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February 28, 2024 - By:

Economic situation

The economic situation overshadows the European transport industry.

The European road vehicle market in 2023 is slightly lower than the previous year. This year will be better.

In 2023, the European road transport market shrank only slightly compared to the previous year. This year should be a little better. However, growth in the coming years is out of the question.

In 2023, the value of European road freight fell by 0.4 percent in constant prices (and by 4.1 percent in nominal prices) to €448.65 billion compared to the previous year.

Among European transports, domestic transport makes up the largest part of the market. Its value reached 310.1 billion euros, which means a drop of 0.3 percent in real terms and 4 percent in nominal terms.

2024 will be a little better

However, in the current year, a slight revival of the market is expected. According to Transport Intelligence, the European road transport market will grow in real terms by 1.7 percent to €456.1 billion.

Domestic traffic in European countries is expected to grow slightly – by 1.1 percent to 313.5 billion euros. International transportation, on the contrary, should develop more dynamically. It is expected to grow by 2.9 percent to 142.6 billion euros.

The improvement of transport will be a consequence of the recovery of the European economy.

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