Westford, USA, July 28, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the road haulage market is poised for substantial growth, primarily driven by globalization and the adoption of innovative logistical techniques, cutting-edge vehicles, and advanced technologies. As economies become increasingly interconnected globally, the demand for efficient transportation and distribution of goods has surged. This surge, combined with the continuous evolution of logistics practices, has paved the way for the road haulage sector to expand rapidly.
Browse in-depth TOC on the "Road Haulage Market"
- Pages - 157
- Tables - 95
- Figures – 76
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The global production of trucks has experienced a notable surge, aligning with the increasing freight demand generated by critical industries such as retail and manufacturing. As the world's economies expand and trade flourishes, the need for efficient and reliable transportation of goods has intensified. Trucks have emerged as the most desirable mode of freight transport due to their unparalleled flexibility, responsiveness, and cost-effectiveness in the road haulage market.
Report Scope & Segmentation:
| Attributes | Details |
| Market Size in 2022 | USD 4295.64 Billion |
| 2030 Value Projection | USD 6592.47 Billion |
| CAGR | 5.5% |
| Forecast Period | 2023-2030 |
| Segments Covered |
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| Regions Covered |
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Prominent Players in the Road Haulage Market
- DHL International GmbH
- FedEx Corporation
- UPS Inc.
- Ceva Logistics
- DSV A/S
- DB Schenker
- Kuehne + Nagel International AG
- XPO Logistics Inc.
- Nippon Express Co. Ltd.
- J.B. Hunt Transport Services Inc.
- Swift Transportation Company
- Schneider National Inc.
- CH Robinson Worldwide Inc.
- C.H. Guenther & Son Inc.
- Werner Enterprises Inc.
- YRC Worldwide Inc.
- Penske Logistics
- Ryder System Inc.
- Knight Transportation Inc.
- Old Dominion Freight Line Inc.
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Heavy Commercial Vehicle Segment is Expected to Grow in the Market Due to its Strong Market Presence
The heavy commercial vehicle segment is positioned to maintain its dominant position over the forecast period, building on its strong market presence. This segment already held an impressive share of over 80%, underscoring its significance in the road haulage market.
The markets in the North America played a pivotal role, contributing more than 25% to the overall revenue share in the road haulage market. The region is poised to maintain its strong position, benefiting from healthy growth prospects likely to secure a substantial market share by the end of the forecast period. Several key factors contribute to the region's impressive growth trajectory.
Light Commercial Vehicle Segment is Expected to Dominate the Market Due to the Rising Demand for Local Delivery Services
The light commercial vehicle segment is projected to experience a remarkable CAGR surpassing 8% over the forecast period in the road haulage market. This significant growth can be attributed to the escalating demand for local delivery services, which is pivotal in modern economies.
Regional markets in the Asia Pacific emerged as the leader, claiming the dominant share in the overall demand for transportation and logistics. This dynamic region is projected to continue its rapid growth, with an anticipated CAGR of over 6% during the forecast period in the road haulage market.
A comprehensive analysis of the major players in the road haulage market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
Key Developments in the Road Haulage Market
- Nitin Gadkari, the Union Minister for Road Transport and Highways, unveiled an ambitious plan for Aurangabad 2022, a prominent educational and industrial hub in Maharashtra. The plan featured seven national highway projects to boost the district's growth and improve its transportation infrastructure significantly. With these strategic projects, Aurangabad is poised to experience accelerated development and enhanced connectivity, fostering economic prosperity and better accessibility for its residents and industries.
- Volvo Trucks made a groundbreaking leap in automotive technology in 2022. The company launched a series of cutting-edge innovations designed to revolutionize driving experiences in challenging conditions. These advanced technologies focus on enabling precise manoeuvring in confined spaces and navigating tricky terrains, such as bumpy or slippery roads.
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Key Questions Answered in Road Haulage Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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