North America Freight Logistics Market Share, Trends, Revenue, Scope, Growth Drivers, Challenges and Future Investment Opportunities Till 2033


North America Freight Logistics Market Share, Trends, Revenue, Scope, Growth Drivers, Challenges and Future Investment Opportunities Till 2033: SPER Market Research

 Published: Apr-2024
 Author: SPER Analyst

North America Freight and Logistics Market is projected to be worth USD XX billion by 2033 and is anticipated to surge at a CAGR of 4.79%.

The complex web of procedures involved in moving and managing commodities from their point of origin to their destination is referred to as freight and logistics. It covers a number of steps, including distribution, inventory management, warehousing, and transportation. Employing a combination of trucks, trains, ships, and airplanes, freight logistics providers are essential to the efficient movement of commodities along local, regional, and global supply chains. In freight and logistics operations, organizations must prioritize efficiency and dependability in order to meet consumer needs while minimizing costs and optimizing delivery times.

North America Freight and Logistics Market Driving Factors and Challenges

Drivers: The need for warehouses and distribution facilities for e-commerce drove a significant increase in transportation and storage in North America, from 14.31% YoY in 2021 to 21.35% YoY in 2022. With 86% of the GDP generated by the transportation and storage industry in North America, the United States is the country that contributes the most to this sector's GDP in the continent. Six times as much is contributed by the US as by Canada and Mexico put together. Growing reverse logistics activities and the e-commerce sector E-commerce is the term for online purchasing and selling of commodities. Shipping goods to customers is included in the services offered by third-party logistics providers.

Challenges: The North American freight and logistics industry faces several significant obstacles due to a combination of factors such as limited infrastructure, complex laws, and evolving consumer needs. One of the main issues is the strain on infrastructure, such as ports, trains, and highways, which are often congested and outdated and result in inefficiencies and delays in the flow of goods. Regulations requiring compliance, such safety guidelines and customs procedures, frequently make supply chains more intricate and costly. Furthermore, because e-commerce has expanded so quickly, customer behavior has also changed. As a result, logistics providers now need to offer faster delivery times and greater insight into the shipping process.

Impact of COVID-19 on North America Freight and Logistics Market
The freight and logistics market in North America was affected by the COVID-19 outbreak. Widespread lockdowns and restrictions caused supply chains to break, which reduced demand for specific commodities and shifted consumer behavior to online shopping. This unexpected surge in e-commerce placed an unprecedented strain on logistics networks, particularly last-mile delivery services, as a result of customers' need for contactless delivery options. Furthermore, travel restrictions and border closures made it harder for goods to move, exacerbating the already bad traffic at ports and border crossings. The epidemic also exposed flaws in supply chains, which made companies reevaluate their sourcing strategies and set aside money for resilience projects like diversification and digitization.

North America Freight and Logistics Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; C.H Robinson DB Schenker Deutsche Post DHL Group DSV A/S (De Sammensluttede Vognmænd af Air and Sea) Expeditors International FedEx GXO Logistics J.B.Hunt Transport Services Inc. Kuehne + Nagel Ryder Systems United Parcel Service XPO Logistics Others.

North America Freight and Logistics Market Segmentation:

By End User: Based on the End User, North America Freight and Logistics Market is segmented as; Agriculture, Fishing and Forestry, Construction, Manufacturing, Oil and Gas, Mining and Quarrying, Wholesale and Retail Trade, Others.

By Logistics Function: Based on the Logistics Function, North America Freight and Logistics Market is segmented as; Courier, Express and Parcel, Freight Forwarding, Warehousing and Storage.

By Region: This research also includes data for US, Canada, Rest of North America.

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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