Freight and logistics are important processes in the transportation industry for safe and rapid delivery of commodities at low cost. Rising consumer expectations, new business models, and new technologies and other market dynamic variables are discussed for projecting the scope of the Freight and Logistics Market by Market Research Future (MRFR) for the period of 2022 to 2030 (forecast period). The sudden outbreak of the COVID-19 virus and its impact is analyzed in the report.
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The global freight and logistics market is expected to grow at a CAGR of 3.5% during the forecast period. It was valued at USD 13.2 billion in 2018. Rise in international trade, economic growth of developing and developed nations, and adoption of technological advances in safe transport of commodities are major drivers of the market. Rising customer demand for last-mile delivery of goods at low or zero costs are expected to create demand in the market. Online shopping and the explosion of the ecommerce industry are likely to be able to delivery of goods in a customized manner.
Utilization of a deluge of technologies ranging from automation to internet of things will continue to foster the growth of the global freight and logistics industry. The use of RFID tags and smartphones for monitoring the location of goods while providing transparency to customers and delivery agencies can fuel the market growth.
The global freight and logistics market has been segmented, based on region, into Europe, North America, the Middle East Africa (MEA), Asia Pacific (APAC), and South America.
APAC holds the largest market share in 2018 and is expected to maintain its dominancy during the forecast period. The market growth is attributed to the expanding e-commerce and retail sector in emerging countries of India, China, and others. As per Indian Brand Equity Foundation (IBEF), the e-commerce sector is growing more than 50% growth rate annually and will reach a value of USD 200 billion by 2026.
Europe is expected to contribute to the global freight and logistics market owing to the establishment of logistics service providers and partners in trading countries. It currently holds the second-largest market share. Rise in spending of customers, decline in road freight rates, and the outbreak of the COVID-19 pandemic can play a pivotal part in the market.
The global freight and logistics Industry has been segmented based on shipping type, service, and end-use industry.
By shipping type, the global freight logistics market has been segmented into airways, railways, roadways, and waterways. The waterways segment is expected to hold largest market share and will show highest growth rate owing to the expansion of cold chain logistics and growing demand for perisables.
Based on service, the global freight and logistics market is segmented into warehousing, transportation, inventory management, packaging, custom clearance, distribution, and others. The warehousing segment holds the dominant share owing to the growing cold chain logistics infrastructure and capacity of storing perishable goods and non-perishable goods.
Based on end-use industry, the market has been segmented into banking and financial services, energy utilities, trade and transportation, healthcare, manufacturing construction, retail, media and entertainment, government and public utilities, telecommunication information technology, and others. The manufacturing construction segment holds the largest market share due to the growing import/export of raw materials and improvement of supply chain through continuous analysis of data.
FedEx Corp., United Parcel Service, Deutsche Post DHL, DB Schenker Logistics, Panalpina, C.H. Robinson, The Maersk Group, Kuehne+ Nagel, Nippon Express, Walmart Group, DSV Global Transports and Logistics, and others are key players of the global freight and logistics market. Collaborations and acquisitions are major strategies of players in the market for sustaining their position in the coming years.
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