Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "North America Road Freight Transport - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2016 - 2029" report has been added to ResearchAndMarkets.com's offering.
Dynamic Growth Projected in North American Road Freight Sector
The North America Road Freight Transport Market is poised for strong growth, with projections estimating the market size to expand to USD 769.47 billion by 2029. An anticipated Compound Annual Growth Rate (CAGR) of 3.96% from 2024 to 2029 underscores the sector's robust potential.
Leveraging Long Distance and Full Truckload Services for Market Dominance
Long-haul trucking continues to hold the largest market share, propelled by significant infrastructure developments and cross-border trade initiatives. Reflecting consumer preferences and industry trends, the full truckload specification segment is on track to be the fastest-growing, highlighting the influence of technological advancements like Radio Frequency Identification (RFID) tags.
Solid Goods and Manufacturing Lead Product and End User Segments
Solid goods lead the product type segment with a substantial impact on the region's value-added output. The manufacturing sector stands out as the largest end user, significantly contributing to North America's GDP with substantial future growth potential. Meanwhile, the sectors of agriculture, fishing, and forestry are projected to observe substantial growth rates, signaling opportunities for market participants.
United States Reigns as the Top Country in North American Market
Dominating the market in 2020, the United States held an 84.86% share within the North American road freight transport market. While Canada's economy is larger, the Mexican freight transport market outpaces it in size. The resilience of the North American market is evidenced by its recovery from pandemic-related impacts, boasting a growth rate of 4.91% YoY in volume in 2021, with Canada expected to exhibit impressive growth rates in the upcoming years.
Competitive and Fragmented Market Landscape
The competitive market landscape features key players including C.H. Robinson, FedEx, J.B. Hunt Transport Services Inc., Ryder System, and United Parcel Service (UPS). These entities account for a consolidated 21.32% of the market share, signifying a fragmented market with room for competitive strategies and growth.
The resilience and upward momentum of the North America Road Freight Transport Market signal thriving opportunities against the backdrop of technological advancement and economic development. Stakeholders within the industry are set to witness a transformative phase as the market moves towards 2029.
A selection of companies mentioned in this report includes
- ArcBest
- C.H. Robinson
- Ceva Logistics
- Deutsche Post DHL Group
- DSV
- FedEx
- J.B. Hunt Transport Services Inc.
- Knight-Swift Transportation
- Landstar System Inc.
- Maersk
- Old Dominion Freight Line
- Ryder System
- Schneider
- United Parcel Service (UPS)
- Werner Enterprises Inc.
- XPO Logistics Inc.
- Yellow Corporation
For more information about this report visit https://www.researchandmarkets.com/r/htndk8
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