Road Haulage Market Forecasts to 2028 – Global Analysis By Type (International Road Haulage Domestic Road Haulage]), Vehicle type (Light Commercial Vehicles, Heavy Commercial Vehicles)and By Geography

Road Haulage Market Forecasts to 2028 – Global Analysis By Type (International Road Haulage Domestic Road Haulage]), Vehicle type (Light Commercial Vehicles, Heavy Commercial Vehicles)and By GeographyAccording to Stratistics MRC, the Global Road Haulage Market is accounted for $6.56 billion in 2022 and is expected to reach $9.63 billion by 2028 growing at a CAGR of 6.6% during the forecast period. Road Haulage is the activity of transporting things in large trucks. Transferring and transporting objects. In other words, Road haulage refers to business of transporting goods by road. Significant increase in global truck production has complemented growing demand for freight in industries such as retail and manufacturing. Trucks are most flexible, responsive, and economical freight transportation preferred by distributors for transportation of a variety of goods.

The British government has been planning to develop ports on the east coast of Britain so that the Port of Calais can be bypassed in the event of serious delays arising from the impact of Brexit. Currently, Dover handles much larger quantities of this kind of trade than other ports, dealing with up to 10,000 trucks a day. India has the second-largest road network covering about 5.5 million kilometers. The annual distance traveled by an average freight truck is between 95,000 to 130,000 kilometers.

Market Dynamics:

Driver:

Increasing adoption of Industry 4.0

The rapid industrialization and increasing acceptance of Industry 4.0 are the major factors that are predictable to fuel growth in the market during the forecast period. Industry 4.0 stands for the fourth industrial revolution, where machines, raw material, and all processes will be connected, which is predictable to lead to the low-cost production of high-quality products. To support Industry 4.0, road freight transportation is ideal, as it offers flexible and more economical short-distance transportation.

Restraint:

Less load capacity & high cost

Even modern mega-trucks, with a capacity of about 60 tons, are much more limited than a ship, a train, or a plane. This makes it much more cost-effective to use another alternative for shipping large quantities of goods. Moreover the increasing fuel prices account for nearly 30–35 percent of trucking freight rates thus is having a major impact on pricing.

Opportunity:

Growing cross-border trade

Cross-border trade events comprise the sales and purchase of services and goods across overseas land borders. It permits companies to enlarge their geographical and demographic footprint. This has encouraged numerous countries across the globe to boost their trans-border trade. The incidence of numerous landlocked countries, increasing trade activities, liberalization of cabotage, and better discrete income will create ample opportunities for the cross-border road freight transportation.

Threat:

Shortage of drivers

Since driver wages account for nearly 30–35 percent of carriers' operating costs. Driver wages are predictable to increase owing to the widespread shortages in the industry, together with a strong demand for qualified drivers and the same trend is predictable to continue in countries such as the US, UK and Western Europe.

Impact of Covid- 19

Economic factors distressing the market, such as purchasing power, directly influences the market growth, as there is no demand during COVID-19 and road haulage companies are suffering heavy loss. With restricted movement of population around the world, as well as complete lockdown in several countries including India, the manufacturing sector is also affected by economic fallout from the pandemic and it directly affects road haulage companies. Owing to the lockdown implemented across various countries, national and international transport have been hampered, which has significantly impacted supply chain of numerous industries across the globe, which affected road haulage companies, however, distribution of vaccine and emergency medical supplies has helped the sector survive during the pandemic.

The Light Commercial Vehicles segment is expected to be the largest during the forecast period

The light commercial vehicle segment is expected to be the largest during the forecast period. This can be accredited to the rising demand for local delivery services, which involve more, dispersed residential and business locations that need to be traversed by light vehicles. Furthermore, advances in-vehicle technology, such as improved fuel efficiency and the better reliability of light trucks, are significantly enhancing the operational efficiency of the road haulage companies.

The Mining & Construction segment is expected to have the highest CAGR during the forecast period

The Mining & Construction segment is expected to have the highest CAGR during the forecast period, the growth is accredited to the rising demand for petroleum and construction products across the globe. The segment is predictable to demonstrate significant growth opportunities owing to the rising demand for reliable road haulage services for the transportation of metal ores and other mining and quarrying products.

Region with highest share:

North America is projected to hold the largest market share during the forecast period his might be attribute to the growing commercial activity in the region, as well as the extensive roadway network. Moreover, increased consumer demand, vast trucking network and advancements in the technology, along with the United States being the largest economy in the world, and North America Free Trade Agreement (NAFTA) are some of the factors driving the movement of goods through road.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period the growth is attributed to the improved road infrastructure and growing foreign investments in the province. Furthermore, the rapidly growing e-commerce industry in developing countries such as India and China are further fuelling the demand for effective road haulage services.

Key players in the market

Some of the key players profiled in the Road Haulage Market include Woodside Road Haulage, UK Haulier, SLH Transport, Ryder, Norbert Dentressangle Logistics, Monarch Transport, Manitoulin Transport, LKW Walter, Kuehne + Nagel, Kindersly Transport, Gosselin Transport Services, Eddie Stobar, Container of India, CEVA Logistics, AM Cargo Logistic, Volvo Trucks.

Key Developments:

In Jun 2022: Ryder System Inc. is expanding its freight brokerage business with the addition of new offices. Ryder said the expansion is part of its strategy to grow its broader transportation solution. Those operations include several levels of service and capacity from freight brokerage to transportation management and dedicated transportation.

In June 2022, Volvo Trucks launched various advanced technologies focused on enabling accurate driving in confined quarters and on bumpy or slippery roads.

Types Covered:
• International Road Haulage
• Domestic Road Haulage

Vehicle Types Covered:
• Light Commercial Vehicles
• Heavy Commercial Vehicles

Services Covered:
• Refrigerated Haulage
• Pallet Haulage
• Container Haulage

Applications Covered:
• Retail
• Petroleum
• Oil & Gas
• Mining & Construction
• Manufacturing
• Healthcare
• Food & Beverage
• Defense
• Automotive

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances