NEW YORK, Nov. 26, 2023 /PRNewswire/ — The Europe road freight transportation market size is expected to grow by USD 40.68 billion between 2022 and 2027. However, the growth momentum of the market will progress at a CAGR of 2.69% during the forecast period. The market is segmented by product (food and beverages, metals and mining, dangerous goods, agriculture, and others), and vehicle type (medium, heavy commercial vehicle, and light commercial vehicle). The significant contribution of road freight in intermodal transportation drives the market growth. There is an increasing preference for roads to transfer the shipments to either rail or sea terminals, as they may not be directly connected to the shipper. Moreover, road-water intermodal transportation is mainly utilized for heavy and large cargo or to move heavy vehicles. Furthermore, shipments cannot reach the terminals of rail or seaports without road freights. Hence, such factors drive the market growth.
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Key Highlights:
- The report recognizes the following as some of the key players in the road freight transportation market in Europe: AP Moller Maersk AS, CargoLine GmbH and Co. KG, CEVA Logistics S A, DACHSER SE, Deutsche Bahn AG, Deutsche Post AG, DSV AS, Ewals Cargo Care Holdings BV, FedEx Corp., GEODIS, H.Essers, Hellmann Worldwide Logistics SE and Co KG, Kuehne Nagel Management AG, MARITIMA SURESTE SHIPPING SLU, Raben Group, Rhenus SE and Co. KG, UAB Girteka Logistics, WALTER LEASING GmbH, XPO Inc., and Ziegler Group Corp.
- Road Freight Transportation Market in Europe is fragmented in nature.
- Market to observe 2.43% YOY growth in 2023.
Market Dynamics:
Trend
- The growing popularity of RFID tags is a primary trend in the Europe road freight transportation market.
- RFID tags enable storage of information in an electronic format, including cargo details dates, and time stamps.
- In addition, the significant use of RFID tags minimizes the time for companies to identify trucks at the inbound/outbound gates at different locations, including warehouse gates, or cross-border gates.
- Hence, such factors drive the market growth.
Challenges
- Competitive pricing and higher operational costs is a significant challenge that hinders market growth.
- There is volatility in operational costs due to the fluctuation of crude oil prices.
- Furthermore, there is significant competition in terms of pricing their services among road freight carriers.
- Hence, such factors hinder the market growth during the forecast period.
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Key Segments:
- The market share by food and beverages segment is significant during the forecast period. Factors such as the increase in income levels, changing consumer preferences, improvement in standards of living, and an increase in the adoption of organic and packaged food and drinks fuel the segment. Hence, such factors fuel the growth of this segment which, in turn, drives the market growth.
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Europe Road Freight Transportation Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 2.69% |
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Market growth 2023-2027 |
USD 40.68 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
2.43 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by Product
Market Segmentation by Vehicle Type
Market Segmentation by Geography
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide 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
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SOURCE Technavio
