The global road freight transportation market is anticipated to grow at a 7.4% CAGR during the forecast period 2021-2027. The road freight transportation industry is significantly growing owing to robust urbanization and increasing population along with the expansion of the e-commerce industry worldwide. Furthermore, rapid industrialization, mounting bilateral trade, increased adoption of Industry 4.0 coupled with revised trade policies will proliferate the growth of the market. Freight road transportation requires less capital investment, thus providing entry to the new companies and expanding their presence in the market. Road freight transportation offers several advantages like being suitable for short destinations, economical, cost-effective packaging, and flexible. Thus, these factors will drive the growth of the road freight transportation market.

Based on product type, the road freight transportation market is segmented into less-than-truckload and full truckload. The full truckload holds a significant share in the market as long-distance are covered by these trucks for import and exports globally. Their ability to carry heavy goods and materials in large quantities makes them apt for short and long-distance transportation.

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Asia-pacific is anticipated to grow at a faster pace owing to the rapid development of e-commerce and the increasing population in the region. Furthermore, the expansion of transport routes, upcoming infrastructure projects, the boom in manufacturing and construction activities, and rising volumes of raw materials and goods will drive the growth of road freight transportation in the region.

In August 2021, with the acquisition of Chicago-based freight broker MoLo Solutions, ArcBest made a huge step toward achieving a long-term ambition. The agreement advances a fundamental goal for the logistics and less-than-truckload provider located in Fort Smith, Arkansas: to grow its asset-light operations to the same level as its asset-based transportation segment.

The prominent players in the road freight transportation industry include FedEx Freight, Kerry Logistics Network Limited, YRC Worldwide, UPS, Schneider National, CEVA Logistics , Cargo Carriers Limited, ArcBest, J.B. Hunt Transport Services, Estes Express Lines, DSV, DHL Global Forwarding, Swift Transportation, CJ Logistics Corporation, TNT Express, DB SCHENKER, Nippon Express, , Overland Total Logistics Services (M) Sdn Bhd., GEODIS, and GEFCO.

Source: VynZ Research