2018’s report on road freight in Europe has delivered a round up of how the market is changing based on costs, EU policy, shippers’ requirements and Brexit.
According to the report, Europe’s road freight market has seen two years of strong growth. In 2017, growth was 4.5%, and nominal growth is expected to increase to 5.4% in 2018. The industry will clearly want this growth to continue into 2019, but there are challenges ahead. With the integration of more technology, the rising cost of fuel, the ongoing driver shortage and Brexit looming, next year could be crunch time for road freight.
If growth is to continue, companies are going to have to do more that be aware of and react to market changes. They will need to transform internally, whilst delivering against shippers’ demands for price transparency and supply chain visibility.
The European road freight market is in a period of transformation, with digitisation looking set to revolutionise the industry. Big names in the industry and tech start-ups are looking to constantly innovative to stay ahead, but this could result in a widening gap between those companies embracing new technology and the rest of the industry.
The report suggests that logistics companies of all sizes need to make the most of technology and other chances to innovate.