Dublin, Feb. 26, 2024 (GLOBE NEWSWIRE) -- The "Asia Pacific Road Freight Transport - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2016 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Road Freight Transport Market size is estimated at USD 1.44 trillion in 2024, and is expected to reach USD 1.78 trillion by 2028, growing at a CAGR of 5.44% during the forecast period (2024-2028).
Key Highlights
- Largest Segment by Distance - Long Haul : Long haul has been dominant in Asia-Pacific's road freight trucking industry as the countries in this region share close borders, thus fostering trade and boosting the growth of long-haul trucking services.
- Largest Segment by Product Type - Solid Goods : Industries in the solid goods segment also comprise a significant portion of the region's GDP. Thus, the solid goods segment is the largest in the Asia-Pacific road freight transport market.
- Largest Segment by End User - Manufacturing : The manufacturing segment, which accounts for a high share of the region's GDP, is the largest end-user segment in the Asia-Pacific road freight transport market.
- Fastest Growing Segment by Truckload Specification - Less than Truckload : SMEs are one of the key end users of the less-than truckload segment, making it the fastest-growing segment among truckload specifications in the Asia-Pacific region.
Manufacturing is the largest segment by End User.
- In China, the gross production value of agricultural products is projected to amount to USD 1,498 billion by the end of 2022. An annual growth rate of 3.09% is expected (CAGR during 2022-2025) by the end of 2025. In 2020, the agricultural production value in China amounted to around CNY 7.17 trillion (USD 1.09 trillion).
- In FY 2020, India had a total number of 878 steel plants producing crude steel. In FY 2021, India's crude steel production stood at 103.54 million tons. According to Worldsteel, crude steel output in India registered a 46.9% YoY growth to reach 9.2 million tons in May 2021 compared to 5.8 million tons of crude steel output registered in May 2020. Steel production in India is projected to increase by 18% to reach 120 million tons (MT) by the end of FY 2022. India's crude steel production volume was 102.49 million tons (MT) in FY 2021 and 9.5 tons in September 2021 alone.
- Manufacturing is a key component of the Government of Australia's plan to deliver a strong, modern, and resilient economy for the Australian people. The USD-1.5-billion Modern Manufacturing Strategy project aims to build Australia's reputation as a high-quality and sustainable manufacturing nation by setting the right economic conditions for business, promoting science and technology for industries, focusing on the areas of manufacturing advantage, and building national resilience for a stronger economy.
A selection of companies mentioned in this report includes
- APL Logistics
- C.H. Robinson
- Ceva Logistics
- Deutsche Post DHL Group
- Expeditors International
- FedEx
- Kintetsu World Express
- Maersk
- Nippon Express
- Rhenus Group
For more information about this report visit https://www.researchandmarkets.com/r/2pgl9e
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