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

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

The China Road Freight Transport Market is projected to register a CAGR of 6.23%

Key Highlights

• Largest Segment by Distance - Long Haul : In China, the long-haul industry is dominant within the distance segment, as it transports freight over vast distances between metropolitan areas, provinces, and international borders. It has recorded a revenue CAGR of 5.51% over 2016-2021.
• Largest Segment by Product Type - Solid Goods : Solid goods dominate the product type segment in China. The segment includes construction, textile and apparel, machinery and equipment, electronics, automobiles, and other industries, which significantly contribute to the country's GDP.
• Largest Segment by End User - Manufacturing : The manufacturing segment captured the maximum share of the Chinese road freight transport market. It is the largest contributing segment to China's GDP, with a share of 26.2% in 2021.
• Fastest Growing Segment by TruckLoad Specification - Less than Truckload : Less-than truckload is the fastest-growing segment in the market, attributed to the booming e-commerce industry and China's strong and rapidly developing economy.

Key Market TrendsManufacturing is the largest segment by End User.

• China is the world’s largest manufacturer in terms of output. It has earned the reputation of being the ‘world’s factory'. China’s purchasing managers’ indices (PMIs) are the indicators of its economic health. These indices boost the sentiments in the business sector. In June 2021, China’s official manufacturing PMI stood at 50.9, signifying growth in the activity in the business sector. This followed a reading of 51 in May 2021.
• The Chinese construction sector has been growing steadily. It reached a total output value of around CNY 25.9 trillion (USD 29.32 trillion) in 2021. Benefiting from the rapid urbanization, the Chinese construction industry generated an output that exceeded CNY 29 trillion (USD 32.83 trillion) in 2021. In 2021, the construction output value in China achieved its peak, amounting to around CNY 29.3 trillion (USD 33.17 trillion). In 2020, there were around 116,722 construction enterprises in China. In 2020, the construction industry accounted for around 7.2% of China's gross domestic product. A significant share of the country's economy relies on real estate and infrastructural construction. During economic downturns, policymakers fall back on infrastructural investments to boost economic output.
• In 2021, China’s e-commerce market was predicted to be larger than the United States, the United Kingdom, Japan, Germany, and France combined. China’s e-commerce sales in 2021 accounted for 52% of its total retail sales, making it the first country in the world to record more online sales than traditional retail sales.

Competitive Landscape

The China Road Freight Transport Market is fragmented, with the top five companies occupying 4.25%. The major players in this market are Shanghai Yunda Freight Co. Ltd, Sinotrans, STO Express, YTO Express and ZTO Express (sorted alphabetically).

Additional Benefits:

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

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