estimated at USD 642 in the year 2021, is projected to reach a revised size of USD 921.6 Billion by 2028, growing at a CAGR of 5.3% during the forecast period 2021-2028.
- The global Railcar Leasing market was valued at USD 10860 million in 2022 and is anticipated to reach USD 13990 million by 2029, witnessing a CAGR of 4.3% during the forecast period 2023-2029.
- The global Pharmaceutical Logistics market size is estimated to be worth USD 102660 Million in 2022 and is forecast to a readjusted size of USD 156680 Million by 2028 with a CAGR of 7.3% during the review period.
- The global unmanned traffic management market was valued at USD 0.78 Billion in 2021, and is projected to reach USD 3.1 Billion by 2031, growing at a CAGR of 15.7% from 2022 to 2031.
- Aerospace Unit Load Devices (ULD) Market
- The global Ocean Freight Forwarding market size is projected to reach USD 206360 million by 2027, from USD 125200 million in 2020, at a CAGR of 7.4% during 2021-2027.
- Freight Brokerage market is projected to reach USD 82150 million by 2028 from an estimated USD 60610 million in 2022, at a CAGR of 5.2% during 2023 and 2028.
- The global TMS For Freight Forwarder market was valued at USD 556 million in 2022 and is anticipated to reach USD 1034.3 million by 2029, witnessing a CAGR of 10.9% during the forecast period 2023-2029.
- The global Air Freight Service market is projected to grow from USD 777.3 million in 2023 to USD 891 million by 2029, at a Compound Annual Growth Rate (CAGR) of 2.3% during the forecast period.
- The global Air Freight Unit Load Device (ULD) market was valued at USD 393.4 million in 2022 and is anticipated to reach USD 544.6 million by 2029, witnessing a CAGR of 4.7% during the forecast period 2023-2029.
- The global Road Transport Refrigeration Equipment market was valued at USD 8853.2 million in 2022 and is anticipated to reach USD 12010 million by 2029, witnessing a CAGR of 4.4% during the forecast period 2023-2029.
- Cold Chain Logistics Service in Pharma Market
- The global Logistics Automation market was valued at USD 62630 million in 2022 and is anticipated to reach USD 105610 million by 2029, witnessing a CAGR of 9.1% during the forecast period 2023-2029.
- The global warehouse automation market size was valued at USD 13.6 billion in 2021, and is projected to reach USD 57.6 billion by 2031, growing at a CAGR of 15.3% from 2022 to 2031.
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