EU transport industry has shrunk, yet there are promising forecasts

In 2023, the cost of European road freight transport decreased by 0.4% in constant terms (and by 4.1% in nominal terms) reaching 448.65 billion Euro year-on-year.

In the European shipping industry, domestic transport accounts for the largest share of the market. Its cost reached 310.1 billion Euro, which means a decline of 0.3% in constant terms and 4% in nominal terms.

The cross-border traffic declined more significantly, namely by 0.6% in constant terms and 4.4% in nominal terms reaching 138.5 billion Euro.

According to the Transport Intelligence forecast, the European road transport market will grow in constant terms by 1.7% reaching 456.1 billion Euro in 2024. It is expected that the domestic traffic in European countries will increase insignificantly, namely by 1.1% reaching 313.5 billion Euro. International transport is expected to develop more rapidly. The expected growth here is by 2.9% reaching 142.6 billion Euro.

Over the next years, through 2027, the freight transport market growth is likely to be more dynamic, but a boom is hardly possible. The Transport Intelligence analysts expect a compound annual growth rate of 1.7% between 2023 and 2027. The European transport market is expected to reach the cost of 490.85 billion Euro by the end of the five-year period.