Few industries are as essential to Europe's economy as trucking. Truckers—or more accurately land-based freight forwarders—move up to 80 percent of goods within the European Union, providing not just the transport but also the collection, consolidation, storage, reloading, and tracking services that expedite the movement of goods on the Continent. The industry is worth $150 billion in annual revenue: smaller than Europe's food, automotive, chemicals, electronics, and machinery sectors, but larger than textiles, pharmaceuticals, and paper. Lest anyone forget how powerful a role it plays, periodic strikes by Continental truck drivers serve as a reminder to businesses, public, and governments alike.

Today, the industry is at a crossroads. The stakes are high, particularly for traditional freight forwarders—large businesses with costly regional networks—whose customers are being siphoned off by small low-cost local operators, or by sophisticated newcomers that can deliver services anywhere in Europe. The prospect of a fully deregulated EU market is forcing these old-style companies to reevaluate the way they do business. Pressure on profitability will increase, and some firms are likely to disappear. At the same time, however, new opportunities are emerging for those willing and able to change direction.

The stakes are also high for European...