New York, Sept. 14, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Freight And Logistics Global Market Report 2022" - https://www.reportlinker.com/p06319518/?utm_source=GNW
The global freight and logistics market is expected to grow from $14.56 billion in 2021 to $15.71 billion in 2022 at a compound annual growth rate (CAGR) of 7.9%. The market is expected to grow to $18.69 billion in 2026 at a compound annual growth rate (CAGR) of 4.4%.
The freight and logistics market consists of the sale of freight and logistics services by entities (organizations, sole traders, and partnerships) that are used for the transport of goods and commodities from one place to another by means of rail, truck, road, and big vessels.Freight and logistics refer to the process of planning and executing efficient transportation and storage of goods from the point of origin to the point of consumption.
This helps to meet customer requirements in a timely and cost-effective manner.
The main types of freight and logistics include airways, railways, roadways, and waterways.Airways refers to the transportation and management of goods through an air carrier.
The different functions include freight forwarding, warehousing, value-added services, and others. It is employed in manufacturing and automotive, oil and gas, mining, and quarrying, agriculture, fishing, and forestry, construction, distributive trade, and other end users.
Asia Pacific was the largest region in the freight and logistics market in 2021.North America is expected to be the fastest-growing region in the forecast period.
The regions covered in the freight and logistics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The freight and logistics market research report is one of a series of new reports that provides freight and logistics market statistics, including freight and logistics industry global market size, regional shares, competitors with a freight and logistics market share, detailed freight and logistics market segments, market trends and opportunities, and any further data you may need to thrive in the Freight and logistics industry. This freight and logistics market research report deliver a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increasing global trade activities are expected to propel the growth of the freight and logistics market going forward.Global trade activities refer to the import and export of goods and services across international boundaries.
Freight and logistics services are used to transport goods internationally through different modes of transport.An increase in global trade activities has led to an increase in the volume of transporting goods to different countries through different means of transportation.
For instance, according to United Nations Conference on Trade and Development, a Switzerland-based, United nations organization, for the year 2021, exports of developing countries increased to 30% higher in the fourth quarter of 2021, and global trade reached a record level of US$ 28.5 trillion in 2021. Also, China is contributing the highest, 15% of all world exports. Therefore, the increasing global trade activities in emerging economies are driving the growth of the freight and logistics market.
Technological advancement is the key trend gaining popularity in the freight and logistics market.Major companies operating in the market are focused on technological advancement to sustain their position in the market.
For instance, in 2020, Deutsche Post DHL Group (DPDHL), a Germany-based freight and logistics company, launched its DHL SmarTrucking solution to accelerate the development of AI-based technology-enabled logistics solutions.By Using AI technology, shipped items and goods can be tracked to their exact location.
This technology helps to reduce nearly 50% transit time compared to the traditional trucking industry.
In June 2021, Worldwide Express LLC, a US-based logistics provider merged with GlobalTranz Enterprises, for an undisclosed amount.Through this merger, these merged companies offer services in parcel delivery that includes the less-than-truckload and full truckload and manage transportation through the use of business intelligence, data assets, and the latest technology.
The merger helps to gain a better market presence and helps Worldwide Express serve a larger number of customers. GlobalTranz Enterprises is a US-based full-service logistics provider.
The countries covered in the freight and logistics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06319518/?utm_source=GNW
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