The cargo transportation industry is growing continually. Market growth attributes to the rising need to create the highest levels of confidence around cargo transportation and visibility from order to cargo deliverance processes. Logistic businesses worldwide are flourishing with rapid digitization and automation. Growing uses cargo transportation services across industries, and logistic businesses escalate the market growth.
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
Advances in Technologies and Production Manufacturing Processes Scale-up Cargo Transportation Market
Additionally, the rising need for improved productivity, performance and security of logistics-intensive businesses bolster the growth of the market. Logistics service providers (LSPs) that find it difficult to shell out high transportation costs and an inferior customer experience create substantial market demand. Increasing adoption of cargo transportation services to plan, allocate, and execute shipments, push the market shares.
Furthermore, the rising demand for software-as-a-service solutions to route, schedule, track, and measure delivery resources boosts market size. Forward-looking companies constantly think about creating value with innovations that can take customer experience to the next level. Increasing demand for advanced solutions that can monitor the location and other critical cargo parameters like acceleration events pushes the market size further.
Global Cargo Transportation Market — Segmentation
The report is segmented into types, shipment categories, applications, and regions. The type segment is sub-segmented into rail transportation, road transportation, air transportation, and sea transportation.
The shipment category segment is sub-segmented into freight, parcel, express, and others. The application segment is sub-segmented into construction mining, oil gas, healthcare, food beverages, and others. The region segment is sub-segmented into North America, Europe, Asia Pacific, and the Rest-of-the-World.
Global Cargo Transportation Market — Regional Analysis
North America dominates the global cargo transportation market. The largest market share attributes to the increasing industrialization and increasing commercial military activities in the region. Besides, the rapidly increasing investments and demand for cargo transportation propel the regional market.
Global Cargo Transportation Market — Competitive Analysis
Highly competitive, the cargo transportation market appears to be fragmented, with several well-established players forming a competitive landscape. These players incorporate strategic approaches such as mergers acquisitions, collaboration, partnership, expansion, and product/ technology launch to maintain their positions and gain a competitive advantage in this market. These players focus on new product development initiatives and geographical expansion.
Players leading the global cargo transportation market include 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), and CEVA Logistics (UK), among others.
Industry/ Innovation/ Related News
July 21, 2021 — — Arkema (France), a major specialty materials manufacturer, announced a partnership with Nexxiot AG, a leading digital logistic solutions provider, to revolutionize chemical transportation using sustainable cargo transports. Arkema would now harness Nexxiot logistics digitization capabilities, such as IoT devices and intelligent cloud platforms, to digitize its Isotank (tank container) and rail freight wagon fleet. The partnership would deliver end-to-end visibility for Arkema customers to improve quality standards and transform the overall service experience.