A leading transport analyst has predicted the road transport industry will experience a rationalisation during the recession, with the bigger firms gaining market share.
John Manners-Bell, chief executive at Transport Intelligence, says many small and medium-sized companies will have "burnt through" their working capital over the previous year and will be particularly vulnerable to additional costs which they find difficult to pass on.
He adds: "The likelihood is that many small and medium-sized companies will be unable to make it through this stage of the economic cycle where rising costs outstrip any increase in volumes. Larger companies, however, will be in a stronger position."
However, Manners-Bell believes the industry has avoided a "catastrophic meltdown" due to two important factors:lower global oil prices and interest rates.
He adds: "Oil, which 
accounts for roughly a third of vehicle running costs, has fallen by around 50% from historic highs of around $140 per barrel in July 2008 to about $70 today.
"This has provided hauliers with a welcome respite, most of whom will have struggled to have passed on the rises to their customers in the previous year. Likewise, interest rates have also plunged. Base rates in the UK, for example, stood at 5% in July 2008, and are now just 0.5%."