The Global Freight Transport Market size was valued at US$ 30,910.21 million in 2022, and anticipated to grow at a CAGR of 12.4 % over the forecast period.
The market's expansion is attributed to the affordable shipping costs set by suppliers of goods transport services and the many free trade agreements between nations. For instance, the European Union and Canada established a comprehensive economic trade agreement. 98% of the tariffs on European goods traded between Europe and Canada are being eliminated by the Canadian government as a result of this agreement. By reducing commodity prices, that automatically boosts demand for freight transportation, such agreements contribute to the freight transport market growth.
Additionally, as e-commerce and entrepreneurial activity have increased, so has the demand for specialised freight transport and supply chain execution capabilities. Reduced logistics, inventory, and fixed expenses are benefits for shippers who hire freight transportation services. Due to their inability to manage global supply chain activities, some businesses have outsourced their goods delivery operations as a result of globalisation. Cargo transportation companies offer better and more creative ways to maximise the efficiency of their services, offering benefits including lower capital costs, door-to-door service, flexibility, and a lower chance of damage during transit.
Due to the availability of effective supply chain management, the existence of significant market participants in the e-commerce industry, and the necessary infrastructure, the industry has significantly evolved across the U.S. and Europe. The capacity to track different goods and freight in transit gives e-commerce businesses a complete view of the inventory and activities, which influences the demand for freight transport solutions. Moreover, handling moving products, reducing disruptions, proactive status updates, and risk mitigation aid shippers in enhancing customer experience and reducing costs. The supply chain is therefore anticipated to become more resilient as a result of adequate visibility.
Offering Insights
Based on offering, the service segment held the major market share in 2022. The service segment is further bifurcated into managed services, business services, and system integration. The demand for freight management services, which help companies deliver freight and complete the supply chain effectively and economically, is primarily responsible for the segment's growth. By enabling just-in-time production, these services enable companies of all sizes to fulfil orders while requiring little in the way of storage space and shipping inventory.
Transportation Mode Insights
In terms of transportation mode, the roadways segment accounted for a significant market share in 2022 and is projected to continue its dominance over the course of forecast period due to the fastest door-to-door services for short distances. It also ensures cost effectiveness since there is a lower capital investment needed compared to other kinds of transportation. This form of transportation also has a huge carrying capacity, which makes it a popular option for moving goods. The expansion of this market segment is also being aided by the rising efforts made by governments around the world to boost road travel.
For instance, the Indian government has implemented a national logistics programme to streamline corporate operations and lower transportation costs. As part of this programme, the government is building a motorway network from the port area to the country's outlying regions in order to cut fuel usage, which is seen to be the factor that has the greatest impact on freight transport costs.
Industry Vertical Insights
In terms of industry verticals, the retail & e-commerce segment dominated the major market share in 2022 and is expected to continue to dominate the market during the forecast period due to surging cross-border e-commerce sales and a growing freight transport market. The retail and e-commerce industries use freight transportation to transport goods like groceries, gadgets, personal care items, furniture, clothing, and among others.
Regional Insights
In terms of region, North America dominated the market in 2022, owing to the occurrence of several major freight solution providers, logistics players, and e-commerce giants in the U.S. and Canada. The continuing development and adoption of emerging technologies like artificial intelligence, near-field communication, and machine learning also contribute to the expansion of the market. For instance, United Parcel Service of America, Inc. joined the Blockchain in Transport Alliance (BITA), a platform for the standardised use of blockchain technology and its training in the freight industry. The company was able to build its smart logistics network owing to this. Due to the widespread use of goods transport services in manufacturing, retail, and e-commerce, the U.S. is projected to continue its dominance over the course projected period.
Furthermore, Asia Pacific is anticipated to grow at a higher CAGR during the projected period due to significant potential in the region's automotive, packaging, pharmaceutical, and other industrial uses might be attributed for the growth. The Asia Pacific freight transport market is also anticipated to expand as a result of increased industrial facilities brought on by a variety of government incentives, and simple land availability supported by sizable markets.
Key Companies Insights
Some of the major companies studied under the market scope are as follows: C.H. Robinson Worldwide, Inc., Deutsche Post DHL Group (The Deutsche Post AG), FedEx Corporation, Kuehne + Nagel International AG (Kuehne Holding AG), United Parcel Service, Inc., Schneider National, Inc., SAP SE, Nippon Express Co., Ltd., Oracle Corporation, DSV A/S, and Others. The existence of several companies on a global and regional scale creates intense rivalry for major players operating in the ecosystem. These players also use a variety of strategies, including merger and acquisition, the introduction of new products, geographic expansion, R&D for increasing their product portfolio, and others.
In 2022, An agreement was signed by United Parcel Service (UPS) with Jumia, the Pan-African e-commerce platform. By this Partnership, Jumia would expand United Parcel Service's infrastructure and logistical capabilities in order to improve its delivery service selection across Africa.
Segments
By Component
· Solution
o Freight Transportation Cost Management
o Freight Mobility Solution
o Freight Security & Monitoring System
o Freight Information Management System
o Fleet Tracking & Maintenance Solution
o Freight Operational Management Solutions
o Freight 3PL Solution
o Warehouse Management System
· Services
o Managed Services
o Business Services
o System Integration
By Transport Mode
· Railways
· Roadways
· Seaways
· Airways
By Industry Vertical
· Retail & E-commerce
· Automotive
· Aerospace & Defense
· Pharmaceuticals
· Energy
· Others
By Geography
· North America
o U.S.
o Canada
o Mexico
· Europe
o U.K.
o Germany
o France
o Italy
o Spain
o Russia
· Asia-Pacific
o Japan
o China
o India
o Australia
o South Korea
o ASEAN
· Latin America
o Brazil
o Argentina
o Colombia
· MEA
o South Africa
o Saudi Arabia
o UAE
o Egypt
1. Global Freight Transport Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Freight Transport Market Scope and Market Estimation
1.2.1.Global Freight Transport Overall Market Size, Revenue (US$ Mn), Market CAGR (%), Market forecast (2023 - 2032)
1.2.2.Global Freight Transport Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2032
1.3. Market Segmentation
1.3.1.Component of Global Freight Transport Market
1.3.2.Transport Mode of Global Freight Transport Market
1.3.3.Industry Vertical of Global Freight Transport Market
1.3.4.Region of Global Freight Transport Market
2. Executive Summary
3. Market Factor Analysis
3.1. Global Freight Transport Market Industry Trends under COVID-19 Outbreak
3.1.1.Global COVID-19 Status Overview
3.1.2.Influence of COVID-19 Outbreak on Global Freight Transport Market Industry Development
3.2. Market Dynamics, By Region
3.2.1.Drivers
3.2.2.Limitations
3.2.3.Opportunities
3.2.4.Impact Analysis of Drivers and Restraints
3.3. Ecosystem / Value Chain Analysis
3.3.1.Raw Materials / Component Suppliers
3.3.2.Manufacturers / Vendors
3.3.3.Distributors
3.3.4.Buyers / End-users
3.3.5.Forward Integration & Backward Integration of Key Stakeholders
3.4. Global Freight Transport Market - Pricing Trends Analysis & Average Selling Prices (ASPs)
3.5. End-users / Customer Preferences & Consumer Surveys
3.6. Technology Roadmap & Key Innovations /Developments
3.7. Key Mandates & Regulatory Scenario Analysis
3.8. Key Mergers & Acquisitions, Expansions, JVs, Funding / VCs, etc.
3.9. Porter’s Five Forces Analysis
3.9.1.Bargaining Power of Suppliers
3.9.2.Bargaining Power of Buyers
3.9.3.Threat of Substitutes
3.9.4.Threat of New Entrants
3.9.5.Competitive Rivalry
3.10. PEST Analysis
3.10.1. Political Factors
3.10.2. Economic Factors
3.10.3. Social Factors
3.10.4. Technological Factors
3.11. SWOT Analysis
3.12. Russia-Ukraine War Impacts Analysis
3.13. ANSOFF Matrix
3.13.1. Market Penetration Strategy
3.13.2. Product Development Strategy
3.13.3. Market Development Strategy
3.13.4. Diversification Strategy
3.14. Inflation Impacts Analysis
3.14.1. Supply Side Impacts
3.14.2. Demand Side Impacts
3.14.3. Outlook in 2023 & Beyond
3.15. Market Investment Feasibility Analysis
3.16. Opportunity Map Analysis
3.17. Market Investment Opportunity Analysis (Top Investment Pockets), By Segments & By Regions
4. Global Freight Transport Market Estimates & Historical Trend Analysis (2019 - 2022)
5. Global Freight Transport Market Estimates & Forecast Trend Analysis, by Component
5.1. Global Freight Transport Market Revenue (US$ Mn) Estimates and Forecasts, by Component, 2019 to 2032
5.1.1.Solution
5.1.1.1. Freight Transportation Cost Management
5.1.1.2. Freight Mobility Solution
5.1.1.3. Freight Security & Monitoring System
5.1.1.4. Freight Information Management System
5.1.1.5. Fleet Tracking & Maintenance Solution
5.1.1.6. Freight Operational Management Solutions
5.1.1.7. Freight 3PL Solution
5.1.1.8. Warehouse Management System
5.1.2.Services
6. Global Freight Transport Market Estimates & Forecast Trend Analysis, by Transport Mode
6.1. Global Freight Transport Market Revenue (US$ Mn) Estimates and Forecasts, by Transport Mode, 2019 to 2032
6.1.1.Railways
6.1.2.Roadways
6.1.3.Seaways
6.1.4.Airways
7. Global Freight Transport Market Estimates & Forecast Trend Analysis, by Industry Vertical
7.1. Global Freight Transport Market Revenue (US$ Mn) Estimates and Forecasts, by Industry Vertical, 2019 to 2032
7.1.1.Retail & E-commerce
7.1.2.Automotive
7.1.3.Aerospace & Defense
7.1.4.Pharmaceuticals
7.1.5.Energy
7.1.6.Others
8. Global Freight Transport Market Estimates & Forecast Trend Analysis, by Region
8.1. Global Freight Transport Market Revenue (US$ Mn) Estimates and Forecasts, by Region, 2019 to 2032
8.1.1.North America
8.1.2.Europe
8.1.3.Asia Pacific
8.1.4.Middle East & Africa
8.1.5.South America
9. North America Freight Transport Market: Estimates & Forecast Trend Analysis
9.1. North America Freight Transport Market Assessments & Key Findings
9.1.1.Freight Transport Market Introduction
9.1.2.Freight Transport Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
9.1.2.1. By Component
9.1.2.2. By Transport Mode
9.1.2.3. By Industry Vertical
9.1.2.4. By Country
9.1.2.4.1. The U.S.
9.1.2.4.2. Canada
9.1.2.4.3. Mexico
10. Europe Freight Transport Market: Estimates & Forecast Trend Analysis
10.1. Europe Freight Transport Market Assessments & Key Findings
10.1.1. Freight Transport Market Introduction
10.1.2. Freight Transport Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
10.1.2.1. By Component
10.1.2.2. By Transport Mode
10.1.2.3. By Industry Vertical
10.1.2.4. By Country
10.1.2.4.1. Germany
10.1.2.4.2. U.K.
10.1.2.4.3. France
10.1.2.4.4. Italy
10.1.2.4.5. Spain
10.1.2.4.6. Russia
10.1.2.4.7. Rest of Europe
11. Asia Pacific Freight Transport Market: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Market Assessments & Key Findings
11.1.1. Freight Transport Market Introduction
11.1.2. Freight Transport Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
11.1.2.1. By Component
11.1.2.2. By Transport Mode
11.1.2.3. By Industry Vertical
11.1.2.4. By Country
11.1.2.4.1. China
11.1.2.4.2. Japan
11.1.2.4.3. India
11.1.2.4.4. Australia
11.1.2.4.5. South Korea
11.1.2.4.6. ASEAN
11.1.2.4.7. Rest of Asia Pacific
12. Middle East & Africa Freight Transport Market: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Market Assessments & Key Findings
12.1.1. Freight Transport Market Introduction
12.1.2. Freight Transport Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
12.1.2.1. By Component
12.1.2.2. By Transport Mode
12.1.2.3. By Industry Vertical
12.1.2.4. By Country
12.1.2.4.1. U.A.E.
12.1.2.4.2. Saudi Arabia
12.1.2.4.3. Egypt
12.1.2.4.4. South Africa
12.1.2.4.5. Rest of Middle East & Africa
13. South America Freight Transport Market: Estimates & Forecast Trend Analysis
13.1. South America Market Assessments & Key Findings
13.1.1. Freight Transport Market Introduction
13.1.2. Freight Transport Market Size Estimates and Forecast (US$ Million) (2019 – 2031)
13.1.2.1. By Component
13.1.2.2. By Transport Mode
13.1.2.3. By Industry Vertical
13.1.2.4. By Country
13.1.2.4.1. Brazil
13.1.2.4.2. Argentina
13.1.2.4.3. Colombia
13.1.2.4.4. Rest of South America
14. Competition Landscape
14.1. Freight Transport Market Competition Index, By Leading Players
14.2. Freight Transport Market Competition Matrix & Benchmarking, by Leading Players / Innovators / Emerging Players / New Entrants
14.3. Freight Transport Market Competition White Space Analysis, By Application / End-users
14.4. Freight Transport Market Competition Heat Map Analysis, By Products / Services / Solutions
14.5. Freight Transport Market Competition Regional Intensity Map Analysis, By Geographies Served
14.6. Freight Transport Market Concentration & Company Market Shares (%) Analysis, 2022
15. Company Profiles
15.1. CEVA Logistics
15.1.1. Company Overview & Key Stats
15.1.2. Financial Performance & KPIs
15.1.3. Product / Service / Solutions Portfolio & Applications / End-uses
15.1.4. Business Strategy & Recent Developments
* Similar details would be provided for all the players mentioned below
15.2. FedEx
15.3. DB Schenker Logistics
15.4. United Parcel Service of America, Inc.
15.5. Deutsche Post AG
15.6. Schneider National, Inc.
15.7. C.H. Robinson Worldwide Inc.
15.8. Kuehne + Nagel International AG
15.9. DSV PANALPINA A/S
15.10. Kerry Logistics Network Limited
15.11. Nippon Express Holdings
15.12. CJ Logistics Corporation
15.13. Others**
16. Research Methodology
16.1. External Sources / Databases
16.2. Internal Proprietary Database
16.3. Primary Research
16.4. Secondary Research
16.5. Assumptions
16.6. Limitations
16.7. Report FAQs
17. Research Findings & Conclusion
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