Global Road Haulage Market 2023-2030

Global Road Haulage Market 2023-2030

Global Road Haulage Market Size, Share & Trends Analysis Report by Type (Domestic Road Haulage, and International Road Haulage), by Vehicle Type (Light Commercial Vehicles and Heavy Commercial Vehicles), by Application (Mining and Construction, Oil and Gas, Food and Beverage, Retail, Manufacturing, Healthcare, Automotive) Forecast Period (2023-2030)

The global road haulage market is anticipated to grow at a CAGR of 5.5% during the forecast period. A significant rise in the global production of trucks is supplementing the rising freight demand from industries such as retail and manufacturing. Additionally,, trucks are the most flexible, responsive, and economical mode of freight transport preferred by distributors for the transportation of a variety of goods, which is further propelling the market growth. There are various technological advancements such as vehicle-to-vehicle communication, integrated supply chains, remote diagnostics, and autonomous driving are transforming the logistics industry, which, in turn, is fueling the global demand for road haulage services. Governments have implemented policies to support the growth of the logistics industry, including deregulation and the reduction of trade barriers. For instance, in Europe, the Single Market Act was adopted in 2011, aimed at creating a seamless and integrated European market. This initiative has led to increased cross-border trade and created opportunities for road haulage companies to expand their operations. However, factors such as a massive shortage of heavy vehicle drivers and the high exposure of drivers to road traffic injuries are limiting the market growth. Moreover, the environmental impact of internal combustion engine emissions and the need to adhere to stringent emission norms are expected to challenge market growth.

Segmental Outlook

The global road haulage market is segmented based on type, vehicle type, and application. Based on type, the market is bifurcated into domestic road haulage and international road haulage. By vehicle type, the market is bifurcated into light commercial vehicles and heavy commercial vehicles. Further, by application, the market is sub-segmented into mining and construction, oil and gas, food and beverage, retail, manufacturing, healthcare and automotive. Among these, the food & beverage sub-segment accounted for the dominant share of the market during the forecast period. This can be attributed to the rising demand for perishables such as fruits, vegetables, and other commodities around the globe.

Domestic Road Haulage Sub-Segment is Anticipated to Hold Prominent Share in the Global Road Haulage Market

The growth is attributed to the growing emphasis on ensuring that express parcels are timely delivered while enhancing operational efficiency. Also, domestic deliveries are more economical as compared to international deliveries, thereby spurring the growth of the domestic road haulage market segment. International trade among countries is expanding at a rapid rate owing to growing road infrastructure and technological advancements such as GPS tracking in the logistics industry. Furthermore, relaxation in taxation & import duties and flexible cost structures of transportation services are further fueling the international road haulage segment. Furthermore, growing trade activities due to increased consumer demand and a vast trucking network globally are further fueling the growth of the segment.

Regional Outlook

The global road haulage market is further segmented based on geography including North America (the US and Canada), Europe (UK, Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America).Among these, the North American region is projected to expand at a significant CAGR during the forecast period, due to growing commercial activity in the region, as well as the extensive roadway network.

Global Road Haulage Market Growth, by Region 2023-2030

Source: OMR Analysis

The Asia-Pacific Region is Anticipated to Hold a Significant Share of the Global Road Haulage Market

The road haulage market in the Asia-Pacific region has witnessed significant growth in recent years, driven by several factors, including government initiatives and investments, improving infrastructure, and increasing demand for goods transportation. The development of road infrastructure is one of the crucial drivers of the road haulage market in the Asia-Pacific region. Governments in the region have been investing heavily in building and upgrading highways and roads to improve connectivity and reduce transportation costs. For instance, in the union budget 2022-23 the Indian government has given a massive push to the infrastructure sector by allocating $130.5 billion to enhance the infrastructure sector. The government allocated $17.2 billion to the National Highways Authority of India (NHAI) and it also announced an outlay of $7.7 billion for the Ministry of Road Transport and Highways.

Government initiatives and policies have also played a significant role in driving the growth of the road haulage market in the Asia-Pacific region. Governments in the region have been taking measures to promote the development of the logistics industry, such as reducing transportation costs, improving customs clearance processes, and streamlining regulatory procedures. For example, in 2017, the Chinese government launched the ""One Belt One Road"" initiative, which aims to improve connectivity and trade between Asia and Europe by building new infrastructure, including roads, railways, and ports.

Market Players Outlook

The major companies serving the global road haulage market include Kindersley Transport Ltd., Manitoulin Transport Inc., Woodside Logistics Group and Container Corp. of India Ltd. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, funding, collaborations, and new product launches to stay competitive in the market. For instance, in February 2023, Volvo Trucks launched biogas powered truck for reducing carbon dioxide (CO2) during long-distance transportation. Moreover, the biogas-powered trucks, Volvo FM and Volvo FH will get a new power level of 500 hp engines along with key engine upgrades, thereby helping these trucks to become more fuel efficient.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global road haulage market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.