Electric Ship Market Size Worth $14.64 Billion By 2027

The global electric ship market size is expected to reach USD 14.64 billion by 2027, registering a CAGR of 11.2%from 2020 to 2027, according to a new report by Grand View Research, Inc. Growing sensitivity of various international maritime authorities towards a cleaner environment has supported the demand for a zero-emission marine electric vessel. Additionally, rising adoption of an electrically-propelled ship for inland cargo and passenger transportation is anticipated to boost the market growth over the forecast period.

The marine vessels with conventional internal combustion engine-based propulsion systems and propellers are directly connected to the engine with the shaft, which creates a high level of friction and vibration, thereby decreasing the overall efficiency of the vessel. Moreover, the vibrations created by this connection generate structural fatigue in the vessel structure and discomfort to the crew/passengers.

However, in electric ship propulsion, there is no physical connection of power source to the propeller, which reduces noise, vibration, and friction generated from this link. Moreover, increased focus of international maritime authorities to limit the noise and vibration in the vessel has compelled the shipbuilders to invest and adopt alternative technologies in accordance with the environmental regulations. Furthermore, high adoption of low vibration propulsion system in luxury passenger cruise and yachts is expected to significantly boost the market growth over the forecast period.

The conventional internal combustion engine encapsulates a lot of space as compared to an electric propulsion system owing to its physically connected machines from power source and propeller through a shaft. The shift from conventional engines to the electrical propulsion system can save a lot of space in the vessel, which further can be used to carry extra cargo and passengers to earn more profit in this competitive era. Moreover, the internal combustion engine of big marine vessels runs on bunker fuel owing to its low cost, although it generates a high volume of sulfur emission. However, increased focus of the shipbuilders on reducing sulfur emissions, along with higher effectiveness and efficiency, is expected to positively impact the market growth over the forecast period.

Moreover, increasing adoption of the electric-based defense technology in the naval defense, such as laser gun and rail guns, is expected to boost the electrically propelled vessel. Energy requirement of the technologies, such as laser gun and medium to large-caliber rail guns, is in millions of amps. These systems cannot be installed on the conventional ships owing to their huge power requirement and none of the vessels can generate or store such amount of energy. Besides, in an electric boat, the energy generated can be diverted to these new technology weapons, which has led to the adoption of these ship in the naval defense forces.

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Further key findings from the report suggest:

By power source, the hybrid segment is expected to exhibit the highest CAGR over the forecast period owing to presence of additional propulsion option, which reduces the risk during the long route voyages
Based on power output, the less than 75 kW segment is expected to witness the fastest growth throughout the forecast period owing to its adoption in maritime tourism, border patrol, and specialized purpose vessels
On the basis of autonomy level, fully autonomous ship is expected to be commercialized by the year 2020. Owing to this fact, the market is majorly driven by semi-autonomous technologies
Asia Pacific is anticipated to register the second highest CAGR over the forecast period owing to high manufacturing rate and industrialization, coupled with huge trade volume from this region across the globe.

Automotive Electronics Market Size Worth $493.69 Billion By 2027

The global automotive electronics market size is expected to reach USD 493.69 billion by 2027, expanding at a CAGR of 9.0% over the forecast period, according to a study conducted by Grand View Research, Inc. Increasing automotive production across emerging economies, coupled with the growing demand for luxury and hybrid vehicles is anticipated to drive the growth. Additionally, the availability of advanced safety systems with features such as automatic emergency braking, and blind-spot detection at a reduced cost is leading to an increase in the integration of these systems. This, in turn, is also expected to boost the adoption of Engine Control Units (ECUs) and sensors used in these systems, subsequently fueling the market growth.

Moreover, to bring down the number of road accidents, governments are also regulating the use of Advanced Driver-Assistance Systems (ADAS) in vehicles. For instance, the New Car Assessment Program mandates the use of advanced active and passive safety systems, such as automatic emergency braking and lane departure warning, in China, U.S., and Europe. The Indian government also allows the use of certain low-frequency bands that can help automotive manufacturers to use radar-based systems for installing ADAS features in vehicles. Stringent regulations have mandated the deployment of most of the electronic components during vehicle production stage itself, thus linking the automotive electronics demand with the growth in vehicle production. Hence, it resulted in an increase of over 2.5% in the Original Equipment Manufacturer (OEM) segment share between 2019 and 2027.

Furthermore, in European and North American regions, the demand for in-vehicle infotainment systems has gained prominence, thereby supporting the market demand. Infotainment solutions providers are actively participating in consolidating the features, such as in-vehicle infotainment and ADAS, in reducing the overall electronic component count, consequently reducing the vehicle weight. For instance, NVIDIA Corporation announced the launch of the DRIVE CX platform. This platform can be used for infotainment and ADAS solutions, in the autonomous vehicles. However, such consolidation requires high-speed data processing controllers such as 64-bit ECU’s and integration of other advanced hardware and software, which is expected to drive the overall market growth from over the forecast period.

Asia Pacific held a dominant market share in 2019, attributed to the significant investments in the automotive industry, mainly in emerging countries, such as Japan, India, and China. The Make in India campaign is anticipated to draw significant investments toward automotive sector, as India offers benefits such as cheaper raw materials and low-cost labors. Besides, Japan is one of the most technologically advanced nations and has witnessed some recovery in its vehicle production since 2015.

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Further key findings from the report suggest:

The current carrying devices segment is expected to hold a dominant market share over the forecast period, owing to the rising demand for convenience, safety features, and connectivity in passenger cars
The safety systems segment is estimated to dominate the market throughout the forecast period owing to increasing consumer awareness pertaining to safety equipment in vehicles
OEM segment dominated the automotive electronics market in 2019 owing to the increased durability and shelf life of electronic components that they offer as compared to the aftermarket components
Asia Pacific is estimated to register the highest CAGR of 9.4% from 2020 to 2027 owing to the increasing vehicle production in emerging countries such as India and China
The key industry competitors include Aptiv PLC, Continental AG, Denso Corporation, Intel Corporation, Robert Bosch GmbH, and ZF Friedrichshafen AG

Intelligent Transportation System Market Worth $37.64 Billion By 2027

The global intelligent transportation system market size is expected to reach USD 37.64 billion by 2027, exhibiting a CAGR of 5.8% over the forecast period, according to a study conducted by Grand View Research, Inc. Necessity to reduce traffic congestion and improve road safety and security, implementation of data analytics and cloud computing in traffic management systems, and cost-effectiveness of intelligent transportation systems is projected to fuel the market growth.

Rapidly changing consumer demand has subsequently posed new challenges for manufacturers and retailers. Consumers are particularly demanding for reliability and efficiency, same-day deliveries, and real-time shipment tracking facilities. Timely delivery owing to reduce in-transit time and tracking facility are some of the features that are particularly in demand. Provisioning these features would require a comprehensive transportation management system capable enough of bridging the gap between order management and warehouse fulfillment. As a result, ITS vendors are introducing the latest solutions that can effectively meet the challenges posed by the growth of the e-commerce industry and the changing consumer behavior.

In addition to being one of the leading causes of accidents, lack of road safety also results in high costs and adversely impacts the overall economic development. Numerous initiatives are being undertaken to install technologically advanced traffic management systems and overall awareness about the importance of road security and safety. This is expected to result in the demand for Vehicle-to-Vehicle (V2V) and Vehicle to Infrastructure (V2I) over the forecast period. Developed markets of Europe and North America have mandated the use of Electronic Stability control (ESC) systems, a driver assistance system, and in passenger as well as commercial vehicles. This is expected to favorably impact the overall demand for intelligent transportation system over the forecast period.

Moreover, in 2020, the ITS market will be hampered due to the COVID-19 crisis, which has impacted demand, interrupted production, and disrupted supply chain. Thus, various market players are experiencing flat or lower unit sales. However, with economic stimulus packages announced by many countries such as Japan, U.S., China, France, Italy, India, U.K., and Germany, is anticipated to create great opportunities for transportation infrastructure development.

North America ITS market dominated in 2019 and is projected to continue its dominance over the foreseen years. The U.S. alone holds more than 75% of the market share in North America. The U.S. government has developed a national architecture that offers guidance to private companies and urban areas likely to implement an intelligent transportation system of what functions and communication technologies are essential to be compatible with other systems. This architecture is specifically aimed at providing interoperability for ITS across U.S. Moreover, strong government support, R&D activities, and strategic public-private partnerships aimed at improving the transportation network across the region are some major factors fueling the growth of the market for intelligent transportation system.

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https://www.grandviewresearch.com/industry-analysis/intelligent-transportation-systems-industry

Further key findings from the report suggest:

The Advanced Traffic Management System segment is expected to dominate the ITS market owing to it helps in detecting dangerous weather conditions, roadway hazards, accidents, and creates a complete integrated view of overall traffic flow. The segment is expected to reach USD 12.16 billion by 2027
The traffic management market is expected to dominate the application segment and the trend is expected to continue over the forecast period. It is anticipated to reach USD 12.07 billion by 2027. Traffic management systems help enhance operational performance and reliability of road networks
North America is projected to account for the majority share of the market over the forecast period. Advancements in communication technologies are boosting the revolution of the transportation network in U.S. The region is anticipated to reach USD 14.33 billion by 2027

Intelligent Traffic Management System Market Worth $18.2 Billion By 2025

The global intelligent traffic management system market size is expected to reach USD 18.2 billion by 2025, according to a new report by Grand View Research, Inc., registering a CAGR of 12.0% over the forecast period. The ITMS market is expected to witness significant growth due to growing adoption of advanced traffic management system (ATMS) to enhance road safety.

Traffic monitoring system accounted for the largest revenue share owing to its rapid adoption in developed regions like North America and Europe. These solutions help in controlling signal lights, thereby ensuring smooth vehicle flow. Moreover, they help in reducing air pollution as well as road accidents by providing real time information. Moreover, supportive government initiatives in order to improve vehicle flow, increase transportation system efficiency, increase economic productivity, enhance mobility, and reduce negative environmental effects are likely to support the market growth.

Intelligent driver information system (IDIS) is expected to be the fastest growing solution over the forecast period. IDIS provides real time and avoids potential collision with the help of auto brake solutions. Moreover, these solutions detects the speed of a vehicle in the lane, and thus helps in avoiding collision.

North America dominated the smart traffic management system market in 2018 and is expected to maintain its lead throughout the forecast period. Demand for ATMS is increasing in the region as it reduces road congestion and enhances the driver and passenger safety. For instance, in June 2016, the Texas Transportation Commission announced the approval of a USD 1.3 billion plan to reduce vehicular congestion in the most congested roadways in Texas. According to the commission, on an average, a Texas driver wastes around 52 hours annually stuck on the road, which costs over USD 1,200 annually.

Asia Pacific is anticipated to witness substantial growth due to rapid urbanization and growing population. Rise in the disposable income of the population will fuel the demand for vehicles. This is expected to increase road congestion and boost the demand for ATMS, thereby fueling the ITMS market growth.

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https://www.grandviewresearch.com/industry-analysis/intelligent-traffic-management-system-market

Further key findings from the report suggest:

Integrated corridor management (ICM) solution is projected to expand at a CAGR of 12.7% during the forecast period. Increasing need to reduce road congestion and improve travel time is expected to boost the demand for ICM solutions
U.S., Germany, and China are the prominent countries using ITMS due to heavy consumption of automobiles in these countries
Many cities in India have implemented traffic management with video surveillance solutions due to growth of the IP camera market. This will help the controllers with real-time data about the road congestion scenario as well as help in ensuring that the drivers are following safety regulations
The intelligent traffic management system market is highly competitive in nature due to the presence of many key global players. Rapid technological advancement is compelling the market players to invest heavily in research and development of these solutions to ensure easy implementation.

Distributed Acoustic Sensing Market Size Worth $775.8 Million By 2025

The global distributed acoustic sensing market size is expected to reach USD 775.8 million by 2025, according to a new report by Grand View Research, Inc. It is anticipated to exhibit a CAGR of 11.5% from 2019 to 2025. The use of fiber optic sensors is progressively increasing in the oil and gas industry since they provide a data-rich perspective on micro-seismicity and fracturing process. Also, with the increasing importance of border surveillance, distributed acoustic sensing systems are being highly used in the security and surveillance industry since they provide high-reliability and low-cost surface crossing and tunnel construction detection. Due to the high potential of intrusion detection, the adoption of DAS systems is growing in several asset protection-related applications, such as railways, high-value facility perimeters, and oil and gas pipelines.

The economic benefits of distributed acoustic sensing are anticipated to create growth opportunities for the market in the forthcoming years. The key drivers include the prevention of construction damages and pipeline thefts. DAS systems can perform the early detection of leakages, corrosion, erosion, and malicious third-party intrusion, which offer economic benefits to the industry. Also, they provide real-time monitoring of assets and perimeters, which provides improved security. Therefore, distributed acoustic sensors are used in various end-user industries for long-distance tracking of the acoustic signals generated by external interferences.

The Asia Pacific distributed acoustic sensing market is expected to witness substantial growth over the forecast period, owing to the emerging trends, such as increasing penetration of seismology. According to the U.S. Energy Information Administration, the region accounted for approximately 10% of the world’s crude oil production in 2018. China alone contributed approximately 5% of global crude oil production in the same year. Due to the presence of substantial oil and gas industries, the region is expected to demonstrate significant growth in distributed acoustic sensing shortly.

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https://www.grandviewresearch.com/industry-analysis/distributed-acoustic-sensing-market

Further key findings from the report suggest:

The significant surge in the deployment of optical fiber sensors in oil and gas industries will create a massive potential for the distributed acoustic sensing market
Market players are focusing on providing optical fiber acoustic sensors for wellbores, which offers long-distance data transmission for subsea and downhole
Key market players are considering partnerships and acquisitions of startups providing innovative products to expand their outreach in the market
The key competitors in the market are OptaSense; Halliburton; Schlumberger Limited; Baker Hughes, a GE Company LLC; Future Fibre Technologies; Northrop Grumman Corporation; Fotech Solutions Ltd.; Omnisens; Silixa Ltd; and Ziebel; among others

U.S. Automotive Aftermarket Size Worth $86.2 Billion By 2025

The U.S. automotive aftermarket size is expected to reach USD 86.2 billion by 2025, registering a 1.8% CAGR from 2019 to 2025, according to a new study by Grand View Research, Inc. The market is expected to grow owing to the rising adoption of automotive technologies such as exhaust and safety technologies coupled with other aspects influencing vehicular performance. The market is estimated to remain innovation-led with the introduction of new chemicals and metals that provide cost-efficiency and weight reduction in automobiles. In addition, the increasing vehicle parc and vehicle age in the U.S. are expected to contribute to the growing demand for replacement parts, thus driving market growth in the country.

Rising disposable income in the U.S. is creating a positive growth outlook for the sales of passenger cars. The increasing demand for aftermarket parts is directly proportional to the growing sales of passenger cars. Moreover, factors such as developing infrastructure and increasing adoption of modern lifestyle across the country are contributing to the growth of automotive aftermarket. Technological proliferation and high investments in R&D by automakers are expected to further drive demand for automotive aftermarket components over the forecast period. Furthermore, increasing trade activities of goods and materials via road transportation are expected to fuel the demand for heavy commercial vehicles. This, in turn, is likely to result in the high demand for products such as tires, towing, wheels, and other miscellaneous accessories, thereby contributing to the market growth in future.

Efforts taken by vendors to make aftermarket products available in adequate quantities and improve the quality of recycled products have contributed to the high demand for alternative parts such as engines; door assemblies; transmissions; sheet metal products such as fenders, trunk lids, and hoods; bumpers; and lights assemblies. In addition, maintaining a high inventory level and wide distribution network allows higher fulfillment rates, which is also boosting the sales of alternative parts. However, the increasing adoption of hybrid and electric vehicles is hampering the growth opportunities for automotive aftermarket components, mainly exhaust components. As a result, the threat of substitutes for aftermarket parts is expected to remain high over the forecast period.

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https://www.grandviewresearch.com/industry-analysis/us-automotive-aftermarket

Further key findings from the report suggest:

The rise in sales of automobiles, increased purchasing power, and improved standard of living are expected to drive growth for the automotive aftermarket industry.
Increasing consumer awareness regarding environment protection and the use of environment-friendly products with minimum carbon footprint deliver positive growth prospects for the market
The tire segment is anticipated to dominate the market by 2025 on account of frequent changing of tires in comparison to their automotive component counterparts
The automotive aftermarket is shifting toward the automation of various functions and processes as automation increases accuracy, enhances efficiency, improves workplace safety, and reduces human errors
The trend of combining Industry 4.0 with information technology and operational technology has resulted in a landscape governed by supply chain digitalization, creating a sustainable impact on the automotive aftermarket industry

Super Abrasives Market Worth USD 10.4 Billion By 2025

The global super abrasive market size is anticipated to reach USD 10.4 billion by 2025, exhibiting a CAGR of 6.3% over the forecast period, according to a new report by Grand View Research, Inc. The market growth is majorly driven by the increasing use of diamond in grinding wheels for precision and machining tools.

The demand for precision and machining tools is driven by increasing production of motor vehicles and construction activities. In the construction industry, the product is used to manufacture drilling, sawing, and cutting tools to machine concrete, bricks, and stones. As per the Institution of Civil Engineers, the global volume of construction output is expected to grow by 85% by 2030 with the U.S., China, and India being the major contributors. This is likely to boost the utilization of super abrasives over the coming years.

The product is used as a grinding tool in the manufacturing of automotive components such as steering mechanism, injection systems, gear shaft, and cam/crankshaft to provide smooth finishing of components. Increasing production of motor and electric vehicles is anticipated to boost the demand for the product in the market over the coming years. The diamond segment is anticipated to register a CAGR of 5.7% over the forecast period owing to the growing demand for precision tooling from automotive and aerospace industries.

The market is characterized by a large number of local and global players. Major companies are acquiring local dealers/manufacturers and are entering into partnerships with major end users to continuously supply products. For instance, in February 2016, Saint-Gobain Abrasives entered into a partnership with Detroit Speed, an automotive component manufacturer, to promote its Norton brand. The move is projected to aid the former increase its consumer base. Asahi and Tyrolit, in November 2018, formed a business alliance in Europe and Asia to expand their product portfolio for electronics, bearings, and gearing industries. This move has allowed Asahi Diamond Group to enhance its portfolio in bearing & gearing industry.

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https://www.grandviewresearch.com/industry-analysis/super-abrasive-market

Further key findings from the report suggest:

Construction segment is expected to witness a CAGR of 5.8% owing to the increasing demand for cutting, drilling, and sawing tools
The North America market accounted for a revenue share of 11.9% in 2018 with the growing manufacturing sector, especially in the U.S.
The super abrasives market in Europe is expected to grow at a CAGR of 4.3%, in terms of revenue, over the forecast period owing to ongoing construction projects in Russia, Poland, and Western European countries
Major players are adopting strategies such as capacity expansions, mergers, and acquisitions to cater to growing demand.

Industrial Diamond Market Worth $2.19 Billion By 2025

The global industrial diamond market size is expected to reach USD 2.19 billion by 2025 registering a CAGR of 2.9%, according to a new report by Grand View Research, Inc. Advancement in smart mining technologies coupled with increasing production of synthetic diamonds are projected to drive the market. Industrial diamond has substantial applications in the automotive industry. It has been reported that around 1.5 carats of industrial diamond is used in the manufacturing of every automobile in U.S. Automotive components require precise and stable manufacturing processes. The operations, such as grooving, boring, grinding, turning, milling, and honing, can be performed with the help of industrial diamond tools. According to the International Organization of Motor Vehicle Manufacturers, global sales including passenger cars and commercial vehicles accounted for 93.6 million in 2017, an increase of 2.3% from the previous year.

The advancement in the production and management system is helping the growth of the automotive industry. Increasing competition along with digitization and globalization is changing the face of the industry. Key companies are developing innovative and advanced techniques to trace the diamonds. Recently, De Beers announced successful tracking of 100 high-quality diamonds through an emerging technology known as blockchain. Also, in April 2018, Helzberg Diamonds, Asahi Refining, and LeachGarner collaborated for a project to track and authenticate diamonds. Moreover, smart mining technology is expected to trigger new growth opportunities for the industry. Data analytics software along with the use of precise GPS systems and Internet of Things (IoT) can also help to boost the productivity of mining operators.

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https://www.grandviewresearch.com/industry-analysis/industrial-diamond-market

Further key findings from the study suggest:

Natural type segment is anticipated to reach USD 341.1 million by 2025 owing to increasing product demand from cutting, drilling, and polishing applications
In terms of revenue, electronics application is projected to be the fastest-growing segment at a CAGR of 3.5% from 2019 to 2025
Construction application led the global industrial diamond market in 2018 and will maintain its leading position throughout the forecast years due to increasing construction activities and infrastructure development in APAC and MEA
In terms of revenue, North America is projected to be the second fastest-growing regional market over the forecast period
Some of the key companies in the market are ALROSA; De Beers Group; Industrial Diamond Laboratories, Inc.; Scio Diamond Technology Corp.; and Morgan Advanced Materials

Commercial Helicopter Market Worth $6.9 Billion By 2025

The global commercial helicopter market size is expected to reach USD 6.92 billion by 2025, registering a CAGR of 3.8% over the forecast period, according to a new report by Grand View Research, Inc. Factors such as the growth in oil and gas exploration activities and rising demand for air ambulances in medical evacuation are expected to drive the market. Increasing popularity of rotorcraft for commercial applications in the countries from Middle East and Asia Pacific coupled with its success in western countries, is anticipated the further propel the growth.

Noticeable rise in the purchase of new helicopters for tourism, training, law enforcement, and firefighting applications, particularly as a result of the continued replacement of older fleets and the widening application base is expected to bode well for the market growth. In the transportation domain, the demand for luxurious and customized helicopters is increasing at a rapid pace. The popularity of personalized chartered helicopters is expected to increase in line with the growing preference for enhanced comfort and luxury among the high-end business travelers.

Rising demand for fuel-efficient rotorcraft, expiring warranties, and changes in operational requirements are some of the key factors anticipated to drive the demand for new helicopters over the forecast period. Commercial fleet operators purchase new helicopters based on various parameters, such as performance, range, cabin size, technology upgrades, and brand experience. Rapid infrastructural development and airline deregulation in emerging countries across the world is expected to offer immense opportunity for the sale of rotorcraft.

The North America commercial helicopter market is anticipated to experience substantial growth during the forecast period owing to the rising demand for rotorcraft in oil and gas and renewable energy industries. The market in Asia Pacific was valued at more than a billion dollar in 2018 and is projected to expand at a CAGR of approximately 6% over the forecast period. Countries, such as India and China, are expected to emerge as some of the fastest-growing markets due to the relaxation of airspace regulations and growth in the regional aviation sector.

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https://www.grandviewresearch.com/industry-analysis/commercial-helicopters-market

Further key findings from the report suggest:

Increasing demand for advanced rotorcraft for law enforcement, public safety, and other parapublic applications is expected to offer numerous opportunities for market growth
Rising adoption of stringent regulatory policies regarding emissions and noise pollution in developed economies, such as U.S., is encouraging manufacturers to develop low-noise and environmentally friendly rotorcraft
Key manufacturers are expected to reduce their delivery and production rates to support secondary markets; manufacturing aircrafts that are easier to re-configure for various applications
Middle East and Africa is emerging as a new frontier for the global market as the regional governments are increasingly seeking replacement of older fleet with advanced rotorcraft
The R&D activities are expected to create significant growth opportunities for the companies specializing in the development of advanced rotorcraft, such as optionally-piloted rotorcraft, tilt rotorcraft, and the ones with co-axial rotors

Road Haulage Market Worth $4,071.7 Billion By 2025

The global road haulage market size is expected to reach USD 4,071.7 billion by 2025, registering a CAGR of 5.5% from 2019 to 2025 according to a study conducted by Grand View Research, Inc. The increasing demand for preserved commodities, fresh food, and perishable goods, coupled with the flourishing e-commerce industry, has triggered the demand for road haulage services. These factors are anticipated to drive the market in the coming years.

The steady expansion of the automotive and transportation industries over the years has also spurred the demand for road haulage services in recent years. Rising population and shift in residential preferences are also key factors that are expected to fuel market growth. Numerous technological advancements such as vehicle-to-vehicle communication, integrated supply chain, remote diagnostics, and autonomous driving are optimizing road transportation and increasing cargo throughput.

Additionally, the availability of several online support services such as GPS tracking and google maps are expected to augment the adoption of road haulage services. The rising demand for food commodities, local deliveries, agricultural goods, and wholesale product deliveries are anticipated to provide significant growth opportunities for the players present in the market.

Professional road haulage services are cost-efficient, easy to track, involve low idle period, offer doorstep deliveries and highly safe cargoes, and are capable of using different routes. Such benefits are encouraging the adoption of these services in manufacturing, petroleum, and infrastructure arenas. Furthermore, steadily expanding global and cross-border trade are spurring market growth. Reduction in vehicle and fuel taxes in certain countries are further boosting the adoption of road transportation.

The market is highly fragmented and characterized by high competition with the presence of established local and regional players. Companies are focusing on offering the most cost-effective, flexible, and efficient services to customers. Companies are also focusing on partnerships and mergers, with medium-sized operators to strengthen their market presence. Key players operating in the market are focusing on enhancing their global logistics networks. Numerous companies are undergoing mergers and acquisitions with third-party logistics services to provide more value-added services to customers. For instance, in May 2018, Alibaba group invested USD 1.38 billion in ZTO express to strengthen its transportation and logistics network and ensure quick parcel deliveries in China.

However, the escalation of fuel prices and fuel levies in certain economies are hindering the market growth. Moreover, a massive shortage of Heavy Goods Vehicle (HGV) drivers is reducing productivity and causing delays in the transportation of goods. These factors are further expected to challenge the growth prospects of the market.

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https://www.grandviewresearch.com/industry-analysis/global-road-haulage-market

Further key findings from the study suggest:

In terms of the vehicle type, the light commercial vehicles segment is expected to grow prominently by 2025, registering a CAGR of more than 6% from 2019 to 2025. The significant increase in the adoption of light goods vehicle (LGVs) corresponds to the growing e-commerce industry, which requires quick deliveries of retail goods
The domestic road haulage segment is expected to grow at a CAGR exceeding 5% from 2019 to 2025. This prominent growth is due to the increased deliveries of food commodities and other retail goods
The food & beverage application segment is expected to register a promising CAGR owing to the rising transport of agricultural products such as bulk food commodities and field produce
The Asia Pacific regional market is expected to witness substantial growth prospects and a CAGR exceeding 6% during the forecast period. This can be attributed to the robust roadways infrastructure and connectivity in the region
Countries such as China and India witness high volumes of export and import of goods, which requires quick and cost-efficient freight transportation. In addition, legislative initiatives for road transport and flexible international transport policies in the Asia Pacific region are further contributing to market growth
Key players operating in the market include CONCOR, Kindersley Transport Ltd., Gosselin Group, Monarch Transport, AM Cargo, Manitoulin Group of Companies, SLH Transport Inc., Woodside Logistics Group, and UK Haulier.