Road Freight Transportation Market size was valued at USD 45,926.9 million in 2022 and is expected to grow at 11.2% CAGR from 2023 to 2029. The transportation of products from one place to another by road network using a motor vehicle is road freight transportation. Road freight is a cost-effective mode of transportation due to its low-cost transport gear and high utilization of existing infrastructure. As the road infrastructure is allowed anytime, without a previous reservation or registration, even spontaneous requested transportation is frequently carried out using trucks. Growing bilateral trades across the globe, growing industrialization, and Increasing demand for inland transportation for logistics is expected to drive the growth of the road freight transportation market. In addition, increasing imports and exports of goods across the globe, low cost of transportation, easy convenience, and flexibility of road transport are expected to boost the growth of the road freight transportation market over the forecast period. Furthermore, growing e-commerce businesses & entrepreneurial ventures, the rapid advancement of technology, and the growing role of e-tailing are expected to further trigger the growth of the road freight transportation market over the forecast period. However, road conditions, weather, and traffic congestion along with long-distance transport are expected to hinder the growth of the road freight transportation market over the forecasted period. For instance, floods, snow, and rain make the roadways inaccessible. In these situations, the roads become dangerous for delivery owing to road accidents and breakdowns. Moreover, the use of blockchain in the road transport industry is an emerging trend in the road freight transportation market, Blockchain technology is a digital ledger linked to a list of blocks that stores data in a cryptographically secured and decentralized network. Geographically, the Asia Pacific region held the major market share in 2022 and is expected to dominate the global road freight transportation market in the forecasted years.
Road Freight Transportation Market Key Developments:
In September 2021, FedEx announced its collaboration with Aurora and Paccar to test autonomous linehaul technology.
Fastest Growing Market
The road freight transportation market is expected to grow over the forecasted period due to growing industrialization, increasing imports and exports across the globe, and growing e-commerce businesses. The increasing industrialization is expected to increase the demand for inland transportation logistics. Road transport is cost-effective, flexible, and more convenient when compared to other modes of transport. Thus, surging the demand for road freight transportation. The pre-booking and reservation can be avoided, and spontaneous freights can be done on road freight transportation when compared to other modes.
The Road Freight Transportation market was valued at USD 45,926.9 million in 2022 and is expected to grow at 11.2% CAGR from 2023 to 2029
The Road Freight Transportation market is segmented based on the destination, product type, end-user, containerization, truckload specification, distance, and geography.
The leading players in the global Road Freight Transportation market are Alkom-Trans SIA, Ital Logistics Ltd., DB Schenker, Kuehne & Nagel Inc, Fercam S.p.A., Gondrand Group, FedEx, Deutsche Post AG, FM Logistic, KLG Europe, First European Logistics Ltd, Maersk.
Asia Pacific region is expected to hold the largest market share and is expected to dominate Road freight transport followed by the North America region over the forecast period.