New York, USA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- Freight and Logistics Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Freight and Logistics Market Information By Shipping Type, Service, and End-Use Industry, and Region - Forecast till 2030”, the market is estimated to grow at a 4% CAGR to reach USD 21.13 Billion by 2030.
Market Synopsis
Freight is defined as any commodities, lading, or cargo that is conveyed to another location for compensation via land, water, or air. Infrastructure and technological innovations have sparked improvements in technology and logistical infrastructure. The logistics and freight industries are aiming to improve supply chain management and enable quick delivery of goods.
A lot of industries have received a significant boost as a result of the Asia Pacific region's tremendous growth throughout the years as a result of economic expansion in various ASEAN countries, including China and India. In addition to this, governments are providing more assistance to people who want to raise their economic standards.
Given China's strong export and import activity, global commerce has reached its apex. Given the increased investments, there are several technical changes being observed in the freight and logistics sector. The freight and logistics market will benefit from improvements in services including delivery methods, value-added services, and order fulfillment in the upcoming years.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 21.13 Billion |
| CAGR | 4% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Shipping Type, Service, and End-Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | An increase in trade-related agreements along with the global logistics infrastructure. |
| The increase in infrastructure and construction is one of the main reasons for the growth. |
Market Competitive Landscape:
The important companies in the freight and logistics industry include
- Dsv Global Transports and Logistics (Denmark)
- Kuehne+ Nagel (Switzerland)
- The Maersk Group (Germany)
- Deutsche Post DHL (Germany)
- DB Schenker Logistics (Germany)
- C.H. Robinson (US)
- Panalpina (Switzerland)
- United Parcel Service (US)
- FedEx Corp. (US)
- Walmart Group (US)
- Nippon Express (Japan)
The market for freight and logistics is notably dispersed/fragmented. The government's massive investments, e-commerce, technology integration, and expanding economies all contribute to the market's expected growth during the forecast period. Major corporations are implementing a variety of cutting-edge technologies, including drone delivery, automation, warehousing management systems, and transportation management systems, which have improved planning and tracking capabilities and raised productivity and value proposition.
• In August 2022, Geodis acquired Need It Now Delivers, a logistics firm in New Jersey. This acquisition should help Geodis considerably bolster its presence in the U.S. in terms of contract logistics and last-mile delivery. The France-based company expects Need It Now Delivers to foster its omnichannel and last-mile logistics capabilities, offering an extensive network nationwide with 300 distribution points.
• In July 2022, DFDS acquired all the shares of Dublin-based Lucey Transport Logistics Ltd to enhance its own European logistics offering. The acquisition is expected to greatly foster its Irish logistics offerings while complementing its existing global solutions.
Market USP Covered:
Market Drivers:
The growth of international trade has been the key factor acting as the driving force behind the expansion of the freight and logistics market. The second is the expansion of the world's logistical infrastructure and agreements relating to trade. The quick delivery and uninterrupted gap in the supply chain are some of the reasons why people use the freight and logistics sector. One of the primary causes of the value growth of the freight and logistics sector is the expansion of infrastructure and buildings.
The main trend that is gaining traction in the freight and logistics business is technological improvement. To maintain their place in the market, major firms are concentrating on technological development. Industry participants can gain better real-time analytics and tracking by using RFID chips and comparable technology. They are able to tell customers where their products are located precisely and how long it will take for them to get there. The company is able to discover the problems with the aid of this technology, which speeds up their resolution. They are able to identify potential reductions in productivity or efficiency, which enables them to continue thriving.
In order to reduce the need for human intervention and increase efficiency and capabilities, freight and logistics companies are now working to integrate machine learning and artificial intelligence (AI) into their systems. With the help of these cutting-edge technological tools, businesses can quickly evaluate shipment speed, customer satisfaction, productivity, and other key factors that improve profitability.
Market Restraints:
The market growth can be stunted by the rising freight rates as well as barriers, and slow technological developments in a few poor countries.
Browse In-depth Market Research Report (107 Pages) on Freight and Logistics: https://www.marketresearchfuture.com/reports/freight-and-logistics-market-8698
COVID 19 Analysis
The increase in international e-commerce has fueled the expansion rate of the freight and logistics business, following the COVID-19 outbreak. The COVID-19 outbreak has accelerated a trend that has been occurring for some time in which customer preferences are shifting away from traditional retail and toward online buying. Online shopping's simplicity and convenience are becoming more and more apparent to consumers. Cross-border e-commerce is stimulated by customers looking for brands or goods that aren't offered in their own nation as well as more affordable prices. According to projections, the freight and logistics industries will be further stimulated by the rapid rise of e-commerce.
Market Segmentation
By Mode of Transportation
The worldwide freight and logistics market has been divided into airways, railroads, roads, and waterways, with respect to the mode of transportation. Shipping products over waterways is the most affordable method of transportation because ships can transport enormous quantities of heavy items. Therefore, it is anticipated that the category of the waterway will have the largest market share and the highest growth rate.
By Service
The freight and logistics market can be divided into categories, depending on the services they provide, including inventory management, packaging, warehousing, transportation, distribution, customs clearance, and other. The warehouse segment currently has the largest share, and it will maintain this position during the forecast period. The expanding retail and e-commerce sectors are to blame for the increased demand.
By End-User
Energy & utility , trade & transportation, government & public utilities, healthcare, manufacturing & construction, retail, media & entertainment, banking & financial services, telecommunication & information technology, and others are the key segments, in terms of end-use industry. The manufacturing and construction sector has the highest market share, which can be ascribed to the rising import and export of medical equipment, auto components, and other items like electrical machinery and equipment.
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Regional Insights
With China making up the bulk of the region, the Asia Pacific freight and logistics market is the one that is growing the fastest. This is brought on by the expansion of logistics in ASEAN nations as well as the presence of major economies like China and India. The region's robust government support for the logistics industry also helps the sector thrive.
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