Cargo Freight and Logistics Market Trends 2023- Global Industry Share, Size, Revenue, Scope, Challenges, Opportunity and Forecast by 2032


Cargo Freight and Logistics Market Trends 2023- Global Industry Share, Size, Revenue, Scope, Challenges, Opportunity and Forecast by 2032: SPER Market Research

 Published: Mar-2023
 Author: SPER Analyst

Global Cargo Transportation Market is projected to be worth USD 19.31 billion by 2032 and is anticipated to expand at a CAGR of 4.94%.

Cargo shipping is the use of a ship to transport consumables, products, and cargo from one port to another. Per tonne, shipping is the most cost-effective means of transportation. Long-distance mobility that is both economical and efficient while having a low environmental impact is recommended. The most major advantage of freight transport is the ability to transfer huge cargo that cannot be carried by road or air. Cranes and other comparable machinery are often fitted on cargo ships for loading and unloading cargoes. 

The cargo shipping industry is being prompted by variables such as an increase in international marine freight transit, an increase in demand for transportation of goods via ships, and an increase in trade-related agreements. However, increases in transportation and inventory costs, as well as worldwide trade wars, hinder business growth. Additionally, automation in maritime transportation, an increase in maritime safety regulations, and the expansion of the digital freight forwarding sector all create profitable market possibilities. 

Furthermore, the expansion of e-commerce and entrepreneurial endeavours has increased need for specialised freight transportation and supply chain execution skills. Shippers profit from outsourcing freight transport services because they save money on logistics, inventory, and fixed expenses. As a result of their inability to manage global supply chain operations, some corporations have outsourced freight transport activities. Cargo transportation businesses provide enhanced and creative ways to optimise the efficacy of services, including benefits such as lower capital expenditure, door-to-door service, flexibility, and less danger of damage during transit.

Earlier to the COVID-19 event, the logistics sector experienced massive growth as a result of increasing international demand for consumer goods. Yet, the pandemic, which was followed by a quarantine, had a considerable effect on distribution and manufacturing routes. The worldwide market's progress is based primarily on major businesses and production units. Market expansion is now impeded by distribution concerns as well as an outbreak. Additionally, the market has delayed due to a lack of drivers, operators, and trying to move men during the lockdown. Intermodal transport industry trends are presently challenging in many countries is due to government-imposed lockdowns, limited movement, and a lack of labour. With the lifting of lockdowns, a quick recovery is expected.

Cargo Transportation Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; APL, Crowley Maritime Corporation, DB Schenker, Dextra Group, DSV, Expeditors International, Global Shipping Services, LLC, IB Cargo, ISDB Logistik GmbH, Lynden STA Logistic, Orient Overseas Container Line Limited, PANALPINA WORLD TRANSPORT (HOLDING) LTD, R Group, Schumacher Cargo Logistics, TAD Group

Global Cargo Transportation Market Segmentation:

By Mode Of Transportation: Based on the Mode of Transportation, Global Cargo Transportation Market is segmented as; Rail Transportation, Road Transportation, Seaborne Transportation, Air Transportation

By Deployment: Based on the Deployment, Global Cargo Transportation Market is segmented as; Cloud, On-Premise

By Solution: Based on the Solution, Global Cargo Transportation Market is segmented as; Transportation Cost Management, Transportation Security and Monitoring System, Transportation Mobility Solution, Warehouse Management System, Transportation 3PL Solutions, Other Solutions

By End-Use Industry: Based on the End-Use Industry, Global Cargo Transportation Market is segmented as; Aerospace and Defence, Automotive, Consumer and Retail, Energy and Power, Food and Beverage, Oil and Gas, Other End User

By Region: Asia-Pacific now leads the cargo transportation business, followed by Europe, North America, and LAMEA. Due to a growing number of advantageous trade agreements and rising demand for crude oil, Asia-Pacific is likely to retain its worldwide market dominance, notably in China, South Korea, and Japan.

Asia-Pacific includes China, Japan, India, South Korea, and the rest of the region. Countries in the remainder of Asia-Pacific include Indonesia, Singapore, Thailand, Vietnam, and Malaysia. Because of its vast population and massive industry base, China has the largest logistics market in the area. The regional market's expansion is mostly due to the burgeoning e-commerce industry in emerging economies. Furthermore, the region's rising use of outsourced logistics services is propelling the Asia-Pacific cargo shipping industry forward. Furthermore, an increase in disposable income is predicted to stimulate increases in demand for commodity and finished products imports, which will complement seaborne commerce in emerging economies, propelling market expansion.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.

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