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The global electric light commercial vehicle market is expected to grow significantly in the upcoming years. This growth is driven by the expansion of the automotive sector and the increasing demand from the e-commerce industry. However, there might be challenges due to strict emission standards, though the market is likely to benefit from government initiatives promoting electric mobility.
The automotive industry has experienced notable advancements in technology, leading to the introduction of vehicles with more fuel-efficient technologies. Automakers like Tata and Ashok Leyland have been actively developing and launching advanced commercial vehicles globally, contributing to the growth of the light commercial market. For example, in February 2023, Ashok Leyland unveiled the Dost Lite Electric vehicle, featuring a payload capacity of 1.25 tonnes and a range of up to 120 km on a single charge. Similarly, in August 2022, Nissan introduced the Townstar van with both fully electric and petrol engine options, emphasizing zero emissions, improved safety, and enhanced performance. These developments in the automotive sector are driving the growth of the electric light commercial market.
Additionally, the rise of electric light commercial vehicles is attributed to advancements in fuel consumption technology and the continuous efforts of automakers to meet market demands. This is evident in the introduction of innovative vehicles like the Ashok Leyland Dost Lite Electric and Nissan Townstar, which cater to various market needs.
The Dost Lite Electric, introduced by Ashok Leyland in February 2023, boasts a payload capacity of 1.25 tonnes and a range of up to 120 km on a single charge. Equipped with a 25 kW hour battery pack and a permanent magnet synchronous motor, it represents a significant step in electric commercial vehicles. Similarly, Nissan's Townstar, launched in August 2022, offers both electric and petrol engine options. This versatile vehicle not only addresses the small van category but also prioritizes zero emissions, improved safety features, and enhanced overall performance.
As automakers continue to innovate and introduce electric light commercial vehicles, the market is expected to witness substantial growth. The shift towards sustainable and eco-friendly transportation solutions, driven by government initiatives, is further propelling the adoption of electric mobility in this sector.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Opportunities | Rise of Autonomous Vehicles. |
| Market Dynamics | Global economic interdependence has produced supply chains that are more intricate and sophisticated. |
Road Haulage Market Highlights:
Road Haulage Market Overview:
The Road haulage market industry is projected to grow from USD 3340.9 Billion in 2023 to USD 5284.8 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.90% during the forecast period (2023 - 2032). Road Haulage Market Size was valued at USD 3154.8 Billion in 2022. Economic expansion and increased global trade lead to higher demand for goods, consumer demand and e-commerce is the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Road Haulage Market Trends
Economic expansion and increased global trade lead to higher demand for goods is driving the market growth
The demand for goods rises as a result of economic growth and increased international trade, which has a significant impact on the road haulage business. Consumption of products and services increases as economies develop and prosper, setting off a chain reaction that increases demand for effective transportation options. In order to bridge the geographic gaps between production hubs and consumer markets, a robust and flexible freight transportation infrastructure is required due to the increase in demand for commodities, whether they be raw materials, intermediate products, or final items.
The core idea of increased consumer purchasing power is what drives economic growth. People and households are better able to afford a larger variety of goods when their income levels and general economic well-being rise. This phenomena is cross-border and is a factor in the dramatic increase in world trade. Companies eager to take advantage of these new market prospects frequently need to send goods over great distances, which frequently requires international shipping and customs clearing procedures. Road haulage fills in the gaps in the intricate global supply chain at this point, serving as a key component.
The rise of the road haulage business is fueled by global trade, a cornerstone of economic strength. Raw resources are sourced from one part of the world, converted into goods in another, and then shipped to even other places in an increasingly connected world. This complex network emphasizes how essential road haulage services are to guaranteeing the efficient movement of commodities from manufacturer to distributor and ultimately to the final consumer. The need for road haulage services increases as countries that specialize in a particular industry or product rely more heavily on imports and exports in an effort to take advantage of their comparative advantages.
It's crucial to understand that the demand for road haulage services is not restricted to just finish consumer items. Before arriving at their final location, intermediate items, parts, and components needed for assembly frequently travel great distances. A good example is the automotive sector, where manufacturers depend on a sophisticated network of suppliers to deliver components to assembly lines. It is essential for these components to be transported promptly and without a hitch if manufacturing schedules are to remain unbroken and customer demands are to be met. Thus, driving the Road haulage market revenue.
Road Haulage Market Segment Insights:
Road haulage Type Insights
The global Road haulage market segmentation, based on type, includes international road haulage and domestic road haulage. The domestic road haulage segment dominated the market in 2022. Due to the lesser distances involved and their experience with local road networks, domestic road haulage businesses are able to offer delivery services that are more prompt and effective than those provided by international road haulage companies. This is crucial for firms that must deliver goods swiftly and consistently, including e-commerce stores and food delivery services.
Figure 1: Road Haulage Market by type, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Road haulage Vehicle Type Insights
The global Road haulage market segmentation, based on vehicle type, includes light commercial vehicles and heavy commercial vehicles. The heavy commercial vehicles segment dominated the market in 2022. Transporting a range of things over vast distances, such as food, beverages, raw materials, and completed goods, sometimes requires the employment of heavy commercial vehicles. The need for big commercial trucks for road transport is rising in response to this demand.
Road haulage End User Insights
The global Road haulage market segmentation, based on end user, includes mining & construction, oil & gas, food & beverages, retail, manufacturing, healthcare, automotive and others. The manufacturing category generated the most income in 2022. The amount of goods traded worldwide is growing as a result of the interconnectedness of the world economy. Road haulage services are becoming more popular as a result to move items between production facilities and distribution sites.
Road haulage Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Road Haulage Market dominated this market in 2022 (45.80%). Numerous manufacturing hubs, including those for the automobile, electronics, and aerospace industries, are located in the United States and Mexico. Transporting raw materials, components, and completed goods to assembly facilities and distribution locations requires effective road haulage services. Further, the U.S. Road haulage market held the largest market share, and the Canada Road haulage market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Global Road Haulage Market Share By Region 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Road haulage market accounts for the second-largest market share. The European Union (EU) and the European Economic Area (EEA) are two examples of the numerous trade blocs and agreements that exist in Europe. These agreements make it easier for goods to traverse international boundaries, which encourages cross-border trucking and increases the demand for efficient logistics and transportation services. Further, the German Road haulage market held the largest market share, and the UK Road haulage market was the fastest growing market in the European region.
The Asia-Pacific Road Haulage Market is expected to grow at the fastest CAGR from 2023 to 2032. Asia-Pacific nations have developed into global manufacturing powerhouses, producing everything from textiles to electronics. Effective road haulage solutions are required to transfer raw materials, intermediate goods, and finished goods throughout complex production networks. Moreover, China’s Road haulage market held the largest market share, and the Indian Road haulage market was the fastest growing market in the Asia-Pacific region.
Road haulage Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Road haulage market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Road haulage industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Road haulage industry to benefit clients and increase the market sector. In recent years, the Road haulage industry has offered some of the most significant advantages to medicine. Major players in the Road haulage market, including Manitoulin Transport Inc., Woodside Logistics Group, SLH Transport Inc., Gosselin Group, LKW WALTER International Transport organization AG, AM Cargo, Kindersley Transport Ltd., UK Haulier., Monarch Transport, CONCOR and others, are attempting to increase market demand by investing in research and development operations.
MONARCH TRANSPORT LIMITED is a private limited business (Ltd.) with 17 workers and is located in the United Kingdom at 169 West George Street, C/O Consilium Chartered Accountants. The company began operations on March 22, 1990. The company primarily provides road freight transport services with an emphasis on the construction industry, and its registration number is SC123890. Monarch Transport provides specialized road hauling services to many well-known construction companies in the UK.
Container Corporation of India Ltd. (CONCOR) is a holding corporation. It handles the transit and processing of containers and operates logistics infrastructure such dry ports and container freight stations. Among the domestic and international services offered by CONCOR are LCL hub services, air cargo movement, bonded warehousing, factory stuffing and de-stuffing, container repair, refrigerated warehousing, and supply chain management services. For containerization and internal and international trade in India, it has built multimodal logistics support. In addition to domestic terminals, integrated container terminals, pure EXIM Terminals, and others with strategic alliances, the company operates a variety of terminals. The CONCOR corporate office is located in New Delhi, Delhi, India.
Key Companies in the Road haulage market include
- Manitoulin Transport Inc.
- Woodside Logistics Group
- SLH Transport Inc.
- Gosselin Group
- LKW WALTER International Transport organization AG
- AM Cargo
- Kindersley Transport Ltd.
- UK Haulier.
- Monarch Transport
- CONCOR
Road haulage Industry Developments
April 2023: CONCOR placed an order for 100 liquefied natural gas (LNG) trucks at Blue Energy Commercial Vehicles Pvt Ltd, Pune, and Maharashtra, India.
June 2023: Allcargo Logistics Limited acquired additional 30% stake in Gati-Kintetsu Express from KWE-Kintetsu World Express and KWE Kintetsu Express (India).
Road Haulage Market Segmentation:
Road haulage Type Outlook
- International Road Haulage
- Domestic Road Haulage
Road haulage Vehicle Type Outlook
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Road haulage End User Outlook
- Mining & Construction
- Oil & Gas
- Food & Beverages
- Retail
- Manufacturing
- Healthcare
- Automotive
- Others
Road haulage Regional Outlook
North America
- U.S.
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
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