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Freight and Logistics Market Report 2024: Growth, Trends, Analysis, Forecast 2033
Freight and Logistics Market
As per the report, the freight and logistics market size has grown strongly in recent years. It will grow from $16.71 billion in 2023 to $17.58 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The freight and logistics market size is expected to see strong growth in the next few years. It will grow to $21.82 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%.
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Rise In Global Trade Activities To Drive Market Growth
The increasing global trade activities are expected to propel the growth of the freight and logistics market going forward. Global trade activities refer to the import and export of goods and services across international boundaries. Freight and logistics services are used to transport goods internationally through different modes of transport. An increase in global trade activities has led to an increase in the volume of transporting goods to different countries through different means of transportation. For instance, according to United Nations Conference on Trade and Development, a Switzerland-based, United Nations organization, for the year 2021, exports of developing countries increased to 30% higher in the fourth quarter of 2021, and global trade reached a record level of USD 28.5 trillion in 2021. Also, China is contributing the highest, 15% of all world exports. Therefore, the increasing global trade activities in emerging economies are driving the growth of the freight and logistics market.
AI Powered Transportation Management System Transforming The Market
Major companies operating in the freight and logistics market are developing new products such as AI powered transportation systems to gain a competitive edge in the market. A Transportation Management System (TMS) is a comprehensive software solution designed to streamline and optimize the planning, execution, and management of transportation operations within a supply chain. For instance, in June 2023, ShipCars LLC, a US-based software solutions company, launched AI-powered SmartHaul TMS (Transportation Management System). This innovative platform utilizes artificial intelligence, machine learning, and data-driven insights to enhance efficiency, save time, and boost profitability for carriers in the automotive logistics sector. The SmartHaul TMS features intuitive tools for load discovery, booking, and processing, optimizing operations for company owners, dispatchers, and drivers. With real-time data and analytics, sophisticated algorithms, and predictive modeling, carriers can make informed decisions, reduce dead-head miles, and streamline the transportation-management process. Key features include Trip Builder for efficient route planning, AI Damage Inspection to speed up vehicle inspections, and a Mobile Load Board for instant access to available loads, negotiations, and bookings via a user-friendly app.
The freight and logistics market covered in this report is segmented -
1) By Type: Airways, Railways, Roadways, Waterways
2) By Function: Freight Forwarding, Warehousing, Value-added Services, Other Functions
3) By End User: Manufacturing And Automotive, Oil And Gas, Mining, And Quarrying, Agriculture, Fishing, And Forestry, Construction, Distributive Trade, Other End Users
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Major companies operating in the freight and logistics market report are United Parcel Service Inc., DHL International GmbH, Deutsche Post AG, FedEx Logistics Inc., A.P. Moller-Maersk Group, Kuehne + Nagel International AG, DSV Panalpina A/S, C.H. Robinson Worldwide Inc., Bolloré Logistics, Ryder System Inc., Nippon Express Co. Ltd., Expeditors International of Washington Inc., Sinotrans Limited, J.B. Hunt Transport Services Inc., Geodis SA, Werner Enterprises Inc., Kerry Logistics Network Limited, UPS Supply Chain Solutions Inc., GXO Logistics Inc., XPO Logistics Inc., Knight-Swift Transportation Holdings Inc., Kintetsu World Express Inc., Schneider National Inc., Hellmann Worldwide Logistics GmbH & Co. KG, Lineage Logistics Holdings LLC, Americold Realty Trust, Agility Public Warehousing Company K.S.C.P., Ceva Logistics LLC, APL Logistics Ltd., Deutsche Bahn AG
Contents of the report:
1. Executive Summary
2. Freight And Logistics Market Report Structure
3. Freight And Logistics Market Trends And Strategies
4. Freight And Logistics Market - Macro Economic Scenario
5. Freight And Logistics Market Size And Growth
…..
27. Freight And Logistics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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