Major players in the freight transport market are CEVA Logistics, CJ Logistics Corporation, Nippon Express Holdings, Kerry Logistics Network Limited, Kuehne + Nagel International AG, DSV Panalpina A/S, DHL, FedEx, United Parcel Service of America, Inc., Deutsche Post AG, Schneider National, Inc., Oracle, SAP SE, C.H. Robinson Worldwide Inc., and GATI-KWE.
The global freight transport market is expected to grow from $28.20 billion in 2022 to $31.82 billion in 2023 at a compound annual growth rate (CAGR) of 12.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The freight transport market is expected to reach $49.06 billion in 2027 at a CAGR of 11.4%.
The freight transport market includes revenues earned by entities such as expedited freight, and fully truck load freight.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
Freight transportation is the process of moving assorted items from one location to another utilizing a number of different means of transportation. The movement of freight from a place of origin to a destination can be accomplished via a variety of methods.
North America was the largest region in the freight transport market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the freight transport report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main freight transport offerings include solution and services.Freight transport solutions help in the movement of goods, commodities, and cargo over land, water, or the air.
The different freight transport mode of transport include railways, roadways, seaways and airways, which are used in verticals including retail and e-commerce, automotive, aerospace, pharmaceuticals, energy and others.
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. Further, COVID-19-related boosts in online shopping resulted in U.S. ecommerce growth to 32% in 2020, to reach $790 billion, up from $598 billion in 2019. 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 November 2020, CargoSmart, a Hong Kong based software company, launched its IoT-enabled ‘CargoSmart Connected Reefer Solution’, a one-stop reefer cargo management solution for ocean carriers and shippers.The AI and IoT-enabled solution features end-to-end information transparency, including enhanced reefer container Pre-Trip Inspection (PTI) support, real-time container status monitoring updates and predictive cargo arrival status.
It allows carriers to provide best-in-class performance to shippers with lowered operating costs.
In June 2022, Fastfrate, a Canada-based company providing transportation services acquired Challenger Motor Freight for an undisclosed amount.With the acquisition, the company became the largest of its kind in the country.
The combined businesses runs 1.2 million square feet of premises and more than 5,500 pieces of equipment. The acquisition strengthens, to offer a whole range of asset-based transportation services. Challenger Motor Freight is a Canada-based company providing transportation, warehousing, and distribution services to customers from coast-to-coast.
The countries covered in the freight transport market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The freight transport market research report is one of a series of new reports that provides freight transport market statistics, including freight transport industry global market size, regional shares, competitors with a freight transport market share, detailed freight transport market segments, market trends and opportunities, and any further data you may need to thrive in the freight transport industry. This freight transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.