LONDON--(BUSINESS WIRE)--The road freight transportation market in North America is expected to grow by USD 59.20 billion as per Technavio. This marks a significant market slow down compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, steady growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of over 1%.
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The road freight transportation market in North America is driven by the need to increase operational efficiency. In addition, the increase in freight tonnage is anticipated to boost the growth of the road freight transportation market in North America.
The rise in vehicle and fuel prices has affected the profit margins of various businesses. This has created a need for improving operational efficiency, which has increased the use of intermodal transportation. It offers benefits such as improved efficiency, cost reduction, and low environmental impact. Intermodal transportation also has several advantages over other modes of transportation such as door-to-door delivery, faster delivery, and the ability to use different routes. Furthermore, intermodal transportation uses freight containers which reduce the direct handling of cargos and avoids freight damage. These factors are increasing the demand for intermodal transportation, which is fueling the growth of the road freight transportation market in North America.
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Major Five Road Freight Transportation Companies in North America :
APL Logistics Ltd.
APL Logistics Ltd. operates through a unified business segment. The company offers a wide range of road freight transportation services such as intermodal solutions with domestic and international trucking options.
FedEx Corp. operates its business through segments such as FedEx Express, FedEx Ground, FedEx Freight, and FedEx Services. The company offers a wide range of road freight transportation services such as FedEx Freight.
J.B. Hunt Transport Services Inc.
J.B. Hunt Transport Services Inc. operates its business through segments such as Intermodal (JBI), Dedicated Contract Services, Integrated Capacity Solutions, and Truckload (JBT). The company offers a wide range of road freight transportation services intermodal freight shipping solutions.
Knight-Swift Transportation Holdings Inc.
Knight-Swift Transportation Holdings Inc. operates its business through segments such as Trucking, Logistics, and Intermodal. The company offers a wide range of road freight transportation services through its subsidiary Swift transportation Co.
Old Dominion Freight Line Inc.
Old Dominion Freight Line Inc. operates its business through the Unified segment. The company offers a wide range of road freight transportation services LTL freight shipping services.
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Road Freight Transportation Market in North America Type Outlook (Revenue, USD Billion, 2020-2024)
- Full truckload
- Less-than truckload
Road Freight Transportation Market in North America Geography Outlook (Revenue, USD Billion, 2020-2024)
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