Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Freight Transport Market size is expected to reach $57.1 billion by 2028, rising at a market growth of 10.8% CAGR during the forecast period.
The Solution segment is showcasing a CAGR of 12.8% during (2022 - 2028). This is due to the widespread deployment of cutting-edge freight transport management technologies. Systems for managing freight transportation enable companies from a variety of industries to reduce the cost of shipping cargo, increase the effectiveness of deliveries, and offer real-time supply chain information.
The Roadways segment acquired maximum revenue share in the Global Freight Transport Market by Mode of Transport in 2021 thereby, achieving a market value of $34.4 billion by 2028. Due to the lesser capital investment required compared to other forms of transportation, it also guarantees cost-effectiveness. This form of transportation also has a huge carrying capacity, which makes it a popular option for moving freight. The expansion of this market segment is also being aided by the rising efforts made by governments around the world to promote road travel.
The Retail & E-commerce segment has shown the growth rate of 9.2% during (2022 - 2028). The retail and e-commerce industries use freight transportation to move goods like food, technology, personal care items, furniture, and clothing. There is a lot of room for growth in the retail and online business sectors. Venture capitalists (VC) from all over the world invest heavily in e-commerce logistics firms in order to fulfill this potential.
The North America market dominated the Global Freight Transport Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $19.4 billion by 2028. The Europe market is experiencing a CAGR of 10.6% during (2022 - 2028). Additionally, The Asia Pacific market would display a CAGR of 11.4% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of C.H. Robinson Worldwide, Inc., Deutsche Post DHL Group (The Deutsche Post AG), FedEx Corporation, Kuehne + Nagel International AG (Kuehne Holding AG), United Parcel Service, Inc., SAP SE, Oracle Corporation, Schneider National, Inc., DSV A/S, and Nippon Express Co., Ltd.
By Mode of Transport
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