Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Freight Transport Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The freight transport market is on a swift upward trajectory. This eminent study delivers an exhaustive examination and projections concerning the growth of the freight transport market globally, focusing specifically on high-growth regions and emerging trends that are reshaping the sector.
The report reveals a growth leap from $31.53 billion in 2023 to $35.42 billion in 2024, registering a robust compound annual growth rate (CAGR) of 12.4%. This burgeoning expansion is primarily fueled by drivers including globalization, economic development, infrastructural initiatives, and rigorous environmental regulations.
Looking forward, the market is poised to surge to a compelling $55.26 billion by 2028, with a persistent CAGR of 11.8%. Influential factors propelling this anticipated growth encompass transitioning to sustainable transport, technological advancements, investment in infrastructure, and a focus on last-mile delivery solutions.
Integration of IoT and Advancements in Autonomous Technology Steering Market Advancements
As detailed in the report, a significant trend gathering momentum is the integration of Internet of Things (IoT) and the adoption of blockchain in logistics. The research highlights how such technologies are revolutionizing the industry by providing sophisticated data-driven decision-making, real-time tracking, and enhanced operational efficiency.
- The surging e-commerce sector, marked by significant increases in online retail sales as reported by the UNCTAD, is a primary engine driving the demand for competent freight transport services.
- An uptick in manufacturing activities, indicated by Eurostat's latest input figures, further supports the need for robust freight transport solutions to maintain supply chain continuity.
In the face of emerging logistical challenges, industry leaders such as ShipBob Inc. and Volvo Autonomous Solutions are unveiling innovative approaches. ShipBob's collaboration with Flexport aims to streamline e-commerce inventory transportation, while Volvo pursues new frontiers with their hub-to-hub autonomous transport solution.
Acquisitions such as Fastfrate's consolidation with Challenger Motor Freight solidify the market's competitive landscape, enabling companies to offer more comprehensive and efficient services. This report emphasizes that North America continues to hold the largest market share; however, Asia-Pacific is earmarked to emerge as the fastest-growing region in the forecast period.
The publication categorically outlines the market's ecosystem, presenting analysis on a regional basis including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. It further dissects the market on a country level, covering pivotal economies like the USA, Canada, Germany, China, South Korea, amongst others.
A selection of companies mentioned in this report includes:
- 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.
- Deutsche Post AG
- Schneider National Inc.
- Oracle Transportation Management
- SAP SE
- C.H. Robinson Worldwide Inc.
- GATI-KWE
- DB Schenker Logistics
- XPO Logistics
- Expeditors International of Washington Inc.
- Agility Logistics
- Panalpina World Transport (Holding) Ltd.
- 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
For more information about this report visit https://www.researchandmarkets.com/r/k04qpb
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