Potential Impact of COVID-19 on Road Freight Transport Market

Road freight transport is freight transportation or shipment by means of roadways. Road freight transportation is the most commonly used mode of freight transport. Road freight transport includes a wide variety of vehicles such as lorry tank, pick-up trucks, truck trailers, refrigerated trucks, and flatbed trucks. Road freight transport is a quick, cost-effective, and door-to-door service providing freight transport system.

Growing bilateral trade and booming industrialization, supplemented with revised trade policies, are prime factors that are projected to fuel the road freight transport market during the forecast period. Freight road transportation entails low capital investment, as compared to other transportation, such as rail and air transportation system. This leads towards the establishment of the new companies and boost its presence in the market. Additionally, surge in import and export of goods and materials around the world is anticipated to propel the road freight transport market during the forecast period. Progression and expansion of goods and services companies around the world are focused upon developing strong online platforms which is expected to augment the road freight transport, as it offers quick, flexible, and frequent services.

Rapid advancements in technology and rising role of e-tailing are anticipated to drive the freight road transport market during the forecast period. Road freight transport offers numerous benefits, such as ideal for short destination, economical, flexible, and cost-effective packaging. This, in turn, is projected to boost the road freight transport market during the forecast period. However, road freight transport faces major setbacks from road condition, weather, and traffic congestion coupled with long distance transportation. These factors are likely to restrain the road freight transport market during the forecast period.

The global road freight transport market can be segmented based on end-user, vehicle type, and region. In terms of end-user, the road freight transport market can be divided into automotive food and beverages, oil & gas, chemicals, healthcare, and others. The oil & gas segment leads the road freight transport market. The segment is projected to remain prominent during the forecast period primarily due to the expansion of oil & gas industry.

Based on vehicle type, the road freight transport market can be split into light truck, medium truck, heavy truck, and others. The heavy truck segment accounts for a dominant share of the market due to the long distance covered by these trucks for export and import purposes around the world. Furthermore, heavy trucks are ideal for both short and long distance transportation, as they possess the ability to carry heavy goods and materials in larger quantity as compared to other vehicle types. This is a key factor that is projected to boost the segment of the road freight transportation market during the forecast period.

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In terms of region, the road freight transport market can be segmented into Asia Pacific, Europe, North America, Middle East & Africa, and Latin America. Asia Pacific holds a prominent share of the global road freight transport market majorly due to surge in e-commerce and rise in population in the region. Additionally, the emerging economies in the region are witnessing expansion of transport routes and increasing volumes of materials and goods. This in turn is likely to fuel the road freight transport market during the forecast period. Upcoming infrastructure projects coupled with booming manufacturing and construction industries in Asia Pacific is another major factor that is anticipated to propel the road freight transport market in the region during the forecast period.

Prominent players operating in the global road freight transport market include Cargo Carriers Limited, DB SCHENKER, DHL Global Forwarding, KUEHNE + NAGEL, CJ Logistics Corporation, Kerry Logistics Network Limited, Nippon Express, TNT Express, CEVA Logistics, GEODIS, DSV, Overland Total Logistics Services (M) Sdn Bhd., and GEFCO.

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