Freight Transport Market Trends, Forecast, and Growth 2031

The Freight Transport Market size is projected to reach US$ 71.37 billion by 2031 from US$ 30.14 billion in 2023. The market is expected to register a CAGR of 11.4% in 2023–2031. The rising development of the retail and e-commerce industry is anticipated to drive the growth of the freight transport market over the forecast period.

Freight Transport Market Analysis

Freight transport is one of the key components in the supply chain and logistics system. The process involves transportation modes such as roadways, railways, seaways, and airways. It is leveraged for transferring freight to distant locations, and hence, it is employed in the automotive, retail, pharmaceuticals, energy, e-commerce, and aerospace sectors. Growing preference for online shopping is anticipated to drive the growth of the freight transport market globally.

Freight Transport Market Overview

The growing e-commerce and retail industry and increasing demand for product transport services in remote and distant locations are driving the growth of the freight transport market globally. The increasing number of transportation and logistic companies and their business strategies to expand service reach are also driving the demand for the freight logistics market globally. The freight logistics market is segmented by offering, mode of transport, and end use industry. In terms of offerings, the market is categorized into solutions and services. Based on the mode of transport, the market is classified into railways, roadways, seaways, and airways. In terms of end use industry, the freight transport market is segmented into retail & e-commerce, food & beverage, automotive, aerospace & defense, pharmaceuticals, energy, and others.

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Freight Transport Market: Strategic Insights

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Freight Transport Market Drivers and Opportunities

Growing E-Commerce Industry is Expected to be the Prime Driver for the Freight Transport Market

The developing consumer preference for shopping online and changing consumer purchase patterns from physical shops to online stores and apps is a key factor supporting the growth of e-commerce facilities globally. Also, there was an increase in cross-border e-commerce activities as consumers purchased products from international markets and had items delivered locally using freight transport services. Appeal and accessories, food and beverages, cosmetics and personal care products, medicines and drugs, books, and electronic appliances are major sourced items globally using e-commerce facilities, which is increasing the demand for proper freight transport services worldwide.

Application of AI and Cloud-based Software and Process Automation

The freight transport industry is on the edge of substantial technological evolution. The industry has undergone enormous growth in the last decade owing to rapid urbanization, globalization, and increased development of e-commerce. In addition, the rise of automation and cutting-edge technologies have made it mandatory for companies to adopt digitization to remain competitive in the market.

Freight transport is a complex process that allows the distribution of multiple goods and information across the network of carriers, suppliers, and warehouses. The complexity can be processed by employing software systems, which support the analysis of real-time data regarding the overall supply chain procedure. The engagement of software systems primarily improves lead times, supports resolving warehousing issues, lowers excess inventory levels, and reduces inventory expenditure. In the coming years, freight transport companies are anticipated to shift toward automation to reduce paper record systems and manual intervention in the overall procedure. For instance, transport management software and warehouse management software are some of the major software utilized to streamline the overall operation of the freight transport market globally.

Freight Transport Market Report Segmentation Analysis

Key segments that contributed to the derivation of the freight transport market analysis are offering, mode of transport, and end use industry.

• Based on the offering, the freight transport market has been divided into solution and services. The services segment held a larger market share in 2023.
• Based on the mode of transport, the freight transport market has been divided into railways, roadways, seaways, and airways. The roadways segment held a larger market share in 2023.
• In terms of end use industry, the market has been segmented into retail & e-commerce, food & beverage, automotive, aerospace & defense, pharmaceuticals, energy, and others. The retail & e-commerce segments dominated the market in 2023.

Freight Transport Market Share Analysis by Geography

The geographic scope of the Freight Transport Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia Pacific led the freight transport market in 2023. The Asia Pacific region includes China, India, Australia, Japan and South Korea. The high presence of freight transport companies and the growing e-commerce and retail sectors are some fo the major drivers for the freight transport market in the Asia Pacific. Additionally, rapid urbanization and increasing consumer preference for online shopping and internationl brands are also contributing to the development of the freight transport market in the Asia Pacific. Growing development in the pharmaceutical sector is one of the reasons fueling the demand for freight transport, as consumers are inclined towards procuring medication from international brands. Additionally, development in the rural and outskirt areas and the growing service reach of freight transport companies are also having a positive impact on the freight transport market in the Asia Pacific region.

Freight Transport Market Regional Insights

The regional trends and factors influencing the Freight Transport Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Freight Transport Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Freight Transport Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Freight Transport Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Freight Transport Market are:

1. CEVA Logistics
2. Nippon Express Holdings
3. FedEx Corporation
4. DB Schenker Logistics
5. DSV A/S
6. Kuehne + Nagel International AG

Disclaimer: The companies listed above are not ranked in any particular order.

Freight Transport Market News and Recent Developments

The Freight Transport Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Freight Transport Market and strategies:

• On July 2022, CEVA Logistics acquired Spedag Interfreight. (Source: CEVA Logistics, Press Release/Company Website/Newsletter)
• On August 2022, DSV opened a new logistic facility in Cape Town, South Africa. (Source: DSV, Press Release/Company Website/Newsletter)

Freight Transport Market Report Coverage and Deliverables

The “Freight Transport Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles with SWOT analysis