European road freight market to grow by 4.9% in 2022

Date Added: 28 July 2022

European road freight market to grow by 4.9% in 2022

As a major provider of daily overland trailer services between the UK and mainland Europe, we note that the consultancy firm, Transport Intelligence predicts that the European road freight market will continue to grow this year despite unpredictable factors creating uncertainty – including rising cost pressures and the war in Ukraine.

Ti Insight’s latest report: European Road Freight Transport 2022, states that the European road freight market grew 9.4% in real terms in 2021, despite a shortage of 380,000-425,000 truck driver positions.

Viki Keckarovska, Ti’s Senior Research Analyst, says: “A strong demand from the retail sector and a rebounding manufacturing sector fuelled the recovery of the European road freight market. However, the market continues to be plagued by several supply and demand-side shocks, which will drag on overall growth, including rising cost pressures, supply and capacity disruptions, regulatory changes, acute driver shortage and the war in Ukraine.”

The report predicts that the market will expand by 4.9% in 2022 and is expected to be 6.3% larger in 2022 than it was in 2019. In addition, recovery through to 2026 will remain positive,with data showing that the total European road freight market will see a real CAGR of 3.0% from 2021 to 2026.

For more information about Davies Turner’s European roadfreight forwarding and logistics services, please contact road@daviesturner.co.uk or visit https://www.daviesturner.com/road-freight

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