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Freight Transport Market Growth And Forecast To 2024-2033
Freight Transport Market Growth
As per the report, the freight transport market size has grown rapidly in recent years. It will grow from $31.53 billion in 2023 to $35.42 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The freight transport market size is expected to see rapid growth in the next few years. It will grow to $55.26 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
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E-Commerce Boom Drives Freight Transport Market Growth
The growing e-commerce industry is expected to boost the freight transport market going forward. Freight transport is the general movement of goods using inland transportation on a particular network. The need for logistics and freight transport services has increased as a result of the expansion of e-commerce. For instance, according to a US-based intergovernmental organization intended to promote the interests of developing states in world trade, the United Nations Conference on Trade and Development (UNCTAD) 2021 report, online retail sales grew markedly in several countries, with the Republic of Korea reporting the highest share at 25.9% in 2020, up from 20.8% the year before. Therefore, the growing e-commerce industry is driving the freight transport market.
Technological Innovation Revolutionizes Freight Transport Market
Technological innovation is a key trend in gaining popularity in the freight transport market. Major companies operating in the freight transport market are focused on developing innovative solutions to strengthen their position in the market. For instance, in May 2022, ShipBob Inc., a US-based software company, launched an end-to-end managed freight transportation solution powered by Flexport. This program combines ShipBob's cross-docking, inventory distribution, and fulfillment networks to coordinate freight shipments for e-commerce merchants, aiming to achieve faster shipping times and lower costs when shipping inventory from China to the US. FreightBob is designed to help e-commerce businesses manage their freight, sidestep port congestion and supply chain blockages, reduce time-in-transit, and distribute inventory more efficiently.
The freight transport market covered in this report is segmented -
1) By Offering: Solution, Services
2) By Mode Of Transport: Railways, Roadways, Seaways, Airways
3) By Vertical: Retail And E-commerce, Automotive, Aerospace, Pharmaceuticals, Energy, Other Verticals
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Major companies operating in the freight transport market report are CEVA Logistics, CJ Logistics Corporation, Nippon Express Holdings, Kerry Logistics Network Limited, Kuehne + Nagel International AG, DSV Panalpina A/S, Deutsche Post DHL, FedEx Corporation., United Parcel Service of America Inc, Deutsche Post AG, Schneider National Inc., Oracle Transportation Management, SAP SE, C.H. Robinson Worldwide Inc, GATI-KWE, DB Schenker Logistics, XPO Logistics, Expeditors International of Washington Inc., Agility Logistics, Panalpina World Transport (Holding) Ltd., Geodis, Hellmann Worldwide Logistics, Bolloré Logistics, Yusen Logistics Co. Ltd., Sinotrans Limited, Toll Group, ArcBest Corporation, J.B. Hunt Transport Services Inc., Old Dominion Freight Line Inc., Saia LTL Freight, Werner Enterprises Inc., Knight-Swift Transportation Holdings Inc., Landstar System Inc., Swift Transportation Company .
Contents of the report:
1. Executive Summary
2. Freight Transport Market Report Structure
3. Freight Transport Market Trends And Strategies
4. Freight Transport Market - Macro Economic Scenario
5. Freight Transport Market Size And Growth
…..
27. Freight Transport Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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