Latest News - Road Haulage Market: Heavy commercial vehicles are expected to lead the Vehicle Type segment during 2024-2028

The Road Haulage Market is being driven by Rising freight demand from retail and manufacturing industries

The Road Haulage Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 1341.4 million. The integration of Artificial Intelligence (AI) and the Internet of Things (IoT) in the automotive sector is revolutionizing the industry. IoT devices, which can be synced with smartphones and controlled via voice commands, are being installed in vehicles. The rise of AI-enabled IoT technology is anticipated to boost the adoption of driverless transportation services, thereby fueling the demand for vehicles among various end-users, including logistics and transportation companies. This trend is significantly contributing to the expansion of the road haulage market during the forecast period. For instance, in March 2021, Volvo Autonomous Solutions announced a partnership with Aurora to develop autonomous transport solutions for hub-to-hub applications in North America. This collaboration marks an initial step towards deploying autonomous transport solutions in the region. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Heavy commercial vehicles
  • Light commercial vehicles
• Type
  • Domestic road haulage
  • International road haulage
• Application
  • Mining & Construction
  • Oil & Gas
  • Food & Beverage
  • Retail
  • Manufacturing
  • Healthcare
  • Automotive
  • Others
• Geography
  • APAC
    • China
    • India
  • North America
    • US
    • Canada
  • Europe
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising freight demand from retail and manufacturing industries
• Rapid growth in e-commerce industry
• Increase in cross-border trades

However, the market also witnesses some limitations, which are as follows:

• Shortage of heavy vehicle drivers
• High operational costs and competitive pricing
• Operational impact of new regulations

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Market Scope in Road Haulage Market Research Report

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Research Analysis Overview

The road haulage market plays a crucial role in integrated supply chains by transporting goods from one place to another, particularly in the context of globalization. Innovative vehicles, such as heavy trucks with hoisting capabilities and autonomous driving technology, are transforming the industry, making bulk distribution more efficient and cost-effective. Infrastructure development, including drainage systems and construction sites, relies heavily on heavy haulage for the transportation of raw materials like coal and construction supplies. Heavy vehicle drivers operate these heavy trucks, which consume large amounts of diesel fuel, leading to significant diesel engine emissions. Delivery fees, a major concern for businesses, are influenced by factors such as fuel prices and regulatory requirements for carbon emissions. The agricultural sector also depends on heavy haulage for cartage of agricultural products. Despite these challenges, the market continues to evolve, with a focus on reducing carbon emissions and improving efficiency through technological advancements.

Market Research Overview

According to Technavio, the road haulage market under consideration is a segment of the expansive global construction machinery and heavy transportation equipment market. This market encompasses a range of product categories, including heavy-duty trucks, compact earthmoving equipment, road construction and compaction machinery, crushing and screening equipment, concrete machinery, civil engineering equipment, lifting equipment, and related technologies. The market's expansion will be fueled by the burgeoning trend of urbanization, resulting in heightened investment in construction projects due to the rising demand for residential properties, both single-family and multi-family homes. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/