European Road Freight Transport Market is anticipated to register a CAGR of 3.57% during 2023 – 2028 - Market Size, Share, Forecasts, and Trends Analysis Report by Mordor Intelligence.
Hyderabad, March 31, 2023 (GLOBE NEWSWIRE) -- According to a new market research report titled "European Road Freight Transport Market (2023 – 2028)," the market is expected to register a CAGR of 3.57%. Long haul has dominated Europe's road freight trucking industry due to the region's close borders, which include Spain, France, Germany, and other EU countries that promote trade between them. The manufacturing sector is the largest end-user segment, as the sector is a strong asset of the European economy, accounting for over 2 million enterprises.
What are the major trends driving the European Road Freight Transport Market?
The manufacturing segment was the largest contributing end-user segment of the German economy in 2021, with a share of around 20%, the highest among all the segments.
The COVID-19 pandemic had a significant impact on the transport and storage sector, reducing its contribution to the economy.
However, the segment recovered slowly in 2021, registering a 14.27% YoY growth in GDP contribution.
The land transport and transport via pipelines segment contributed 40% to the total transport and storage segment.
The wholesale and retail trade segments were the largest contributor to the French road freight transport market, with a share of 33.45%.
The manufacturing segment was also a major contributor to France's GDP, with a share of 33.5% and a volume of USD 983.39 billion in 2021.
The gross value added (GVA) of the UK manufacturing industry amounted to approximately GBP 194 billion in 2021.
In 2021, the country's manufacturing industry had approximately 270,000 business enterprises, 5,353 of which were large enterprises employing 500 or more people.
Germany is the largest trading country in the European Union:
In terms of trade volume, Germany leads the market in the European Union. Germany's road freight transport volume reached 304.6 billion ton-kilometers in 2020. In this time period, the highest transport volume was achieved in 2007. Over 351,000 commercial vehicles were sold or registered in Germany by 2021. Sales fell by nearly 15% between 2019 and 2020 and only increased by 1% year on year in 2021.
Germany is followed by France in trade volumes in the European region. The amount of freight transported by inland modes of transportation has been growing since 2015. The primary means of transporting merchandise in France is the road, recording 168 billion ton-kilometers in 2018. Goods moved via roads are expected to generate a revenue of USD 48.4 billion in 2022.
France is followed by the United Kingdom in the European region in terms of trade volumes. Despite the setbacks, the transport industry, including rail, road, air, and waterways, is a sizeable sector in the country, with a total turnover of over GBP 202.8 billion.
Who are the key players in the European Road Freight Transport Market?
The European Road Freight Transport Market is fragmented, with the top five companies occupying 7.27% of the market share. The major players in this market are:
Deutsche Post DHL Group
Kuehne + Nagel
Scan Global Logistics
XPO Logistics Inc.
Recent developments in the European Road Freight Transport Market:
In April 2022, DSV opened a 95,000 m2 DGNB-certified warehousing facility near Copenhagen.
In April 2022, Mainfreight opened a new automatic truck wash in ‘s-Heerenberg. It is the first fully automatic truck wash in Europe, and it is used to keep the fleet clean.
In March 2022, DHL Freight was seen expanding its transport network in southwestern Baden-Wurttemberg with a new site in Villingen-Schwenningen.
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the report at www.mordorintelligence.com/industry-reports/europe-road-freight-transport-market
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