Press release
Freight And Logistics Market Set to Reach $23.16 Billion by 2029 with 6.4% Yearly Growth
Freight And Logistics Market Size
The rise in global trading activities is anticipated to drive the expansion of the freight and logistics market. When referring to global trade activities, this encompasses the exportation and importation of commodities and services across national borders. Services in freight and logistics are employed to ship goods worldwide via various transportation methods. The surge in global trading activities has caused a growth in the quantity of goods being transported to various nations through diverse transit methods. Based on data from the World Trade Organization (WTO), a governing body overseeing and promoting worldwide commerce, the volume of global merchandise trade is set to increase by 3.2% come 2024. Thus, burgeoning global trade activities in developing economies are fuelling the growth of the freight and logistics industry.
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What growth opportunities are expected to drive the freight and logistics market's CAGR through 2034?
The expansion of the freight and logistics market has been consistent in the last few years. The projected rise is from $17.26 billion in 2024 to $18.09 billion in 2025, reflecting a compound annual growth rate (CAGR) of 4.8%. Various factors have contributed to the past growth, including advancements in transportation technology, the adoption of containerization and intermodal transport, regulatory modifications and compliance, the progression of supply chain management, and the implementation of just-in-time inventory systems.
The market size of freight and logistics is projected to experience robust expansion in the coming years, escalating to $23.16 billion in 2029 with a compound annual growth rate (CAGR) of 6.4%. This projected growth during the forecast period is due to factors such as the incorporation of AI and machine learning, the rise of autonomous vehicles, digital transformations and IoT integration, globalisation and international trade, as well as the implementation of blockchain in tracing supply chains. Key trends during this period include automation and robotics, data analysis and forecasted insights, innovations in last-mile delivery, eco-friendly procedures and green logistics, and the increasing demand for speedier delivery options.
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What are the emerging trends shaping the future of the freight and logistics market?
Leading businesses in the freight and logistics sector are innovating new products like AI-driven transportation systems to establish a competitive advantage. A catalogue of software solutions is encapsulated within a Transportation Management System (TMS), which is curated to streamline and improve the planning, execution, and administration of transport operations within a supply chain. For instance, in June 2023, US-based software solution provider ShipCars LLC, introduced its AI-infused SmartHaul TMS (Transportation Management System). This state-of-the-art platform employs artificial intelligence, machine learning, and data-based insights to boost efficacy, save time, and enhance profitability for carriers in the auto logistics industry. The SmartHaul TMS is equipped with intuitive tools for load finding, booking, and processing, making operations more effective for business owners, dispatchers, and drivers. Carriers are empowered with real-time data and analytics, complex algorithms, and predictive modeling to make informed decisions, decrease unladen travel, and make transport management more efficient. Crucial features comprise of Trip Builder for effective route planning, AI Damage Inspection to accelerate vehicle examinations, and a Mobile Load Board for instant availability of loads, bargaining, and bookings through a user-friendly app.
Which growth-oriented segments of the freight and logistics market are leading the industry's development?
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
Subsegments:
1) By Airways: Air Cargo Services, Express Delivery Services
2) By Railways: Freight Rail Services, Intermodal Rail Services
3) By Roadways: Trucking Services, Last-Mile Delivery Services
4) By Waterways: Shipping And Cargo Services, Inland Waterway Transport
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What regions are leading the charge in the freight and logistics market?
Asia-Pacific was the largest region in the freight and logistics market in 2024. North America is expected to be the fastest growing region in the forecast period. The regions covered in the freight and logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the freight and logistics market?
Major companies operating in the freight and logistics market include 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
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What Is Covered In The Freight And Logistics Global Market Report?
•Market Size Forecast: Examine the freight and logistics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the freight and logistics market for a structured understanding.
•Key Players Overview: Analyze major players in the freight and logistics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the freight and logistics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the freight and logistics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the freight and logistics market.
•Industry Challenges: Identify potential risks and obstacles affecting the freight and logistics market.
•Competitive Landscape: Review strategic developments in the freight and logistics market, including expansions, agreements, and new product launches.
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