ID: MRFR/PNT/8714-HCR | 185 Pages | Published By Snehal Singh on March 2023
cargo transportation market size is registered as $23.69 billion and is expected to grow at a CAGR of 9.67 % during the forecast period 2021-2028
2021 - 2028
In 2019, the global cargo transportation market size is registered as $23.69 billion and is expected to grow at a CAGR of 9.67 % during the forecast period 2021-2028.
Cargo transportation is shipment transportation that transports cargo from one place to another. Transporting of goods, raw materials, finished products, and other such materials between distributors, manufacturers, retailers, and end-users. This transportation includes various modes of transportation and there is a requirement of special equipment, cargo space, escort, permits, machinery, knowledge, advance agreements, and a few more for transporting the products.
Various types of vehicles like lorry tanks, pick-up trucks, flatbed trucks, dry van trucks, refrigerated trucks, and flatbed trucks are used for roadway cargo transportation. Rail transportation has increased demand for its performance, energy consumption, and safety. About 90% of the world’s trade is transported via the sea, cargo shipping. In the first quarter of 2020, The Ministry of Commerce of China report states that freight trains between China and Europe are increased by 15% to 1,941 and transported containers by 18% to 174,000.
The COVID-19 outbreak has severely affected most of the business sectors. To control the spread of the virus, most of the countries imposed stringent regulations like lockdown, maintaining social distance, manufacturing industries shut down, transportation bans, and many more. The cargo transportation market is also drastically impacted by this pandemic. Before the activation of the COVID-19 situation, due to the increasing demand for consumer goods all over the world, the logistics market was highly demanded and has major growth. But due to lockdown, the manufacturing and distribution channels have been disrupted to a lot of extents.
Moreover, as the growth of the global market is highly dependent on the core industries, and manufacturing units, the pandemic has restricted the production of these industries and slumped the growth. However, the market gets slower due to the lack of drivers, moving men, and operators. The lockdown restrictions lead to a lack of manpower and restricted movement in various countries has become challenges to the growth of the cargo transportation market. Further, due to the reduced corona cases, the lockdowns are lifted and rapid recovery can be observed.
Growing industrialization and expansion of the construction industry are the major factors driving the cargo transportation market growth. Introducing a cost-effective cargo transportation management system for encouraging small and local players along with large players is propelling the market growth. Budding bilateral trade along with revised trade policies are the factors driving the market growth. Due to the urbanization and technological reforms during the past decade, there is a rapid expansion of transport facilities across the globe is boosting the growth of the market.
Increasing demand for consumer goods and outsourced products is one of the growth driving factors of the cargo transportation market. Growing demand for outsourcing and foreign trading is boosting the growth of the market. Due to the increase in rail cargo transportation, introducing advanced technologies in rail cargo transportation management solutions for small cargo trains, and intermodal lines are expected to accelerate the market growth. Due to globalization, growing trade among countries around the world and noteworthy import and export are enhanced the market growth during the assessment period.
High capital investments and maintenance of entire cargo transportation are expected to limit the market growth. Duration time, huge vehicles covering long miles on road, and various anticipatable obstacles for long transportation are the factors restraining the market growth. Moreover, most of the nations include the bad condition of inter-state highways and driveways is also hindering the market growth.
Upgrading the technologies to enhance the efficiency of the process, rapid urbanization in developing countries, growing investments in infrastructural developmental call for rising requirements, investment in better connectivity and communication are the opportunities of the global market.
Increasing demand for renewable energy resources for vehicles to reduce emissions and the new technologies make the operation costlier are the major challenges of the market.
The global cargo transportation market has been divided into four segments based on type, shipment category, application, and region.
The cargo transportation market types are classified into four types such as rail transportation, road transportation, air transportation, and sea transportation. Among them, the rail transportation segment is accounting the largest market share during the review period.
The cargo transportation based on shipment category is bifurcated into a few types as freight, parcel, express, and others. Out of these segments, the freight segment is holding the largest market share during the forecast period due to the growing industrialization in India and China.
The cargo transportation by application is categorized into construction and mining, oil & gas, healthcare, food & others. Due to the rapidly rising construction and mining projects, the construction and mining segment is dominating the highest market share during the assessment period.
Region-wise, the cargo transportation market is divided into five main geographies such as Asia-Pacific, North America, South America, Europe, and the Middle East & Africa. Among them, North America is leading the market due to the major construction in the country, and advancement in technology.
Geographically, the global cargo transportation market based on regions is segmented into five major regions like North America, South America, Europe, Asia-Pacific, and the Middle East & Africa. Out of these regions, North America is holding the highest cargo transportation market share due to the major constructions around the country, trucks bearing the maximum tonnage of transportation, the presence of developing cities and faster infrastructure growth, expansion of the retail sector in the US, rising demand for consumer goods, and advanced technologies. Moreover, most of the firms are adopting digital business practices and adopting online business channels, and technology advancements in cloud computing and IT sectors are propelling the market growth in this region.
Asia-Pacific region is the fastest-growing region due to the huge population in emerging countries like India and China. Developing cities and infrastructure is faster in these countries compared to others and steady growth in demand for consumer goods are boosting the market growth in this region. Apart, government support, the biggest exporter of goods be China, with growing industrialization and urbanization, presence of various key players, rising market demand, growing infrastructural development activities, rising investments in the trade industry and manufacturing industry are accelerating the market growth in this region.
This global cargo transportation market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the cargo transportation market drivers, restraints, challenges, and opportunities. The cargo transportation market forecast segments into four forms as type, shipment category, application, and region.
The cargo transportation market trends have been segmented into four forms globally based on the type, shipment category, application, and region.
Rail transportation, road transportation, air transportation, and sea transportation are the four types of market.
Freight, parcel, express, and others are the few shipment categories.
Construction and mining, oil & gas, healthcare, food & others are a few applications.
Asia-Pacific, Europe, North America, South America, and the Middle East & Africa are the five main geographies included in the global market.
|Market Size||2030: Significant Value|
|CAGR||9.67% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Type, Shipment Category, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Amerijet International Airlines (US), Crowley Maritime Corporation (US), DSV Panalpina A/S (Germany), Expeditors (US), Bohnet GmbH (Germany), Schumacher Cargo Logistics Inc. (US), APL (US), Orient Overseas Container Line Limited (Hong Kong), Panalpina Welttransport Holding AG (Switzerland), ISDB Logistik GmbH (Germany), Accenture PLC (Ireland), Manhattan Associates (US), CEVA Logistics (UK)|
|Key Market Opportunities||
|Key Market Drivers||
The cargo transportation market is growing at a CAGR of 9.67% for the forecast period of 2022-2030.
Amongst the various modes of transportation the in-land interstate trucks are the most heavily used transportation for shipping cargo
The Asia-Pacific (especially China) is the fastest region to gain phenomenal cargo transportation market growth.
Crowley Maritime Corporation (US), Expeditors (US), Schumacher Cargo Logistics Inc. (US), Orient Overseas Container Line Limited (Hong Kong), ISDB Logistik GmbH (Germany), Manhattan Associates (US), Amerijet International Airlines (US), DSV Panalpina A/S (Germany), Bohnet GmbH (Germany), APL (US), Panalpina Welttransport Holding AG (Switzerland), Accenture PLC (Ireland), and CEVA Logistics (UK).