Hungary Freight and Logistics Market Size

Hungary Freight & Logistics Market Analysis

The freight and logistics market in Hungary is expected to register a CAGR of more than 6% through the forecast period.

• The net turnover of the logistics service providers in Hungary is around HUF 3,400 billion (USD 9.8 billion), which accounts for nearly 5% of the total net turnover of the national economy. Currently, there are 40,000 logistics companies in Hungary, of which a significant portion are small and medium-sized enterprises. The Hungarian logistics sector employs 259 thousand people, which is around 6.5% of the total employment in the country's labor force. The logistics sector accounts for 6.3% of the Hungarian gross domestic product.
• Due to its geographical position, Hungary occupies a central position in Europe. The country is crossed by four Trans-European Transport Corridors (TEN-T), each reaching the capital. Hungary currently has four fully operational rail freight corridors: Orient-East Med, Mediterranean, Amber, and Rhine-Danube. It is also located at the intersection of two European Rail Traffic Management System (ERTMS) lines. Therefore, the country is acting as a ferry linking the European Union with the rest of Europe from the south (Serbia) and the north (Ukraine). This makes Hungary one of the most important transport hubs, providing easy access to all parts of Europe by rail, road, air, and water transport.
• Over the years, the government has made huge investments in all modes of transport (rail, road, air, and water) to develop them to their most efficient level of functioning. Further, the Hungarian government has budgeted to spend HUF 3,200 billion (USD 8.64 billion) on road development and HUF 1,500 billion (USD 4 billion) on railway development in 2022. So, for the next few years, extraordinary developments are expected on the entire Hungarian road and rail network, which drives the freight and logistics industry.