Road freight transport services have numerous benefits; they are ideal for short destinations and can operate with cost-effective packaging. This makes them favorable due to their overall economical and flexible nature. The introduction of new and innovative technologies has equipped road freight services to use a large set of market and vehicular data for more efficient travel. Adoption of new technology is proven to improve operations by ensuring remote maintenance, sophisticated safety of the driver as well as of the vehicle, and increased efficiency of the service.
Market intelligence of road freight services is expected to have a positive effect on the end-to-end logistics operations in the industry. Real-time movement of trucks along with their registration number is now being integrated into digital supply chain systems for maximum transparency to track the whereabouts of transported goods. New technologies such as that of real-time tracking system will help trucks to communicate their itineraries over digital platforms with the control room.
A General Overview Of The Market Intelligence On Freight Services
Road freight transportation is one of the most common modes of freight transportation in freight services. The road freight services include a variety of vehicles such as lorries, tanks, pick-up trucks, flatbed trucks, and refrigerated trucks. This mode of freight service is not only quick and cost-effective, but it is also the most favored service as it provides door-to-door transport system.
The growth of bilateral trade and the expanding industrialization is supplementing the revised trade policies between states and countries which are further adding to the growth of the freight industry globally. Freight transportation which happens through road is predicted to have lower investment costs as compared to other modes of freight such as rail, ship and air transport. This is boosting more number of start-up companies to have a share in the overall freight market. Additionally, growth in the import/export of goods and materials across the world is expected to augment the road freight industry.
The industry is anticipated to witness growth due to improved and more sturdy online platforms which are making road fright systems offer quicker, more flexible and frequent services to the end-users. Other than these factors, the rapid and significant evolutionary role of technology in the freight systems is helping road freight services participate in e-retailing across geographical boundaries. Global road freight market intelligence experts have segmented the road freight market based on the vehicle type, end-user customers and geographical regions. According to the end-users, the freight industry delivers services to the automobile industry, chemical industry, oil & gas, food & beverage industry, and others.
In spite of many driving forces that favor the growth and global influence of the road freight sector, challenges such as bad road condition, political turmoil between countries, traffic congestion and bad weather are few factors which can have a direct impact on lowering efficiency.
As per geographical markets, the freight industry can be segmented into APAC, Middle East & Africa, North America, and Latin America. The Asia Pacific region holds the most prominent share of global freight transport. Aggressive urbanization and industrialization in countries such as India, Myanmar, China, and Japan are leading to these countries extensively utilizing road freight services and drive innovations and research in the industry.