The data for production in the Freight Transport by Road sector in the UK shows fluctuations over the years. From 2013 to 2019, there was an overall upward trend with some volatility, reaching a peak in 2019. However, 2020 saw a significant decrease, likely due to the impact of the COVID-19 pandemic. This was followed by a recovery phase from 2021 onwards, with 2023 showing a moderate increase of 1.8% year-on-year, standing at 33.68 Billion Pounds Sterling. The CAGR for the last five years indicates an average annual growth of 6.53%.
Looking forward, the forecast suggests a steady growth trajectory from 2024 to 2028, with a 5-year forecasted CAGR of 1.41%, amounting to a 7.24% growth rate over this period. Key trends to watch include potential disruptions from changes in regulation, technological advancements, and shifts in economic conditions influencing road freight demand and fuel costs.
Trends to Watch:
- Regulatory impacts due to environmental policies.
- Technological advancements in logistics and vehicle automation.
- Economic conditions affecting demand for road freight services.
- Fuel price volatility influencing operational costs.