Cargo Management Market Size, Share and Opportunities 2023

The global cargo management market size was valued at USD 16,537.8 million in 2022 and is poised to grow at a significant CAGR of 3.7% during the forecast period 2023-29. The primary factors that drive the market are the growing prevalence of export & import activities, and the increasing demand for products in the worldwide market.

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The cargo management market is segmented based on transportation mode, application, distribution channel, and region.

Based on the transportation mode, the market is segmented into the following:
• Water
• Road
• Rail
• Air

Based on the application type, the market is segmented into the following:
• Cloud-based
• On-premises
• Hybrid Solutions

Based on the distribution channel, the market is segmented into the following:
• Retail stores
• Traders
• Transport agents

Based on the region, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Water Cargo Dominate the Cargo Management Market:
Based on type, water cargos hold the highest market share. The major factor for the rise of this segment is cost-effective transport helps in the overall economy and export and import activities that connect different countries, for local or within the country the rail and air cargo are effective. For most businesses, water cargos are a real solution as a cost-effective factor and safety of the products. These factors can drive the cargo management market growth.

Asia Pacific Cargo Management Market:
Asia Pacific region is expected to grow significantly in the cargo management market over the forecast period. The Cargo Management Market in the Asia Pacific held a significant revenue share in 2022, and, in the following years, it is predicted to increase rapidly. It is attributed to the increasing number of e-commerce and export & import and rapidly growing well-developed transportation infrastructure.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players

The cargo management market further reveals that the key players are implementing strategies such as the extension of product collection through research and development activities, product launches, acquisitions, mergers, and strategic alliances to improve their market position and strengthen the market revenue share.

In January 2023, Amazon launches a dedicated Air cargo service in India to speed up deliveries.

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Key players' profiles in the cargo management market report are J. B. Hunt Transport Services, Inc., C. H. Robinson Worldwide Inc., Ceva Holdings LLC, FedEx Corporation, United Parcel Service of America Inc., Expeditors International of Washington Inc, XPO Logistics Inc, and Kenco Group Inc.

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This release was published on openPR.