China Full Truckload Road Freight Transport Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

China Full Truckload Road Freight Transport Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The China Full Truckload Road Freight Transport Market is projected to register a CAGR of 5.98%

Key Highlights

• Largest Segment by Destination - Domestic : The domestic destination segment garnered the highest market share, owing to high investments in improving infrastructure and government-supported initiatives, such as Road and Belt Initiative, which includes innovations like new routes and modes for global trade.
• Largest Segment by End User - Manufacturing : The manufacturing sector is the largest end-user segment of the Chinese full-truckload market and it accounts for more than 25% of the country's GDP. China is considered to be a manufacturing powerhouse.
• Fastest Growing Segment by End User - Oil and Gas, Mining and Quarrying : The oil, gas, mining, and quarrying sector is expected to record the highest growth rate since China's national oil companies are anticipated to spend more than USD 120 billion on drilling and well services between 2021 and 2025 to meet the country's growing demand for oil and gas.
• Fastest-growing Segment by Destination - International : With China's foreign trade expected to increase significantly by 2025 and the nation expecting to grow its trade with Asian, African, and Latin American countries under its 14th Five-Year Plan, the international segment of the market is anticipated to grow at the fastest rate.

Key Market TrendsManufacturing is the largest segment by End User.

• During the historical period (2016-2021), the full truckload market experienced a CAGR of 5.26%. Among the end users, the oil, gas, mining, and quarrying sector registered the highest CAGR (5.67%), followed by the agriculture, fishing, and forestry segment (5.54%). The oil, gas, mining, and quarrying segment experienced growth as investment in oil and gas exploration increased in China. This situation reversed the downward trend of the oil and gas sector. The agriculture, fishing, and forestry segment experienced growth as the imports and exports of agricultural products increased by 23.2% in 2021 when compared with 2020.
• During the forecast period, the end-user segment of the full truckload market is expected to grow as many projects have been included in China's 14th Five-Year Plan (2021-2025). The Five-Year Plan also includes key projects and initiatives, with over a third of them in the areas of industrial modernization, technological innovation, and digitization. About 27 key projects are included in the areas of construction, regional development, and infrastructure. China is planning 30 new airports and thousands of kilometers of new roads and railroads as its infrastructure remains the default approach for boosting economic growth and providing economic opportunities.
• The oil, gas, mining, and quarrying segment is expected to witness the highest CAGR (7.47%) during the forecast period, followed by the agriculture, fishing, and forestry segment (7.33%). China’s national oil companies are expected to spend over USD 120 billion on drilling and well services through 2025 in order to meet the rising oil and gas demand. China intends to develop 1,000 national ecological farms and 10,000 local ones around the country by 2025.

Competitive Landscape

The China Full Truckload Road Freight Transport Market is fragmented, with the top five companies occupying 4.20%. The major players in this market are Changan Minsheng APLL Logistics Co. Ltd, Deppon Logistics, Deutsche Post DHL Group, Eastern Air Logistics and Sinotrans (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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