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Philippines Road Freight Market is expected to cross Php 200 Bn by 2024: Ken ResearchGURUGRAM, India, Oct. 11, 2021 /PRNewswire/ -- Key Findings
 Covid Impact on Trucking Industry in Philippines: The Imports will fall from major trading countries such as China and Hong Kong affecting the road freight volumes transported from port of manila to other parts of Philippines. The average freight rates will be the same and not fall due to the excise taxes in Philippines. The trucking will see negative growth rate in the year 2020 due to complete lockdown and transportation of only essential commodities, but is expected to revive back in 2021. Better Inter Island Connectivity by Road: The government has added many smaller projects as a part of 'Build Build Build' Program keeping on hold the bigger projects such as linking brides for Luzon, Cebu & Visayas. More than 20 Projects out of 100 under the new list are public-private partnership (PPP) deals for Intra Island Connectivity funded by Big Companies such as San Miguel Corporation. Main exports include electronic and electrical equipment, electrical machines and apparatus, automatic data processing machine, diodes, transistors, electrical transformers, business services computer and travel. Adoption of New Technology: Companies have started adoption of new technologies such as Transport management Software, GPS for real time tracking assuring transparency to their clients. Electronic vehicles which are already supported by the government for passenger movement can become a new normal for freight transportation also. Digital Freight brokerage platforms such as Transportify , Ezyhaul, Blackarrow and many more are used by many companies for short and long hauls solving the problem of empty returns and maintaining their margins. These will become extremely popular in the next 3-5 years. Analysts at Ken Research in their latest publication "Philippines Road Freight Market Outlook to 2024 – Driven by Government Spending on Road Infrastructure and Technological Advancements" believe that the Road Freight Market in Philippines is expected to grow due to entrance of private companies in the infrastructure development, Trade Agreements with countries such as China, Europe and more, growing Manufacturing industries and changes in freight laws as per the Road transport Authorities. Key Segments Covered:- Freight Forwarding Market
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For more information on the research report, refer to below link:- Related Reports:- The Chinese Logistics Market was observed to be in growth stage during the period of 2015-2020 owing to the expanding manufacturing & retail sector, increasing disposable income, growing number of investments and increasing value of exports and imports in the country. The China Logistics Industry has grown at a CAGR of 5.4% on the basis of revenue. The market is booming owing to increasing infrastructure investment, rising digital innovations and growing logistic demand in China. The freight forwarding sector is the leading segment towards the revenues of the logistics industry, followed by courier & parcel activities and warehousing. Value Added services also contribute a significant proportion to the overall logistics market in China. The industry is home to an extremely strong Freight Forwarding segment, driven by the UAE's position as a key facilitator for global re-exports. Moreover, given its high dependence on Imports for Consumer Products and Technology, the UAE has strong trade relations with far-Eastern countries, European countries and the US. Given its oil-producing capabilities, the country relies heavily on Sea Freight as a mode of cargo transport, with the service being almost a common feature amongst freight forwarding companies in the country. The UAE also has a strong warehousing market segment, driven by players that lease warehousing space for long durations of time. Warehousing operations near to the Jebel Ali Port and Dubai Airport are considered most favourable to reduce the transportation cost from port to mother-hub. The Courier, Express and Parcel market is driven by growth in Last-Mile deliveries and the E-Commerce segment in the country. The Australian Logistics Market was observed to be in a growth stage during the period of 2015-2020 owing to the expanding manufacturing & retail sector, increasing disposable income, a growing number of foreign companies, and increasing value of exports and imports in the country. The Australia Logistics Industry has grown at a CAGR of 4.6% on the basis of revenue. The market is booming owing to increasing infrastructure investment, e-commerce, and cold chain facilities in Australia. The freight forwarding sector is the leading segment towards the revenues of the logistics industry, followed by warehousing and courier & parcel activities. Value-Added services also contribute a significant proportion to the overall logistics market in Australia. Vietnam Logistics market has grown at a very high growth rate over the review period 2015-2019 and was further supported by increase in shift in manufacturing industries towards Vietnam, advancement of technology in the market, introduction of new players in the market. The entry of FDI in the market also contributed towards these high growth numbers. The logistics market is segmented on the basis of volume of freight in Vietnam. The market is segmented into Volume of Freight Traffic and Volume of Freight Carried. The freight forwarding market in Europe is observed to be at the growth stage, with the competition being fragmented owing to the presence of numerous players. All the major global freight forwarders operate in Europe, with DHL, DB Schenker, Kuehne + Nagel, and DSV being based in Europe. The major players strive to grow in the market through the adoption of new and advanced technology with technology being one of the key differentiators in the market. The freight forwarding industry in Europe is showing due to boom in emerging markets like Romania, Greece, and Poland, as well as increasing adoption of technology like IoT, data analytics, and blockchain. Contact Us:- Logo: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg 
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