Decreasing real income, tight financial conditions, and soft external demand will weigh heavily on the European Road Freight market in 2023.
Ti’s latest market forecast data reveals the market will expand by only 1.4% in 2023. By 2027, the market is projected to grow 2.1%, reaching a value of€499,543m.
Download Ti’s latest whitepaper for a breakdown of our brand new 2022, 2023 – 2027 market growth and forecast data. The paper also provides analysis of market conditions and a breakdown of 2022 growth by country.
KEY FINDINGS:
In 2022, growth in the European Road Freight Market slowed to just 3.5% in real terms due to a relatively weaker economic performance compared to the pandemic ‘bounce’ the year before.
The war in Ukraine has provided a strong headwind to growth
The economy has ‘normalized’ meaning that e-retail sales are no longer driving high levels of growth
The automotive sector has overcome its supply chain problems caused by shortages of semiconductors and is providing the sector with momentum
However, in 2023 decreasing real income, tightening economic conditions and soft external demand will mean that the market will only grow by 1.4%
Growth over the next five years is forecast to be stronger helped by a robust international road freight market, although outlook is still clouded by the war in Ukraine.
The industry growth will continue to be constrained by cost increases and driver shortages.
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