The latest report by IMARC Group, titled “Road Haulage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global road haulage market size reached US$ 7.32 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 10.17 Billion by 2028, exhibiting a growth rate (CAGR) of 5.80% during 2023-2028.
Road haulage, also known as trucking or freight transportation by road, is the process of transporting goods and cargo using trucks or lorries on public roadways. It is a fundamental component of the logistics and transportation industry, serving as a vital link in the supply chain for the movement of goods from manufacturers to distributors, retailers, and consumers. It involves the use of various types of commercial vehicles, including tractor-trailers, delivery vans, and specialized trucks designed to carry specific types of cargo. These vehicles are equipped to handle a wide range of goods, from raw materials and perishable items to manufactured products and oversized equipment. Key aspects of road haulage include route planning, load optimization, and adherence to transportation regulations and safety standards. Road haulage is known for its flexibility, as trucks can access a wide variety of locations, including urban centers and remote areas. At present, road haulage finds extensive applications in ensuring the efficient and timely delivery of goods to their destinations, both regionally and nationally.
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Road Haulage Market Trends and Drivers:
The global road haulage market is primarily driven by the rising demand for efficient and reliable transportation services due to the continuous growth of global trade and e-commerce, leading to increased road haulage activities. Apart from this, the rapid globalization of supply chains and the escalating need for just-in-time deliveries that push companies to rely on road haulage for flexibility and responsiveness in their logistics operations are propelling market growth. Moreover, several favorable government initiatives aimed at improving road infrastructure and connectivity that enhance the road haulage industry's efficiency and accessibility is another major growth-inducing factor. Besides this, ongoing advancements in fleet management technologies, such as GPS tracking and telematics that optimize route planning and fuel efficiency, has catalyzed market growth. Furthermore, the shift towards more sustainable and environmentally friendly transportation options has accelerated the adoption of cleaner and fuel-efficient vehicles in road haulage, contributing to market growth.
Report Segmentation:
The report has segmented the market into the following categories:
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