What Is The Current and Historic Market Size Analysis Of The Freight Transport Market?
The freight transport market has seen considerable growth due to a variety of factors.
• In recent years, the market size of freight transport has seen rapid expansion. The value is projected to rise from $34.82 billion in 2024 to $38.96 billion in 2025, marking a Compound Annual Growth Rate (CAGR) of 11.9%. Factors such as international trade and globalization, economic expansion and industrialization, the development of infrastructure projects, a boost in manufacturing activities, and environmental rules have contributed to growth during the historic period.
What Is The Forecast For The Freight Transport Market Size?
The Freight Transport market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of freight transport is anticipated to experience a rapid surge in the coming years, potentially expanding to a value of $61.62 billion in 2029 with a compound annual growth rate (CAGR) of 12.1%.
The expected growth during the forecast period can be credited to a transition towards eco-friendly transportation, emphasis on final-leg delivery solutions, governmental backing for sustainable transportation, increased funding in transport infrastructure, and progress in autonomous vehicles. Emerging trends throughout the forecast period encompass the integration of IoT into logistics, the application of blockchain within supply chains, the adoption of cutting-edge digital technologies, data-based decision making, real-time tracking and transparency, and strategic collaborations and partnerships.
What Are The Essential Drivers Behind The Growth Of The Freight Transport Market?
The anticipated growth in the e-commerce sector is set to propel the freight transport market. Freight transport, which involves the overarching transit of commodities using inland transport networks, has seen a surge in demand due to the augmentation of the e-commerce sector. For example, the United States Census Bureau, a government agency in the US, reported in August 2023, that the U.S. retail e-commerce sales for the second quarter of 2024 amounted to $291.6 billion. This provided an increment of 1.3% over the preceding quarter and a hike of 6.7% compared to the corresponding quarter in 2023. During the same period, the total retail sales were projected to be $1,826.9 billion, indicating a 0.5% growth from the first quarter and a 2.1% uptick year-over-year. Consequently, e-commerce represented 16.0% of the total sales. As a result, the growing e-commerce sector is acting as a major catalyst for the expansion of the freight transport market.
How Is The Global Freight Transport Market Divided Into Key Segments?
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
Subsegments:
1) By Solution: Freight Management Software, Transportation Management Systems (TMS), Supply Chain Optimization Tools
2) By Services: Freight Forwarding Services, Warehousing And Distribution Services, Last-Mile Delivery Services, Customs Brokerage Services
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What Trends Are Reshaping The Future Of The Freight Transport Market?
The rise of technological innovation serves as a primary trend in the augmentation of the freight transport market. Leading entities in the freight transport sector are concentrating their efforts on creating novel solutions to solidify their standing within the industry. For instance, ShipBob Inc., an American software firm, made headlines in May 2022 after unveiling an all-encompassing freight transportation solution, fuelled by Flexport. This initiative merges ShipBob's cross-docking, inventory distribution, and fulfillment networks to streamline freight deliveries for e-commerce businesses, with an intent to speed up delivery times while curbing expenses for moving inventory from China to the United States. FreightBob is crafted to assist e-commerce operations in managing their freight, avoiding port backlog and supply chain interruptions, trimming time-in-transit, and distributing inventory with heightened efficiency.
Who Are the Key Players In The Freight Transport Market?
Major companies operating in the freight transport market include:
• 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
• Schneider National Inc.
• C.H. Robinson Worldwide Inc
• GATI-KWE
• DB Schenker Logistics
• XPO Logistics
• Expeditors International of Washington Inc.
• Agility Logistics
• 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
What Are The Regional Insights Into The Freight Transport Market?
North America was the largest region in the freight transport market in 2024. Asia-Pacific is expected to be the fastest-growing region in the freight transport market during the forecast period. The regions covered in the freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
