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Freight Transport Market Insights, Key Drivers, Size, Share, and Outlook 2024-2033
Freight Transport Market Insights
According to The Business Research Company's, 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 growth in the historic period can be attributed to globalization and international trade growth, economic growth and industrialization, infrastructure development projects, increased manufacturing activities, environmental regulations..
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%. The growth in the forecast period can be attributed to shift towards sustainable transport, focus on last-mile delivery solutions, regulatory support for sustainable transport, increased investment in transport infrastructure, advancements in autonomous vehicles.. Major trends in the forecast period include integration of iot in logistics, blockchain adoption in supply chains, adoption of digital technologies, data-driven decision-making, real-time tracking and visibility, collaboration and partnerships..
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Market Drivers and Trends:
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 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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
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
Freight Transport Market 2024 Key Insights:
• The freight transport market will grow to $55.26 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%.
• E-Commerce Boom Drives Freight Transport Market Growth
• Technological Innovation Revolutionizes Freight Transport Market
• North America was the largest region in the freight transport market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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