Global Intermodal Freight Transportation Market: Snapshot
The global market for intermodal freight transportation, with the possibility of integrating multiple modes of transport, provides a flexible option for effectively handling the changing requirements of supply chain management in global markets. The market is witnessing the influence of information and telecommunication technologies in the form of the increased level of integration of supply chain processes and the modes supporting them. The sector is also increasingly shifting its focus from primarily on the effective maintenance of infrastructure components to processes and systems, becoming more viable and gaining more prominence across a number of new application sectors.
There has been a massive rise in trailer and container traffic across global railroads over the past few decades and intermodal freight transportation continues to play a significant role in the movement of freight in present times as well. With the significant rise in global imports and exports and an overall rise in regional, domestic, as well as international logistics, the global market for intermodal freight transport is expected to witness a significant rise in growth avenues in the next few years.
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The market could witness massive growth opportunities in developing economies across regions such as Asia Pacific and Latin America owing to the increased focus on development of intermodal infrastructure to complement the expanding supply chains and thriving industrial sector. The market could also benefit from the rising globalization of small and large businesses from distant corners of the globe.
Intermodal freight transportation which is an important part of freight management mainly involves use of two or more modes that aims at moving a shipment from original position to the assigned destination. Intermodal freight transportation and intermodal passenger transportation are two types of intermodal transportation. Intermodal freight transportation market mainly deals with transportation of freight in a vehicle or intermodal container which makes use of multiple transportation modes that includes ship, truck and rail. With the globalization of trade, various modes of transportation have changed from the traditional transportation that was done only through huge vehicles and truck. Currently, the shippers require more high capacity, safe and flexible transportation options. Hence, due to globalization, various companies are trading at international scale and thousands tons of various products are transported all over the world. Therefore, to transport such huge amount of product, a safe and reliable transportation mode is required. Hence intermodal transportation mode finds it application as it fulfills these requirements because majority of transportation is done via railways which are not only safe but reliable. Freight transportation forms an important part in the development of any economy. In addition, the freight transportation system has evolved due to various technological advancements which includes liquid threat scanners, containerization, route manage optimizers and vehicle tracking among others.
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Global Intermodal Freight Transportation market has been segmented on the basis of solution, service, mode and end user industry. By solution, the market is further bifurcated into freight security, fleet management, intermodal terminals, intermodal dispatch, warehousing and others .On the basis of service, the market is segmented into customization, managed and consulting services. By mode segment is further bifurcated into Truck–Air, Truck–Water, Truck–Rail and others. End user segment is further segregated into oil and gas, aerospace and defense, industrial and manufacturing, construction, chemical, food and beverages, healthcare and others. Need of more safe, reliable and efficient transportation system is boosting the demand of global Intermodal Freight Transportation market. Efficient transportation system aims at decreasing the time spent on freight management which in turn can be invested in carrying out the warehouse duties more efficiently. Rising trend of containerization is another factor driving the global Intermodal Freight Transportation market as containerization facilitates easy handling of goods. However, growth in domestic intermodal transportation market followed by free trade agreements is other factors driving the global Intermodal Freight Transportation market. Lack of intermodal transportation training and knowledge followed by reluctance in adopting new ways of transportation are acting as restraining factors in the growth of global Intermodal Freight Transportation market. Shippers now days are focusing on developing Geospatial Intermodal Freight Transportation (GIFT) which serves as opportunity for the global Intermodal Freight Transportation market. In addition, evolution of multimodal transportation is also acting as an opportunity factor in the growth of global Intermodal Freight Transportation market
Geographically, global Intermodal Freight Transportation market has been segmented into North America, Europe, Asia Pacific, Middle- East and Africa (MEA) and Latin America. In 2016, North America held the largest share of the Intermodal Freight Transportation market owing to increase in transportation by railroad which is the most convenient mode of intermodal transport for freight .The U.S is the largest contributor in this regional market. Europe is expected to be the fastest growing market for global Intermodal Freight Transportation owing to the rapid adoption of intermodal freight transportation in this region. All these factors are expected to increase the demand of Intermodal Freight Transportation market during the forecast period from 2017- 2025.
The major players operating in the global Intermodal Freight Transportation market includes Aljex Software, Inc(The U.S) ,GE Transportation(The U.S) , Cognizant (The U.S) , Trinium Trucking Systems (IAS) (The U.S) , Motorola Solutions, Inc. (The U.S) , Wisetech Global(Australia), Maersk Line(Denmark), DHL(Germany), TMW Systems, Inc(The U.S) and JB Hunt Transport (The U.S) among others.
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