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What Is The Predicted Market Size Of The Freight Transport Industry By 2029?

Over the past few years, the size of the freight transport market has quickly expanded. The projections forecast escalating growth from $34.82 billion in 2024 to $38.72 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.2%. Factors like the expansion of globalization and international trade, economic advancement and industrial development, infrastructure progression undertakings, heightened production activities, as well as the enforcement of environmental regulations have contributed to the significant growth experienced in the historic period.

The market size of freight transport is predicted to experience a swift expansion in the forthcoming years. The sector is projected to surge to $61.24 billion by the year 2029, exhibiting a compound annual growth rate (CAGR) of 12.1%. The anticipated growth in this forecast period can be credited to a shift towards eco-friendly transportation, concentration on final-mile delivery solutions, regulatory promotion of sustainable transport methods, an escalation in transport infrastructure investment, and advancements in self-driving vehicles. Dominant trends within this forecast period encompass the integration of IoT into logistics, the utilization of blockchain in supply chains, digital technology adoption, data-driven decision-making processes, real-time tracking and transparency, and collaborations and partnerships.

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Which Growth Drivers Are Shaping The Freight Transport Market Outlook?

The expansion of the e-commerce sector is speculated to enhance the freight transport market in the future. Freight transport refers to the overarching delivery of products using land-based transport within a specific network. The growth of e-commerce has raised the demand for logistics and freight transport services. As an example, in August 2023, the United States Census Bureau, a government agency based in the US, reported that during the second quarter of 2024, the sales in the US retail e-commerce sector hit $291.6 billion. This suggests a 1.3% rise from the preceding quarter and a 6.7% surge compared to the same time in 2023. Additionally, total retail sales were assessed at $1,826.9 billion, indicating a 0.5% surge from the first quarter and a 2.1% yearly growth, with e-commerce comprising 16.0% of the total sales. This reinforces that the burgeoning e-commerce sector is propelling the freight transport market.

How Is The Global Freight Transport Market Broken Down By Segment?

The freight transportmarket covered in this report is segmented –

1) By Offering: Solution, Services

2) By Mode Of Transport: Railways, Roadways, Seaways, Airways

3) By Vertical: Retail And E-commerce, Automotive, Aerospace, Pharmaceuticals, Energy, Other Verticals

Subsegments:

1) By Solution: Freight Management Software, Transportation Management Systems (TMS), Supply Chain Optimization Tools

2) By Services: Freight Forwarding Services, Warehousing And Distribution Services, Last-Mile Delivery Services, Customs Brokerage Services

Which Trends Are Likely To Redefine Growth Paths In The Freight Transport Market?

The emergence of new technology is an essential factor in the rise in popularity of the freight transport market. Firms in the freight transport field are determined to create new, innovative solutions to solidify their market stance. For example, in May 2022, US software firm ShipBob Inc. introduced a comprehensive, managed freight transportation service driven by Flexport. This system fuses the cross-docking, inventory distribution, and fulfillment networks of ShipBob to organize freight shipping for e-commerce retailers, striving towards speedier shipment times and reduced expenses when transporting inventory from China to the US. FreightBob is crafted to assist e-commerce ventures in handling their freight, bypassing port gridlocks and supply chain impediments, lowering in-transit times, and distributing inventory more effectively.

Who Are The Primary Market Leaders In The Freight Transport Market?

Major companies operating in the freight transport market include 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, Schneider National Inc., C.H. Robinson Worldwide Inc, GATI-KWE, DB Schenker Logistics, XPO Logistics, Expeditors International of Washington Inc., Agility Logistics, 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

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Which Regional Markets Are Emerging As Key Hubs For The Freight Transport Market?

North America was the largest region in the freight transport market in 2024. Asia-Pacific is expected to be the fastest-growing region in the freight transport market during the forecast period. The regions covered in the freight transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

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