Introduction
Road freight transport is freight transportation or shipment using roadways. Almost 70% of freight movement in the US is done by trucks. Road freight transport is a quick, cost-effective, and door-to-door service providing a freight transport system.
Factors such as increasing trade activities, advancement in technology along massive truck networks are driving the market demand. In addition, the rising investment in technology development and alternative fuelled vehicles are expected to fuel the market growth.
Despite the slowdown in international trade, the need for road freight services among essential commodity industries has been increasing during the pandemic. But, the recovering manufacturing activities in full capacities from 2021 beginning is expected to mitigate numerous potential negative impacts caused during COVID-19 and maximize their opportunities in the future.
Table of Contents
Executive Summary
Scope of the report
Research Methodology
Executive Summary
Introduction
5.1 Parent Market/ TAM
5.2 Market Outline
5.3 Market Segmentation
6. Five Force analysis
7. Market Sizing
8. Market segmentation
9. Geographical Landscape
9.1 APAC
9.2 Europe
9.3 North America
9.4 ROW
10. Growth drivers
10.1 Increasing international trade volumes
10.2 Growing E-commerce sector
11. Key Market Trends
12. Impact of Covid-19
13. Challenges
14. Customer Insights analysis
15. Major Market Players
15.1 APL Logistics
15.2 J.B. Hunt Transport Services
15.3 Knight-Swift Transportation Holdings
15.4 FedEx
15.5 Old Dominion Freight Line
15.6 Ryder System
15.7 DB Schenker
15.8 Hellmann Worldwide Logistics
15.9 CJ Logistics
15.10 DSV
16. Recent Developments
17. Future Scope
18. Strategic Recommendations
Market Overview
The North America road freight transport market is expected to grow to $1,263.20 billion by 2025
Growth momentum is expected to accelerate during the forecast period with 1.13% CAGR.
With the emergence of e-commerce, start-ups related to on-demand and cloud based warehousing are gaining popularity in this region.
Manufacturing and automotive end-user industries are expected to grow at higher rate during the forecast period.
Key Trends
Rapid advancements in technology and rising role of e-tailing is likely to provide opportunities for the market growth.
The growing demand for online platforms for goods and services are also expected drive the demand.
Key Market Players
Some of the key players in the market are APL Logistics, FedEx, J.B. Hunt Transport Services, Knight-Swift Transportation Holdings, Old Dominion Freight Line, Ryder System.
As the market is exhibiting matured growth rate, the players are concentrating on factors such as technological advancements, become more digitized, and increase the scale and efficiency of their operations. This is mainly to retain their position in the competitive landscape.
Growth Drivers and Challenges
The growth in international trade volumes along with North America Free Trade Agreement (NAFTA) is a major driver for the contract logistics market.
Growing the E-commerce sector is also another factor that is driving the market demand.