Road Haulage Market Will Grow As Of Rising Population and Shift In Residential

The global road haulage market size is expected to reach USD 4,071.7 billion by 2025, registering a CAGR of 5.5% from 2019 to 2025 according to a study conducted by Grand View Research, Inc. The increasing demand for preserved commodities, fresh food, and perishable goods, coupled with the flourishing e-commerce industry, has triggered the demand for road haulage services. These factors are anticipated to drive the market in the coming years.

The steady expansion of the automotive and transportation industries over the years has also spurred the demand for road haulage services in recent years. 

Rising population and shift in residential preferences are also key factors that are expected to fuel market growth. Numerous technological advancements such as vehicle-to-vehicle communication, integrated supply chain, remote diagnostics, and autonomous driving are optimizing road transportation and increasing cargo throughput.

Additionally, the availability of several online support services such as GPS tracking and google maps are expected to augment the adoption of road haulage services. The rising demand for food commodities, local deliveries, agricultural goods, and wholesale product deliveries are anticipated to provide significant growth opportunities for the players present in the market.

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Professional road haulage services are cost-efficient, easy to track, involve low idle period, offer doorstep deliveries and highly safe cargoes, and are capable of using different routes. Such benefits are encouraging the adoption of these services in manufacturing, petroleum, and infrastructure arenas. Furthermore, steadily expanding global and cross-border trade are spurring market growth. Reduction in vehicle and fuel taxes in certain countries are further boosting the adoption of road transportation.

The market is highly fragmented and characterized by high competition with the presence of established local and regional players. Companies are focusing on offering the most cost-effective, flexible, and efficient services to customers. Companies are also focusing on partnerships and mergers, with medium-sized operators to strengthen their market presence. Key players operating in the market are focusing on enhancing their global logistics networks. Numerous companies are undergoing mergers and acquisitions with third-party logistics services to provide more value-added services to customers. For instance, in May 2018, Alibaba group invested USD 1.38 billion in ZTO express to strengthen its transportation and logistics network and ensure quick parcel deliveries in China.

However, the escalation of fuel prices and fuel levies in certain economies are hindering the market growth. Moreover, a massive shortage of Heavy Goods Vehicle (HGV) drivers is reducing productivity and causing delays in the transportation of goods. These factors are further expected to challenge the growth prospects of the market.

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Further key findings from the study suggest:

• In terms of the vehicle type, the light commercial vehicles segment is expected to grow prominently by 2025, registering a CAGR of more than 6% from 2019 to 2025. The significant increase in the adoption of light goods vehicle (LGVs) corresponds to the growing e-commerce industry, which requires quick deliveries of retail goods

• The domestic road haulage segment is expected to grow at a CAGR exceeding 5% from 2019 to 2025. This prominent growth is due to the increased deliveries of food commodities and other retail goods

• The food & beverage application segment is expected to register a promising CAGR owing to the rising transport of agricultural products such as bulk food commodities and field produce

• The Asia Pacific regional market is expected to witness substantial growth prospects and a CAGR exceeding 6% during the forecast period. This can be attributed to the robust roadways infrastructure and connectivity in the region

• Countries such as China and India witness high volumes of export and import of goods, which requires quick and cost-efficient freight transportation. In addition, legislative initiatives for road transport and flexible international transport policies in the Asia Pacific region are further contributing to market growth

• Key players operating in the market include CONCOR, Kindersley Transport Ltd., Gosselin Group, Monarch Transport, AM Cargo, Manitoulin Group of Companies, SLH Transport Inc., Woodside Logistics Group, and UK Haulier.

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