Road Haulage Market Size by Type, Vehicle Type, Application, Region – Segment-Level Market Assessment, Growth Opportunity Analysis, Competitive Mapping & Forecast to 2029
Overview
Global Road Haulage Market is anticipated to reach US$ 9.35 Bn by 2029 from US$ 6.42 Bn in 2022 at a CAGR of 5.5% during a forecast period.
Road Haulage Market Overview
The activity of moving things from one site to another via roadways is known as road haulage. Hoisting and cartage or drayage are two kinds of transportation. Container haulage, pallet haulage, refrigerated haulage, and other forms of road haulage services are also available. Road haulage is widely used in a variety of industries, including chemical, retail, petroleum, defense, construction, and others.
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The report has covered the market trends from 2018 to forecast the market through 2029. Where 2022 is considered a base year to forecast the market from 2023 to 2029. However, 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe.
Road Haulage Market Dynamics
Due to increased demand for fast, safe, and efficient road transport, the haulage market is expected to grow at a fast pace. The growth of the automotive and transport industries has boosted the growth of the haulage market. In addition, road transport companies are progressively implementing their commercial vehicles, logistics systems, and strategies for logistics and distribution. In many countries, the number of providers of transport services is increasing. These are some of the other factors which are expected to contribute to the growth of the global road haulage market during the forecast period.
The growing global online retail industry needs speedy parcel delivery. The introduction of new service requirements, such as express deliveries, has resulted in the emergence of a new class of logistics operators as a result of the e-commerce industry's growth. Because of the rising adoption of smartphones and global internet penetration, the e-commerce industry's excellent future growth prospects are likely to lead to greater demand for road haulage during the forecast period.
Restraints: The transport strikes, fuel prices, and government rules on logistics and transport are key constraints on the road haulage market. Rail and flight transport can also restrict the road transport market, as flight transport is faster.
COVID-19 Impact on the Road Haulage Market
The prolonged COVID situation is affecting the market. This is related to the requirement for critical supplies such as groceries and medications to be transported to local locations around the world. As other routes of cargo transportation such as airways and waterways have been restricted by the majority of governments, the demand for road transport has grown dramatically, driving the road haulage market to new heights.
However, sudden supply chain disruptions, lower demand for commercial cars, and financial shortages created by the shutdown hampered market growth. Also, several governments' increases in gasoline costs to recover financial losses, along with lower investments in R&D activities for the next few years, are likely to stifle the growth of the market.
Road Haulage Market Segmentation Analysis
By Type, in 2022, the domestic transportation segment dominated the market, representing a share of more than 60%. The growing focus on ensuring the delivery of explicit parcels in due time while improving operational efficiency is likely to have contributed to the segment’s growth. Besides that, domestic supplies are more cost-effective than international supplies, thus boosting growth in the domestic transport segment.
By Vehicle Type, the light commercial vehicle segment is expected to record a CAGR of more than 8 percent during the forecast period. This can be ascribed to the increased demand for local delivery services, including more dispersed residential and business locations, through which light-duty vehicles need to transit. In addition, the operations of road haulage companies have been greatly boosted by advanced carriage technologies, such as improved fuel effectiveness and increased reliability of light trucks.
The heavy commercial vehicles segment accounted for more than 80% of the market in 2022. An increase in long-haul transportation of a variety of products is responsible for the growth of the segment. Additionally, increased production of trucks and heavy commercial vehicles is expected to further boost the market growth.
Regional Insights
In 2022, the Asia Pacific regional market held the largest share of the global market, and it is also expected to grow at the fastest rate, with a CAGR of over 6% over the forecast period. The improved road infrastructure and increased foreign investment in the region are attributed to the growth. In addition, the rapidly growing e-commerce sector in developing markets like India and China continues to drive growth for efficient road transportation facilities.
In 2022, North America held a significant share of the global market, accounting for around 25.0 percent. This might be attributed to the growing commercial activity in the region, as well as the extensive roadway network.
Road Haulage Market Scope: Inquire before buying
| Road Haulage Market | |||
|---|---|---|---|
| Report Coverage | Details | ||
| Base Year: | 2022 | Forecast Period: | 2023-2029 |
| Historical Data: | 2018 to 2022 | Market Size in 2022: | US $ 6.42 Bn. |
| Forecast Period 2023 to 2029 CAGR: | 5.5% | Market Size in 2029: | US $ 9.35 Bn. |
| Segments Covered: | by Type | International Road Haulage Domestic Road Haulage |
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| by Vehicle Type | Light Commercial Vehicles Heavy Commercial Vehicles |
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| by Application | Mining & Construction Oil & Gas Food & Beverage Retail Manufacturing Healthcare Automotive Others |
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By Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Road Haulage Market Key Players
1. Kindersley Transport Ltd.
2. Gosselin Group
3. LKW WALTER
4. Monarch Transport
5. CONCOR
6. AM Cargo
7. Manitoulin Transport Inc.
8. SLH Transport Inc.
9. Woodside Logistics Group
10. UK Haulier
11. Kindersly Transport Ltd.,
12. Container Corporation of India Ltd.,
13. Monarch Transport Ltd
14. Woodside Road Haulage
15. LKW Walter
Frequently Asked Questions:
1. Which region has the largest share in Global Road Haulage Market?
Ans: Asia Pacific region held the highest share in 2022.
2. What is the growth rate of Global Road Haulage Market?
Ans: The Global Road Haulage Market is growing at a CAGR of 5.5% during forecasting period 2023-2029.
3. What is scope of the Global Road Haulage market report?
Ans: Global Road Haulage Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.
4. Who are the key players in Global Road Haulage market?
Ans: The important key players in the Global Road Haulage Market are – Kindersley Transport Ltd., Gosselin Group, LKW WALTER, Monarch Transport, CONCOR, AM Cargo, Manitoulin Transport Inc., SLH Transport Inc., Woodside Logistics Group, UK Haulier, Kindersly Transport Ltd.,, Container Corporation of India Ltd.,, Monarch Transport Ltd, Woodside Road Haulage, and LKW Walter
5. What is the study period of this market?
Ans: The Global Road Haulage Market is studied from 2022 to 2029.