Road freight transport will experience growth close to 1.6% in 2024, in line with the general economic development of Spain. A slowdown in volume is anticipated during the first half of the year, and the International Road Transport Association (Astic) highlights the possibility of corporate moves, such as mergers and acquisitions, especially in the Murcia region.
According to Astic, European transport will register a cumulative growth of 10.5% until 2027, according to a recent report by the British consultancy Transport Intelligence, which projects an average annual rate of 2.3% in that period.
Although the current year has been positive in terms of commercial vehicle registrations, with an increase of 17% in November compared to the same month in 2022, it is expected that in 2024 the growth rate will not reach these levels.
Inflation is expected to return to rates of 3% in developed economies in 2024, approaching the 2% target set by the European Central Bank.
Astic highlights the growing driver shortage in Europe, projecting 11% unfilled vacancies in 2024, approximately three million positions, which could act as a barrier to transport supply and put upward pressure on prices, especially in a context of high costs.
The association also points out that in 2024 the sector will continue to face high social costs due to the increase in the maximum Social Security contribution bases by 8.6%. This translates into an annual contribution charge that is 1,000 euros higher than their German counterparts for each driver.
The executive vice president of Astic, Ramón Valdivia, highlights that drivers’ salaries are the main item of expense, along with fuel, for transport companies. In addition, it points out that the costs associated with trucks and their components, such as tires, insurance, maintenance and financial costs, have also experienced an increase. At the same time, national and international tolls, such as in Germany (83% more) or Austria, have also experienced price increases.
