“According to the SNS Insider report, The Freight Transport Market Size was valued at USD 35.61 billion in 2023. SNS Insider analysts project a significant rise in market size, reaching USD 86.34 billion by 2031.
A strong positive correlation exists between GDP growth and freight demand.
A 1% increase in GDP can trigger a 2-3% rise in freight volume. E-commerce acts as another growth accelerant, with online retail sales projected to account for over 22% of global retail sales by 2025. This translates to a significant rise in demand for last-mile delivery services, a segment expected to grow by 11.6% annually until 2031. Additionally, globalization continues to reshape supply chains, with nearly 60% of international trade goods transported by sea.
A major hurdle is the ongoing driver shortage, with estimates suggesting a deficit exceeding 80,000 in the United States alone.
This translates to a significant strain on existing drivers, potentially leading to overworked individuals and increased safety risks. Additionally, volatile fuel costs present a constant pressure point. While the record highs of 2023 may have subsided, fuel prices remain a primary concern, particularly susceptible to geopolitical instability and environmental pressures.
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Major Players Listed in this Report are:
- Schneider National Inc
- CEVA Logistics
- Oracle
- FedEx
- SAP SE
- United Parcel Service of America Inc
- Deutsche Post AG
A recent study found that 62% of logistics companies are unequipped to handle the growing demand for perishable goods delivery, presenting an opportunity for specialized cold chain logistics.
Moreover, 58% of manufacturers struggle with the “last mile” challenge of efficiently delivering goods directly to consumers. This inefficiency can be addressed through innovative solutions like micro-fulfillment centers located closer to urban areas. Additionally, the rise of e-commerce giants has raised a rise in business-to-consumer (B2C) deliveries, projected to reach 27% of all shipments by 2025.
Freight Transport Market Key Segments:
By Offering
- Solutions
- Services
By Transport Mode
- Roadways
- Railways
- Seaways
- Airways
By Vertical
- Retail & E-commerce
- Pharmaceuticals
- Energy
- Automotive
- Aerospace & Defense
- Others
Roadways, with 60% share, dominates for their door-to-door efficiency in shorter distances.
This segment is particularly favored by logistics giants like FedEx and UPS, who capitalize on the demand for time-sensitive deliveries. Meanwhile, seaways hold a strong 35% share, thanks to their unrivaled capacity for bulk goods movement across continents. Here, titans like Maersk and CMA CGM leverage economies of scale to offer cost-effective long-haul options. Lastly, airways, at 5% of the market, provide to high-value, perishable, or urgent cargo.
The North American freight transport market dominates globally, holding a dominant share exceeding 75% in 2023.
A well-established network of logistics giants, a thriving e-commerce sector, and the sheer economic might of the United States and Canada. Truck transportation remains the undisputed king of the road, accounting for over 60% of freight movement within the region. However, intermodal transportation, which seamlessly combines trucks with railways and waterways, is experiencing a rise in popularity at nearly 20%, driven by its cost-effectiveness and environmental benefits.
Technology adoption is another key battleground for regional supremacy. Over 40% of key players are actively investing in logistics automation and data analytics to optimize routes, streamline operations, and enhance overall efficiency.
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Recent Developments:
- Industry giants like Maersk and CMA CGM are investing heavily in autonomous container ships and artificial intelligence for route optimization, aiming to streamline operations and reduce costs.
- Meanwhile, logistics leaders like DHL and FedEx are focusing on expanding their last-mile delivery networks through strategic acquisitions and partnerships, catering to the surge in e-commerce.
- Disruptors like Uber Freight are leveraging technology to connect shippers directly with carriers, increasing transparency and efficiency.
Key Takeaways:
- Technology is another major takeaway, with 80% of logistics leaders reporting plans to increase their investment in areas like automation and data analytics.
- These advancements promise to improve efficiency, reduce costs, and enhance supply chain visibility. However, challenges remain.
- Labor shortages across the industry, particularly in long-haul trucking, threaten to disrupt operations. Up to 8% of truck driver positions are currently vacant, impacting capacity and delivery times.
- These contrasting forces – booming demand driven by e-commerce and the need for technological innovation alongside labor constraints – paint a picture of a dynamic and evolving freight transport market.
Table of Contents – Key Points
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Freight Transport Market, By Offering
- Freight Transport Market By Transport Mode
- Freight Transport Market, By Vertical
- Regional Analysis
- Company Profiles
- Competitive Landscape
- Conclusion
Continue….
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