Road Haulage Market size is set to grow by USD 1.34 billion from 2024-2028, rising freight demand from retail and manufacturing industries boost the market, Technavio

NEW YORK, June 19, 2024 /PRNewswire/ -- The global road haulage market size is estimated to grow by USD 1.34 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6.78%  during the forecast period. Rising freight demand from retail and manufacturing industries is driving market growth, with a trend towards rapid adoption of smartphones and growing internet penetration. However, shortage of heavy vehicle drivers  poses a challenge. Key market players include AM Cargo Ltd., Leicester Heavy Haulage, Caterpillar Inc., CEVA Logistics, Container Corp. Of India Ltd., DB Schenker, DSV AS, Fercam Spa, FM Logistic, Gosselin Group, Ital Logistics Ltd., KLG Europe, WALTER LEASING GmbH, Manitoulin Transport Inc., Maxi Group Ltd., Mesaroli Spa, Monarch Transport Ltd., Siemens AG, SLH Transport Inc., and Woodside Haulage Holdings Ltd..

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Market Driver

The automotive industry is experiencing significant transformation through the integration of artificial intelligence (AI) and Internet of Things (IoT) technologies. This innovation is driving the demand for autonomous transportation solutions, particularly in the road haulage market. Notable companies like Volvo Autonomous Solutions and Tesla are leading this trend by developing autonomous transport solutions for hub-to-hub applications and launching electric trucks with enhanced autopilot systems. These advancements aim to increase utility, improve fuel efficiency, and enhance safety, contributing to the growth of the global road haulage market. 

The road haulage market is experiencing significant trends with a focus on efficiency and technology. The use of advanced technologies such as vehicle tracking and digital documentation is increasing. This helps in improving delivery times and reducing administrative costs. Additionally, the adoption of alternative fuels like electric and hydrogen vehicles is gaining traction. This is in response to the growing demand for sustainable logistics solutions. Furthermore, the implementation of regulations like the European Union's Green Deal is driving the shift towards more eco-friendly transportation methods. Overall, the road haulage industry is undergoing transformative changes to meet the evolving needs of businesses and consumers. 

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Market Challenges

• The global road haulage market faces a significant challenge due to a persistent driver shortage. From Europe to the US, the deficit of Heavy Commercial Vehicle (HCV) drivers reached 22% in Europe from 2018 to 2019 and 80,000 in the US in 2021. Spain experienced a substantial decrease in potential drivers in 2019. The aging driver population, with an average age between 45 and 47 years in Germany, is retiring, leading to a further shortage. This scarcity compels transport companies to decline contracts, causing delays in product delivery and increasing transportation costs by nearly three times that of rail and water combined. These factors may hinder market growth during the forecast period.
• The road haulage market faces several challenges in delivering goods and services efficiently. The complexity of supply chains and the need for real-time tracking and delivery have become crucial factors. Commerccially, capacity and cost management are significant challenges. Fuel prices and vehicle maintenance costs impact profitability. Regulations, such as hours of service and weight restrictions, add complexity and increase operational costs. Additionally, the need for secure and efficient logistics solutions to transport sensitive goods is a growing concern. To remain competitive, road haulage companies must continuously adapt to these challenges and invest in technology and innovation.

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Segment Overview 

This road haulage market report extensively covers market segmentation by  

1. Vehicle Type
• 1.1 Heavy commercial vehicles
• 1.2 Light commercial vehicles
2. Type 
• 2.1 Domestic road haulage
• 2.2 International road haulage
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Heavy commercial vehicles-  The heavy commercial vehicles (HCV) segment in the road haulage market caters to larger shipments, typically filling more than half of a 48-foot or 53-foot trailer. This mode is popular when shippers have sufficient items, require time-sensitive freight, or find it cost-effective. HCV includes refrigerated trucks for temperature-sensitive goods and offers value-added services like loading, unloading, and door-to-door delivery. The global manufacturing industry's growth is driving HCV demand, with vendors adopting intermodal transportation and electrification. Notable developments, such as the Volvo Group, Daimler Truck, and TRATON GROUP's joint venture to install European charging infrastructure for electric HCVs, are positively impacting the market's growth during the forecast period.

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Research Analysis

The Road Haulage Market encompasses the transportation of various goods, including agricultural products and construction materials, via heavy vehicles such as Heavy trucks and Drayage trucks. This sector is significantly influenced by globalization, leading to the integration of supply chains and the expansion of Domestic road haulage. Autonomous driving technology is revolutionizing the industry, aiming to reduce Delivery fees and improve efficiency. However, concerns over Diesel engine emissions and Carbon emissions continue to pose challenges. Bulk distribution of coal and other commodities, as well as Hoisting and Drayage services, are essential components of the market. Innovative vehicles and infrastructure development are key drivers for growth in this sector.

Market Research Overview

The road haulage market encompasses the transportation of goods via road using trucks or trailers. This sector plays a crucial role in the global supply chain, enabling the seamless movement of goods from one location to another. The market is driven by various factors, including increasing international trade, e-commerce growth, and the need for just-in-time delivery. Technological advancements, such as the integration of telematics and the use of alternative fuels, are also transforming the industry. Additionally, regulatory compliance and the implementation of stringent safety standards are key considerations for market participants. Overall, the road haulage market is expected to grow steadily in the coming years, driven by the increasing demand for efficient and cost-effective logistics solutions.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Vehicle Type
• Heavy Commercial Vehicles
• Light Commercial Vehicles
• Type
• Domestic Road Haulage
• International Road Haulage
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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