Road Haulage Market Size Overview
Road Haulage Market has been predicted to reach US 8.41 Billion by 2027 in comparison to US$5.78 Bn in 2020.
Road Haulage Meaning:
Moving things from one place to the next through roads is referred as road haulage. Hoisting and cartage, also known as drayage, are two types of transportation. The pallet haulage service, container haulage, refrigerated haulage, and other road haulage are also offered.
Road haulage is extensively used in a range of industries, such as chemical, retail oil construction, defense, and others. To be aware of the research methodology, Request a Free Sample Report. The report covers trends in the market from 2015 to forecast the market to 2027. In the case of 2020, it is considered to be an initial year to predict the market between 2021 and 2027. The market size for 2020 is calculated based on actual figures and the outputs of key players and the biggest players across the world.
Road Haulage Market Dynamics
The haulage market is predicted to expand rapidly in response to the increasing demand for quick, secure, and efficient road transportation. The expansion of the transportation and automotive industries has increased the size of the haulage industry. Furthermore, road transportation businesses are increasingly implementing business vehicles, logistics systems and strategies for distribution and logistics.
In several countries, the number of suppliers of transportation services is growing. These are just a few other reasons that will contribute to the expansion of the global market for road haulage in the coming years. The growing online retail market requires speedy delivery of parcels. New requirements for service, such as express deliveries and express delivery, have led to the development of a brand new category of logistics companies due to the growing popularity of e-commerce.
Due to the increasing use of smartphones and the global penetration of the internet, the high-end e-commerce market’s potential for growth in the coming years is likely to result in a higher demand for haulage on roads over the forecast time frame. Restrictions: Strikes in the transport industry, fuel price, and the government’s rules regarding logistics and transport are major obstacles to the market for road haulage. Transport by flight and rail can limit the road transport market because flight transport is more efficient.
COVID-19 Impact of Road Freight Transport Market
The long-term COVID situation is impacting the market. This is due to the necessity for vital items like groceries and medicines to be shipped to the local areas around the globe. Because other modes of transporting cargo like waterways and airways have been restricted in the past by the governments, The demand for road transportation has increased dramatically, pushing the road haulage up to new highs.
However, the sudden disruptions to supply chains, the lower demand for commercial vehicles, and the financial hardships caused by the shutdown have hindered the market’s growth. Additionally, the government’s increase in the cost of gasoline to cover financial losses and lower investments in R&D activities over the coming years could impede the market’s growth.
Road Haulage Market Segmentation Analysis
- International Road Haulage
- Domestic Road Haulage
By Vehicle Type
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By End User
- Mining & Construction
- Oil & Gas
- Food & Beverages
By Type, in 2020, the transportation segment for domestic use led the market with more than 60 percent. The increased emphasis on delivering parcels on time and improving the efficiency of operations is expected to be a factor in the growth of this segment. In addition, domestic goods are less expensive than international supply, thus stimulating growth in the transportation segment for domestic use.
By Haulage Vehicle Type, the light commercial vehicle segment is predicted to increase by over 8 percent over the forecast time. This could be due to the growing need for delivery to local areas. This includes spreading business and residential areas, where light-duty vehicles have to travel.
Furthermore, the activities of road haulage businesses are greatly enhanced by the advancement of carriage technology, including enhanced fuel efficiency and improved efficiency in a light truck. The commercial vehicle segment for heavy trucks will represent more than 80 percent of the market by 2020. A rise in long-haul transport of various products is the main reason for the expansion of this sector. Furthermore, the increase in the production of trucks and commercial vehicles is anticipated to boost the market’s growth.
Road Haulage Market Regional Insights
According to MWR, In 2020, it was estimated that the Asia Pacific regional market held the biggest share of the market worldwide and is predicted to expand at the fastest pace, with a CAGR of more than 6 percent during the forecast time. The improvement in road infrastructure and an increase in foreign investment in this region are the reason for the expansion.
Furthermore, the rapidly growing e-commerce market in developing markets such as India and China is driving the demand for more efficient road transport infrastructure. In 2020, North America held a substantial portion of the world market, about 25.0 percent. This could be due to the increasing commercial activity in the region and the vast roads.
Global Road Haulage Market
|Base Year:||2021||Forecast Period:||2022-2030|
|Historical Data:||2016 to 2021||Market Size in 2020:||US $ 5.78 Bn.|
|Forecast Period 2021 to 2027 CAGR:||5.5%||Market Size in 2027:||US $ 8.41 Bn.|
|Segments Covered:||by Type||• International Road Haulage • Domestic Road Haulage|
|by Vehicle Type||• Light Commercial Vehicles • Heavy Commercial Vehicles|
|by Application||• Mining & Construction • Oil & Gas • Food & Beverage • Retail • Manufacturing • Healthcare • Automotive • Others|
Market by Region
* North America * Asia pacific * Europe * the Middle East and Africa * South America
Top Road Haulage Companies
* Kindersley Transport Ltd. * Gosselin Group * LKW WALTER * Monarch Transport * CONCOR * AM Cargo * Manitoulin Transport Inc. * SLH Transport Inc. * Woodside Logistics Group * UK Haulier * Kindersley Transport Ltd., * Container Corporation of India Ltd., * Monarch Transport Ltd * Woodside Road Haulage * LKW Walter
Frequently Asked Questions
1. What is the projected market size & growth rate of the Global Road Haulage Market?
Ans- Road Haulage Market was valued at USD 5.78 billion in 2020 and is projected to reach USD 8.41 billion by 2027, growing at a CAGR of 5.5% during the forecast period.
2. What is the key driving factor for the growth of the Global Road Haulage Market?
Ans- The road haulage market is expected to grow at a remarkable rate due to an increased demand for rapid, safe, and effective ground transport.
3. Which region accounted for the largest Global Road Haulage Market share?
Ans- In 2020, 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.
4. What makes North America a Lucrative Market for the Global Road Haulage Market?
Ans- The growing commercial activity in the region, as well as the extensive roadway network, are providing Lucrative Market opportunities for the global road haulage market.
MWR’s research methodology is based on extensive use of secondary and primary data sources. The Road Haulage Market research involves the analysis of various aspects impacting the industry, including the policies of the government, the competitive landscape, the market environment and historical data, as well as current developments in the market technological innovation, emerging technologies, and the advancement of technology in related industries, and potential market risks as well as market barriers and issues.
Market Size Estimation
Bottom-up and top-down approaches are employed to verify the size of the global product market and to estimate the size of the market for companies’ regions, regions segment as well as product segments and applications (end users). The market estimates are built on the product’s retail price (excluding discounts offered by the distributor, manufacturer, wholesaler, trader, or).
Partially splits, market shares and breakdown of product segments are calculated based on the weights allocated to each segment based on their usage rate and average sale price. The regional splits of the total product market and sub-segments are determined by the per cent of adoption or use of the particular product within the specific region or country.
Top key players of Road Haulage Market is determined through secondary data, and the market revenue is determined by secondary and primary approach. Secondary research comprised the study of financial and annual reports of the largest companies. In contrast, primary research involved extensive interviews with opinion makers and experts in the industry like experienced front-line employees, directors, CEOs, and marketing managers.
The market share, percentage splits and Growth Rate, as well as the market structure of the product, are calculated from secondary sources and then verified by primary sources. All potential factors that affect the markets are verified by conducting primary analysis, and then analyzed to obtain the final qualitative and quantitative results.
Market Breakdown, Data and Triangulation
After completing market engineering, including calculations of market statistics, size estimations, forecasting of market breakdown, and data triangulation, a lot of analysis are then conducted to collect details and to confirm the numbers to be verified.
Throughout the entire method of market engineering, top-down and bottom-up methods are were widely used, together with a variety of triangulation techniques for market estimation and forecasting of market trends for the entire market segment and sub-segments . A thorough analysis of quantitative data is also carried out using all the data gathered during the entire market engineering process to present important information throughout the research.
Secondary sources include annual reports, press releases, non-profit organizations and industry associations, government agencies, customs information, and others. This study focuses on extensive use of secondary sources, directories, databases, and directories like Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones and Company) and trading ECONOMICS and News Network, Statista, Federal Reserve Economic Data, annual reports, BIS Statistics, ICIS and company house documents CAS (American Chemical Society) and investor presentations along with SEC filings of corporations.
Secondary research are utilized to discover and gather details that could be used for a thorough technological, market-oriented and commercial analysis of the product market. It also helps collecting necessary information on the most prominent companies, market classification and segmentation by market trends from the lowest level, and critical technological and market developments.
For the research process, different sources from both the demand and supply sides are being interviewed to collect quantitative and qualitative information. The primary sources on the supply side comprise companies (and their rivals) and opinion leaders, experts from the industry and research institutes, distributors, traders and dealers, raw material suppliers and producers, etc.
The primary sources for demand-side information are industry experts, such as business leaders, sales and marketing directors, directors of innovation and technology supply chain executives, the market (product buyers) and top executives from a variety of key organizations and companies operating globally.
The primary studies are then conducted to find segments, types of segmentation, price ranges, application of the product important company, raw materials supply and demand downstream as well as the status of the industry and its forecast, and the fundamental market dynamics, such as risk factors, influence factors and opportunities obstacles to market entry, trends in the industry, and the strategies of key players.
COVID-19 impact Analysis
To understand the impact of COVID, we must understand the supply chain of the industry and the value chain. By analysing the supply chain, we understand the bottlenecks affecting the industry’s growth. And by analysing the value chain, we understand what value each component adds to the entire industry. We then try to understand the COVID impact has on the industry by trying to find answers to the following questions:
How many jobs have been lost?
How many people have died due to COVID?
How did the Government respond, and what measures Government has taken to revive a particular industry?
How companies have responded to COVID?
What growth rate companies are expecting?
We also analyse their annual reports and press releases to understand their
strategies post COVID. Then we move towards the primary research part and contact government officials and industry experts such as CEOs, COOs, Directors, VPs, Directors and Managers to understand what impact COVID has had on their businesses and what they are doing to cope with it.
We also try to understand their views regarding other financial aspects, such as recovery and obstacles in achieving pre-COVID growth and when they expect to achieve it.
Finally, after gathering the info from secondary and primary research, we try to form a model through which we gauge the COVID impact on a particular industry ( Road Haulage Market).