Cargo Transportation Market: Introduction
- Cargo transportation is freight or shipment transportation that is used to transport cargo from one place to another. Cargo transportation includes transport of goods, raw material, finished products, and other such material between manufacturers, distributors, retailers, and end-users. Budding bilateral trade coupled with revised trade policies are key factors that are anticipated to drive the global cargo transportation market.
- Cargo transportation includes various modes of transportation and requires special equipment, escort, cargo space, permits, machinery, advance agreements, and knowledge. Cargo transportation for roadways includes various types of vehicles such as pick-up trucks, lorry tanks, dry van trucks, flatbed trucks, truck trailers, and refrigerated trucks.
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Key Drivers of Cargo Transportation Market
- The efficient movement of cargo transportation is essential to any economy and to the quality of life. Therefore, several players in the cargo transportation market are introducing a cost-effective cargo transportation management system that supports not only large players but also small and local players to compete proficiently at the global arena. This, in turn, is expected to boost the global cargo transportation market.
- Rise in industrialization and expansion of the construction industry are key factors that are estimated to propel the cargo transportation market during the forecast period. Moreover, rapid expansion of transport facilities across the globe, owing to urbanization and technological reforms during the past decade, have fueled the demand for transport of goods and commodities. This, in turn, is expected to propel the cargo transportation market during the forecast period.
- Increased demand for rail transportation is attributed to its advantage over other modes of transportation such as performance, energy consumption, and safety. Advancements in a wide range of rail cargo transportation management solutions designed for small cargo trains, intermodal lines, among others owing to a rise in rail cargo transportation, are anticipated to boost the global cargo transportation market during the forecast period. Major players including DXC Technology and Goal Systems are offering rail cargo transportation management products in order to cater to the expansion of the cargo transportation market.
- Rise in trade among countries around the world and noteworthy import and export owing to globalization are driving the global cargo transportation market, in terms of all means of transport, during the forecast period. However, higher initial capital investments and maintenance of entire cargo transportation and process are projected to hamper the cargo transportation market during the forecast period.
Global Cargo Transportation Market: COVID 19 Impact
- The coronavirus pandemic resulted in forced lockdown of manufacturing and production facilities globally. Therefore, the demand for cargo transportation from construction, automotive industries declined; however, coronavirus pandemic outbreak has prompted consumers across globe to opt for online shopping trends owing to safety concerns. This has increased the demand for cargo transportation from food & beverage and pharmaceutical industries, thereby boosting the market in 2022. The trends towards e-commerce is likely to increase and consequently drive the cargo transportation market globally during the forecast period.
North America to Account for Prominent Share of global Cargo Transportation Market
- In terms of region, the global cargo transportation market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- North America is anticipated to dominate the global cargo transportation market. The U.S. is estimated to account for a significant share of the market in North America. This major share is attributed to expansion of the retail sector due to majority firms adopting digital business practices and adopting online business channels. Advancements of technology in IT and cloud computing sectors is boosting the cargo transportation market in the U.S.
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Key Players Operating in Cargo Transportation Market
The global cargo transportation market is concentrated owing to the presence of prominent transportation service providers. A few key players operating in the global cargo transportation market are:
- Amerijet International
- Crowley Maritime Corporation
- DB Schenker
- Dextra Group.
- 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.
- Spedition Bohnet GmbH
- TAD Group
- Zoey Logistics
- Other Key players