The intermodal freight transportation market size has grown rapidly in recent years, with projections indicating an increase from $51.18 billion in 2023 to $58.85 billion in 2024, at a CAGR of 15.0%. This historic growth can be linked to the increasing demand for fast delivery services, the expansion of free trade agreements, the enhancement of rail infrastructure, growth in industrial production, and the rising prominence of logistics and supply chain management services. The market is anticipated to continue its rapid growth trajectory, reaching $103.78 billion in 2028 at a CAGR of 15.2%. This growth during the forecast period is expected to be fueled by rising global trade, increased demand for e-commerce, urbanization trends, escalating fuel costs, and a growing need for refrigerated transport. Key trends in the forecast period include technological advancements, the integration of AI, the implementation of real-time tracking systems, the adoption of green logistics solutions, and the incorporation of blockchain technology.
Major Driver In The Intermodal Freight Transportation Market
The rise in industrialization is expected to significantly propel the intermodal freight transportation market forward. This transformation shifts economies from agriculture-based to manufacturing-oriented, driven by factors such as globalization, supply chain efficiencies, market diversification, and trade agreements. Intermodal freight transportation is essential for improving logistics effectiveness and supporting global trade, infrastructure development, and economic growth, making it a critical component of modern industrial economies. According to Statistics Canada, in February 2023, Canada's manufacturing sales reached an impressive $850.9 billion in 2022, reflecting a substantial growth of 17.9%. Thus, the increasing industrialization is anticipated to drive the intermodal freight transportation market's growth, with continued momentum projected for 2024 and an estimated market size of $45 billion by 2028.
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Intermodal Freight Transportation Market Competitive Landscape
Major companies operating in the intermodal freight transportation market are Deutsche Post DHL Group, FedEx Corporation, A.P. Moller-Maersk A/S, CMA CGM Group, Deutsche Bahn AG, Kuehne + Nagel International AG, Hapag-Lloyd AG, DSV A/S, SAP SE, DB Schenker, C.H. Robinson Worldwide Inc., DP World, J.B. Hunt Transport Services Inc., Canadian Pacific Railway Limited, Schneider National Inc., Hub Group Inc., APM Terminals, XPO Logistics Inc., Swift Transportation Company, STG Logistics Inc., WiseTech Global Limited, Yusen Logistics Co. Ltd., Air Ground Xpress, CLX Logistics LLC, LOGISTEED Ltd.
Key Intermodal Freight Transportation Market Trend
Major companies in the intermodal freight transportation market are concentrating on developing innovative technologies, including AI-based transport management solutions, to improve efficiency, optimize routes, and enhance overall supply chain performance. AI-based transport management solutions are sophisticated systems that utilize artificial intelligence (AI) to refine and optimize various elements of transportation management. For instance, in September 2023, 3SC Solutions, a Netherlands-based provider of supply chain solutions, launched iTMS (Intelligent Transport Management Solution). This solution integrates advanced AI and machine learning technologies for real-time route optimization, boosting efficiency and minimizing operational costs. iTMS includes predictive analytics to foresee potential disruptions and adjust logistics strategies proactively. Its dynamic dashboard offers comprehensive visibility into all transportation activities, facilitating seamless coordination across multiple transport modes.
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Global Intermodal Freight Transportation Market Segmentation
The intermodal freight transportation market covered in this report is segmented –
1) By Type: Railway Transport, Road Transport, Air And Sea Transport, Other Type
2) By Component: Software, Service
3) By Modes: Rail Road, Road Water, Road Air, Other Modes
4) By Verticals: Consumer And Retail, Oil And Gas, Industrial And Manufacturing, Energy And Mining, Food And Beverages, Aerospace And Defense, Construction, Chemicals, Pharmaceuticals And Healthcare, Other Verticals
By Geography:The regions covered in the intermodal freight transportation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the intermodal freight transportation market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Intermodal Freight Transportation Global Market Report 2024 furnishes information about the global intermodal freight transportation market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
