New York, June 12, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Road Freight Transport Global Market Report 2023" - https://www.reportlinker.com/p06466653/?utm_source=GNW
Hunt Transport Services Inc., Kerry Logistics Network Ltd., KLG Europe, Kuehne and Nagel International AG, Nippon Express Holdings Inc, United Parcel Service (UPS), Yellow Corporation, First European Logistics Ltd., and Alkom-Trans SIA .
The global road freight transport market is expected to grow from $92.12 billion in 2022 to $98.94 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The road freight transport market is expected to reach $127.27 billion in 2027 at a CAGR of 6.5%.
The road freight transport market includes revenues earned by entities by providing curtain sided transportation, flatbed transportation, temperature controlled transportation, and more.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Road freight transport refers to the movement of commodities by motor vehicles via a network of roads from one point to another (a place of loading and unloading).It is defined as shipping by road between two locations, regardless of the place in which the vehicle is registered.
It is primarily used to give door-to-door service for all freight deliveries.
North America was the largest region in the road freight transport market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the road freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of carriers used in road freight transport are full truckload and less-than-truckload, which use various types of vehicles such as light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles.A full truckload refers to one truck in charge of transporting a single shipment from one location to another for the transport of goods.
These are operated domestically and internationally and are used by several end-users, such as agriculture, fishing and forestry, construction, manufacturing, oil and gas, mining and quarrying, wholesale and retail trade, and others.
The increasing cross-border trade is expected to propel the growth of the road freight transport market going forward.Cross-border trade refers to the act of selling a product from one country to the buyer of another via B2C that involves the import, export, or transit of capacity or power as permitted by the conditions of this license.
Road transport is a crucial part of cross-border trade since it makes it easier for commodities to move around, increases connectivity, and promotes economic growth. For instance, in February 2020, according to the United Nations Conference on Trade and Development (UNCTAD), a Switzerland-based intergovernmental organization within the United Nations Secretariat, the total value of global trade in 2021 reached a record high of $28.5 trillion. That represents a 25% increase from 2020 and a 13% increase from 2019. Therefore, increasing cross-border trade is driving the growth of the road freight transport market.
Technological advancements are the key trends gaining popularity in the road freight transport market.Major market players are concentrating their efforts on innovating different technological advancements to sustain their position in the market.
For instance, in March 2023, ArcBest Corporation, a US-based holding company for truckload and less-than-truckload freight, launched the Vaux™, a revolutionary freight movement technology that restructures intralogistics procedures to increase efficiency and advance supply chains.This is a cutting-edge combination of technology and software that modernizes and revolutionizes the way goods are loaded, unloaded and moved.
With Vaux, a trailer’s full contents may be unloaded in less than five minutes, and the company provides total insight into the movement of goods inside warehouse facilities, on the dock, and the road. Extreme efficiencies are produced, and operations in the warehouse are orchestrated flawlessly.
Technological advancements are the key trends gaining popularity in the road freight transport market.Major market players are concentrating their efforts on innovating different technological advancements to sustain their position in the market.
For instance, in March 2023, ArcBest Corporation, a US-based holding company for truckload and less-than-truckload freight, launched the Vaux™, a revolutionary freight movement technology that restructures intralogistics procedures to increase efficiency and advance supply chains.This is a cutting-edge combination of technology and software that modernizes and revolutionizes the way goods are loaded, unloaded and moved.
With Vaux, a trailer’s full contents may be unloaded in less than five minutes, and the company provides total insight into the movement of goods inside warehouse facilities, on the dock, and the road. Extreme efficiencies are produced, and operations in the warehouse are orchestrated flawlessly.
The countries covered in the road freight transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The road freight transport market research report is one of a series of new reports that provides road freight transport market statistics, including road freight transport industry global market size, regional shares, competitors with a road freight transport market share, detailed road freight transport market segments, market trends and opportunities, and any further data you may need to thrive in the road freight transport industry. This road freight transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466653/?utm_source=GNW
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