Road Haulage Market Size, Share, Growth Analysis, By Application(retail, petroleum), By Vehicle type(light trucks, medium trucks), By Service(light haulage, container transport) - Industry Forecast 2024-2031

Global Road Haulage Market size was valued at USD 4295.64 billion in 2022 and is poised to grow from USD 4531.90 billion in 2023 to USD 6955.05 billion by 2031, growing at a CAGR of 5.50% during the forecast period (2024-2031).

Road haulage is the business of transporting goods by road from one location to another. It consists of two types of transportation: hoisting and cartage or drainage. Drayage or cartage is the horizontal transport of coal, ore, waste, and other goods, whereas hoisting is the vertical transport of the same goods using cranes.

Furthermore, road haulage services include container haulage, pallet haulage, refrigerated haulage, and others. The road haulage process is widely used in a variety of industries, including chemical, retail, petroleum, defence, and construction. A significant increase in global truck production is supplementing rising freight demand from industries like retail and manufacturing.

Trucks are the most adaptable, responsive, and cost-effective mode of freight transport preferred by distributors for the transportation of a wide range of goods, which is propelling market growth. Furthermore, technological advances such as vehicle-to-vehicle communication, integrated supply chains, remote diagnostics, and autonomous driving are transforming the logistics industry, fueling global demand for road haulage services.

The booming worldwide online retail sector has created a demand for prompt parcel deliveries. A new class of logistics operators has emerged as a result of the expansion of the e-commerce sector, which has brought about the need for new service requirements including quick deliveries.

US Road Haulage Market  is poised to grow at a sustainable CAGR for the next forecast year.