European Road Freight Transport 2024

TABLE OF CONTENTS 2 TABLE OF FIGURES 7 1.

ROAD TRANSPORT - STATE OF LOGISTICS SURVEY 2024 11 1.1 Sample demographics 11 1.2 Margins 13

1.3 Market structure and FTL & LTL split 16 1.4 Sustainability 21 1.5 Tolls 24

1.6 Operating costs and strategies to mitigate rising operating costs 25 1.7 Verticals 27 1.8 Investment focus areas 28

1.9 Challenges 30 1.10 Technology 32 1.11 Digital Freight Platforms 34

2. TOP 10 ROAD FREIGHT START-UPS TO WATCH IN 2024 36 2.1 MANSIO- Truck Transport Solution 36

2.2 CO2OPT - Tire Management 37 2.3 Kodiak Robotics, Inc. - Autonomous trucks: kodiakDriver solution 38 2.4 Viaopt - Digital freight network for private fleets 40

2.5 Nuvocargo Inc. - Digital Freight Forwarder 41 2.6 ISEE, Inc. - Autonomous Vehicles powered by AI 43 2.7 folofly Co., Ltd. - Electric Vehicles 44

2.8 Clockwork Logistics Systems 45 2.9 Torch Logistics, Inc. - Short-haul specialists powered by technology 46 2.10 Cargon Logistica e Tecnologia SA - Green Logistics, Fleet management 47

3. EUROPEAN ROAD FREIGHT TRANSPORT MARKET SIZE & GROWTH - 2023, 2024 AND 2028 49 3.1 Introduction 49

3.2 European Road Freight Transport Market Size & Growth 50 3.2.1 European Road Freight Transport Market Size & Growth 2023 50 3.2.2 European Road Freight Transport Market Size & Growth 2024 (F) 51

3.2.3 European Road Freight Transport Market Size & Growth 2028 (F) 53 3.3 Summary of market conditions 55 3.3.1 Demand side factors 55

3.2.1 Supply side factors 57 3.4 Total European Road Freight Transport Market Size & Growth by Country 62 3.4.1 Total European Road Freight Transport Market Size by Country - 2023 62

3.4.2 Total European Road Freight Transport Market Size by Country - 2024 (F) 65 3.4.3 Total European Road Freight Transport Market Size by Country - 2028 (F) 68 3.4.4 Domestic European road freight market size and growth 70

3.4.5 International European road freight market size and growth 74 4. COST COMPARISON OF HYDROGEN, BATTERY ELECTRIC AND DIESEL TRUCKS - WHICH DECARBONIZATION PATHWAY IS THE MOST COST EFFECTIVE?

78 4.1 Overview 78 4.2 Capital costs for diesel, BET and FCET 79

4.3 Fuel Costs 82 4.4 Maintenance Costs 87 4.5 Government Regulation - Road Tolls 90

4.6 TCO comparison for diesel, BET and FCET 92 4.7 Conclusion 97 5.

COMPETITIVE LANDSCAPE - COMPARISON OF EUROPEAN ROAD FREIGHT PROVIDERS 100 5.1 FINANCIAL COMPARISON - TOP 20 100 5.1.1 Revenue comparison 100

5.1.2 Profit and Margin comparison 101 5.2 comparison of M&A activity in the European Road Freight Market 104 5.2.1 European Road Freight M&A activity across sectors 107

5.2.2 European Road Freight M&A activity across regions 108 5.3 Employees AND FLEET comparison 110 5.3.1 Employees 110

5.3.2 Fleet 112 5.4 Operational Analysis in the European Road 114 5.5 Comparison of Sustainability Initiatives and Performance 117

.5.1 Comparison of Sustainability Initiatives and Performance 2023 117 5.5.2 Comparison of Targets 117 5.5.3 Comparison of Performance 122

5.5.4 Top 20 European Road Freight Providers - Alternative Fuels Fleet Composition 130

6. European Road Freight Transport Provider Profiles 136 6.1 CEVA/GEFCO 136

6.1.1 Background 136 6.1.2 Finances 137 6.1.3 Operations 137

6.1.4 Acquisitions 139 6.1.5 Technology 139 6.1.6 Sustainability 139

6.1.7 Outlook 141 6.2 Dachser 142 6.2.1 Background 142

6.2.2 Finances 142 6.2.3 Operations 144 6.2.4 M&As 146

6.2.5 Investments 147 6.2.6 Technology 147 6.2.7 Sustainability 148

6.2.8 Strategic Outlook 148 6.3 DB Schenker 150 6.3.1 Background 150

6.3.2 Finances 151 6.3.3 Operations 153 6.3.4 Acquisitions 154

6.3.5 Technology 155 6.3.6 Sustainability 156 6.3.7 Strategic Outlook 157

6.4 DPDHL 161 6.4.1 Background 161 6.4.2 Finances 162

6.4.3 Operations 165 6.4.4 Technology 166 6.4.5 Sustainability 167

6.4.6 Strategic Outlook 169 6.5 DSV A/S 171 6.5.1 Background 171

6.5.2 Finances 172 6.5.3 Operations 175 6.5.4 Investments or Acquisitions 176

6.5.5 Technology 176 6.5.6 Sustainability 178 6.5.7 Strategic Outlook 179

6.6 FEDEX 180 6.6.1 Background 180 6.6.2 Finances 180

6.6.3 Operations 183 6.6.4 Technology 184 6.6.5 Sustainability 185

6.6.6 Outlook 186 6.7 GEODIS 187 6.7.1 Background 187

6.7.2 Acquisitions 187 6.7.3. Finances 188

6.7.4 Operations 189 6.7.5 Technology 191 6.7.6 Sustainability 192

6.7.7 Outlook 193 6.8 Kuehne + Nagel 195 6.8.1 Background 195

6.8.2 Finances 195 6.8.3 Operations 198 6.8.4 Technology 200

6.8.5 Sustainability 201 6.8.6 Outlook 202 6.9 LKW Walter 204

6.9.1 Background 204 6.9.2 Finances 205 6.9.3 Operations 205

6.9.4 Service expansions 207 6.9.5 Technology 207 6.9.6 Sustainability 208

6.9.7 Strategic Outlook 208 6.10 Rhenus Logistics 210 6.10.1 Background 210

6.10.2 Finances 210 6.10.3 Operations 211 6.10.4 Acquisitions 213

6.10.5 Technology 214

6.10.6 Sustainability 215

6.10.7 Outlook 216