The Global Market for Road Freight Transportation estimated at US$3.5 Trillion in the year 2020, is projected to reach a revised size of US$4.8 Trillion by 2027, growing at a CAGR of 4.9% over the period 2020-2027.
Road freight transport is a quick, cost-effective, and door-to-door service providing freight transport system by road. It includes a wide variety of vehicles such as lorry tank, pick-up trucks, truck trailers, refrigerated trucks, and flatbed trucks. Growing bilateral trade and booming industrialization, along with revised trade policies, are prime factors that are estimated to drive the road freight transport market.
Based on industry, the road freight transportation market has been segmented into food and beverage, chemical, healthcare, oil and gas, and others. Among this food and beverages segment is anticipated to be the fastest growing segment. Based on vehicle type, the road freight transportation market is segmented into light commercial vehicle, medium & heavy commercial vehicle, with growth in heavy vehicle segment. Based on operation segmented into domestic and international. Geographically market is segmented into North America, Asia Pacific, Europe, Latin America, Middle East & Africa; and among them Asia Pacific is estimated to have highest growth in the market.
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Some the technical advancements are made in the industry to make business more efficient like use of Radio frequency identification (RFID) tags. It is used to store important information such as cargo details and the date and time stamp. Usage of RFID tags makes it much easier to identify and monitor the arrival and departure of a truck; additionally, the reader can also track the fuel consumption of the truck.
Global road freight transportation market is highly fragmented with presence of both global as well as regional significant players. Some of the major players of the global road freight transportation market are Cargo Carriers Limited, Schenker AG, CJ Logistics Corporation, DHL Global Forwarding, Kerry Logistics Network Limited, TNT Express, CEVA Logistics, GEODIS SA, DSV Panalpina, Nippon Express, and GEFCO S.A.
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