Market Size of Chile Road Freight Transport Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Chile Road Freight Transport Market Analysis
During the time frame of the forecast, the Chilean road freight transport market is expected to grow at a CAGR of more than 4%.
The COVID-19 limited the number of people who could work on road freight and product distribution in South America and many other parts of the world. This made it harder to import goods.The government came up with other ways to keep Chilean markets stable and create export opportunities that would last until the global economy and markets got back to normal.This made the road freight industry sustainable to a certain extent.
The World Bank has ranked Chile as the region's best in terms of logistics in Latin America and the Caribbean. However, it remains below the competitiveness levels of other OECD countries.
In the first quarter of 2020, because of COVID-19, the number of online orders dropped by 42.2%.After the first quarter, the e-commerce industry started improving, and sales increased to 9.4% during the pandemic. The National Institute of Statistics said that the Transportation Cost Index (ICT) went up by 2.2% each month in January 2021.The rise in the fuel group (5.5%), which had an effect of 1,269 percentage points (pp), was the main reason for the result.
In January 2021, the Chilean Ministry of Science started a new open innovation challenge to find a way for cargo-carrying vehicles to move around in the city of Santiago. This method would use automatic data generation, collection, and processing technologies. This will help plan and develop quality, efficient, safe, and sustainable transport systems. Road congestion in Santiago generates, on average, an extra 47 minutes of travel per day (Traffic Index), which, according to the Inter-American Development Bank (IDB), increases freight transport costs by almost 13 billion pesos (1 Peso is equals to USD 0.018) annually.
