Road Freight Transportation Market Report for Europe by Technavio Identifies Growth of E-commerce Industry as a Major Driver
NEW YORK, March 16, 2021 -- The road freight transportation market report by Technavio forecasts USD 31.47 billion growth in Europe during 2020-2024. Amid pandemic, the road freight transportation market in Europe registered a YOY growth of (3.98)% in 2020 and is expected to accelerate at a CAGR of almost 2% during the forecast period.
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The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and the market behavior across segments such as product (food and beverages, metals and mining, dangerous goods, agriculture, and others) and geography (Germany, France, Spain, UK, and rest of Europe). This report helps businesses create strategies to make the most of future growth opportunities.
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"The growth in the e-commerce industry will be crucial in driving the growth of the road freight transportation market in Europe. Also, the increasing cross-border trade will present significant opportunities for vendors during the forecast period," says an analyst at Technavio.
The rapid penetration of the internet and smartphones has significantly contributed to the growth of the e-commerce industry in Europe. In addition, the expansion of the middle-class population and the rising number of online customers in the region has directly impacted the logistics and transportation market. The high growth potential in the region has attracted vendors to offer a wide range of road freight transportation services to e-commerce enterprises. All these factors are positively influencing the growth of the road freight transportation market in Europe.
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Road Freight Transportation Market in Europe: Segmentation Analysis
Segmentation by Product:
- Based on product, the food and beverage segment led the market in 2019.
- The food and beverage segment is expected to generate maximum revenue to the market due to the increase in income levels, changing consumer preferences, improvement in standards of living, and an increase in the adoption of organic and packaged food and drinks.
- Also, the rising demand for eco-friendly, chemical and pesticide-free, and healthier food products is expected to contribute to the growth of the food and beverage segment.
- The market growth in the food and beverage segment will be significant during the forecast period.
Segmentation by Geography:
- Germany will offer several opportunities for market vendors during the forecast period.
- Factors such as the growth of the manufacturing sector and the increasing demand for packaged foods will drive the growth of the road freight transportation market in Germany.
- Market growth in Germany will be slower than the growth of the market in France and the UK.
Road Freight Transportation Market in Europe: Major Vendors
The road freight transportation market is fragmented due to the presence of several vendors. The report offers detailed information on the competencies, capacities, and products offered by major vendors including DACHSER SE, Deutsche Post DHL Group, DSV Panalpina A/S, FedEx Corp., GEODIS, Hellmann Worldwide Logistics SE & Co. KG, Kuehne + Nagel International AG, Rhenus SE & Co. KG, Schenker AG, and XPO Logistics, Inc.
More Details: www.technavio.com/report/ports-and-terminal-operations-market-industry-analysis
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