Road Transport Industry Market Research Reports, Analysis & Trends
Road transport industry consists of companies that manufacture vehicles that are used for longer distances carrying heavy materials in weight, huge in size, and for transporting goods and people on a state or national levels. Vehicles such as buses, trucks, trailers are used in this mode of transportation. Companies that manufacture large vehicle such as these are always in demand. For the benefit of transportation and travel, these vehicles are the best mode of transportation used for they consume less time, can take and transport heavy load and make domestic businesses flourish with the help of transportations. Road transport industry is in great market shape and will continue to do so as the demand for goods and materials is increasing day-by-day. Also referred to as logistics sector, the reach of this industry has very few limitations.
Road transportation industry is majorly involved into goods and passenger transportation. There is an incredible growth in revenue and it has opened up market for new entrants to venture into logistics business. With the increase in population and immigration, import and export of products has given a solid scope for industries to grow at a good pace. Logistics sector has contributed substantially to the countries’ economy and will continue for long time as the increase in prices for raw materials, products, and accessories keep increasing. Major road transportation happens in developed countries and the companies into logistics experience a great deal of revenue; whereas small regions’ goods and passenger transportation happens on a smaller scale.
Current Development in Road Transport Industry
Road transport industry plays a huge role in contributions to the economy. As the requirements for transportation of goods and passengers keeps increasing, the demand for supply of vehicles also increases simultaneously. The dependence on road transportation’s easy accessibility, flexibility of operations and service that is delivered to the door step is increasing its demand majorly, for example- in India, road transport’s segment is dominated as compared to rail transport, in which road transport’s share of 4.5% in GDP has surpassed rail transport’s which is at1%.
The demand for road transport is increasing rapidly due to the growth in commodity- producing sectors such as agriculture and manufacturing. In the time of technological improvements taking place every day, transportation segment is investing a lot in high-technology vehicles and devices that offer more efficient performances. Road transport industry is accelerating towards the technological advancements in vehicles that utilize and install features to be more energy efficient, reliable and durable. Environment concerns being one of the factors that lead to efficient operations, rising prices of fuels, labour costs, inflation are all factors that affect the road transport industry.
With passenger transport achieving incredible growth, public transport sector is one of the areas where road transport industry is majorly and rapidly increasing its investment. Globalization is allowing the manufacturers of public transport vehicles to increase the supply and innovate more with changing times. Technology is helping road transport industry to scale on top of each year’s revenue ladder. Traffic congestions, taxes, maintenance and service costs increasing, road transport industry is concentrating on finding solutions to all transportation problems and issues related to it. Nature friendly, high-tech, safer and stronger vehicles manufacture is the main focus of companies in road transport industry.
Major Players In Road Transport Industry
Major companies in manufacturing of vehicles in road transport industry are, FedEx, Pantos Logistics, Ashok Leyland, Volvo, Logwin, DSV, and DHl.