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European road freight market forecast to contract in 2023

21 Dec '23
1 min read
Pic: Adobe Stock
Pic: Adobe Stock

Insights

  • European road freight market is expected to decline 0.4 per cent in 2023 due to decreasing real income and tight financial conditions, according to Ti.
  • However, a rebound is expected with a 1.7 per cent increase in 2024 and consistent annual growth through 2027.
  • The international segment is set to outpace domestic freight, driven by strong trade forecasts.
European road freight market is projected to contract 0.4 per cent in 2023, according to Transport Intelligence (Ti), a leading firm in market analysis. This decline is attributed to decreasing real income, tight financial conditions, and diminished external demand affecting the sector.

However, the outlook for 2024 appears more optimistic, with the European road freight market projected to expand by 1.7 per cent. This growth trend is expected to continue through to 2027, with an average annual increase of 1.7 per cent in the total European road freight market.

International road freight market is poised for more rapid growth than its domestic counterpart in the coming years. This prediction is backed by robust trade forecasts, suggesting a dynamic change in the industry's landscape, as per Ti.

ALCHEMPro News Desk (DP)
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