European road transport is entering a new phase of concentration. Despite its traditionally fragmented nature, scale is once again becoming central to the strategy of major operators, pushed by weak demand and squeezed margins. This is the key finding of the European Road Freight Transport Financial Analysis published in October 2025 by Transport Intelligence, which examines 2023–2024 revenue trends among the leading continental players.
The most striking figure concerns the DSV–Schenker combination, estimated at €11.918 billion in 2024. Following its acquisition of the German giant, the Danish group has overtaken DHL Freight by 30.5%, securing first place in the European road freight ranking. Specifically, Schenker Land Transport posted revenues of €7.759 billion in 2024, while DSV Road Logistics reached €4.159 billion. Together, they account for more than 40% of the combined revenues of the other eight leading European operators. These numbers redraw the industry map, widening the gap between integrated giants and the rest of the market.
Even excluding the new DSV–Schenker entity, Europe’s ranking remains dominated by companies with revenues above €2.5 billion. Alongside DHL Freight are Dachser, Kuehne+Nagel, Ceva Logistics (now integrated with Gefco), XPO Europe, Geodis, Lkw Walter and Girteka. In this landscape, scale remains a decisive factor — not only to absorb rising fuel, labour and toll costs but also to stay competitive in integrated logistics.
In 2024, Dachser recorded an 8.1% increase on the previous year, driven mainly by the acquisition of certain Fercam activities, which strengthens its pan-European groupage network and enhances its position on transalpine routes. In contrast, Kuehne+Nagel Overland posted a slight decline (−0.3%), reflecting persistently weak demand, particularly in the industrial sector. DHL Freight, while maintaining a leading position in road transport, grew by just 0.7%, constrained by economic stagnation even during the seasonal peak months.
XPO Logistics Europe remains on a positive trajectory, with a 5.4% increase in revenues. However, the US company has launched a strategic review that could result in the sale of its European operations. Such a divestment could reignite consolidation activity: among the potential buyers would likely be major continental players seeking inorganic growth to strengthen their regional presence.
The Ti Insight report highlights that 2024 was marked by compressed operating margins, due to structurally high costs and weak demand. In this context, scale has once again become the main line of defence: it enables optimisation of fleets, warehouses and IT networks, while improving bargaining power with clients and suppliers. It is no coincidence that in the past two years, three deals — DSV–Schenker, Dachser–Fercam and Ceva–Gefco — have reshaped the competitive landscape more than the entire previous decade.
Analysts suggest that the current consolidation trend is not merely a cyclical reaction but a structural shift. Major logistics groups are progressively integrating road transport with air, sea and rail operations to provide end-to-end services and exploit economies of scale. The next Ti update, due in November, will include new size estimates and mid-year forecasts — a test to see whether growth through acquisitions can truly offset weak demand in a mature yet strategically vital European logistics market.
