Freight Transport Market Revenue to Attain USD 90.57 Bn by 2033

17 Oct 2024

Table of Content

1. Freight Transport Market Revenue and Trends 2. Market Overview 3. Report Highlights of the Freight Transport Market 4. Freight Transport Market Trends 5. Regional Insights 6. Freight Transport Market Coverage 7. Market News

Freight Transport Market Revenue and Trends

The global freight transport market revenue surpassed USD 34.53 billion in 2024 and is predicted to attain around USD 90.57 billion by 2033, growing at a CAGR of 11.31%. The demand for reliable and faster modes of logistics transportation and efficient supply chain management across the countries is driving the growth of the freight transport market.

Market Overview

Freight transport is the facility that can help transport goods or logistics from one place to another with the help of several transportation mediums, including roadways, railways, airways, ships, or via ocean, and multimodal transportation. Freight transportation helps industries and businesses to transport their goods from one place to another. Freight transport and logistics are one of the largest contributors to the expansion of the country's economies. The rise in industrialization, economic developments, e-commerce industries, and international trade between governments are collectively promoting the market.

Report Highlights of the Freight Transport Market

• By offerings, the service segment led the freight transport market in 2023. The increasing demand for freight transport services from the different end-use industries for the efficient shipment, logistics, and transportation for their goods that boosts the growth of freight transport services globally.
• By offerings, the solution segment expects the fastest growth in the market during the forecast period. The rising economic development and the increasing need for efficient transportation solutions boost the growth of the market. The solution segment further includes freight transportation cost management, freight mobility solutions, freight security & monitoring systems, freight information management systems, fleet tracking & maintenance solutions, freight operational management solutions, freight 3PL solutions, and warehouse management systems.
• By mode of transportation, the roadways segment dominated the market in 2023. The roadway transportation medium is becoming more accepted due to its faster and more affordable services. Roadway freight transport can deliver goods to any remote location, which makes it ideal for the number of goods delivered.
• By mode of transportation, the airways segment expects significant growth in the market during the predicted period. Airways logistics provides several benefits, such as rapid delivery, lower risk of damaging goods, and other. The rising e-commerce industry and international trade are driving the growth of airways freight transport.
• By vertical, the retail and e-commerce segment led the freight transport market in 2023. The rising population and the disposable income in the economically developed population are driving the retail and e-commerce industry, which causes the increased demand for reliable supply chains and logistic solutions, which boosts the growth of the market.
• By vertical, the pharmaceutical segment is expecting substantial growth in the market during the predicted period. The rising development in the pharmaceutical industry and the demand for the transportation of medicine, syringes, and other pharma products from one place to another with specialized cold storage vehicles contribute to the expansion of the segment in the market.

Freight Transport Market Trends

The rise in population:

The increasing population and the economic stability in the countries and the people are driving the advancement in industrialization and transportation activities across the countries and are driving the growth of the freight transport market. 

Demand for the logistics and supply chain management:

The increasing demand for efficient logistics and supply chain management from businesses to increase productivity in operations drives the demand for freight transport.

Availability of different types of freight transport:

Some major types of freight transport help in transporting any goods anywhere in the world. Road, railways, air, ocean/ship, and multimodal transport help in transporting goods or products from one place to another.

Market competition:

The increasing market competition in freight transport and logistics management between the leading players with the rapid advancement in technologies and the further intervention of the new regional players in the market is also contributing to the expansion of the market.

Technological advancements:

The rising intervention or adoption of technologies in the growing freight transport market, including AI, machine learning, Internet of Things (IoT), robotics, automation, sensors, and others for improving the performance and real-time monitoring of transporting goods, drives the enhancement in the market.

Regional Insights

North America dominated the freight transport market in 2023. The growth of the market is attributed to the rising demand for efficient and reliable transportation and logistics services, which is driving the growth of freight transport. Regional countries like the United States and Canada have a higher presence of the leading industries and manufacturing units, which causes the higher demand for freight transport and the availability of the freight transport industry leaders in the countries and the rising government intervention in the transportation and logistics industry expansion, and international trade is accelerating the growth of the freight transport market in the region.

Asia Pacific is expected to showcase a significant CAGR during the forecast period. The growth of the market is increasing due to the rising economic development and stability in the regional countries that caused the increase in industrialization and the transport of goods that contributed to the growth of the market. Additionally, the region is experiencing a rise in the e-commerce industry, and the availability of the e-commerce giants is driving the growth of the freight transport market across the region.

Freight Transport Market Coverage

Market News

• In October 2024, The Hong Kong Chamber of Shipping (HKCoS) introduces its establishment in the launch at the COSCO shipping headquarters in Hong Kong.
• In March 2024, DP World launched more than 100 freight forwarding offices around the world. It is a substantial expansion that supports the customer in navigating the complexities of global trade.
• In August 2024, The Syama Prasad Mukherjee Port Kolkata officially launched the Bengal Middle East Express (BMEx), the latest container vessel service connecting Haldia Dock Complex (HDC) with Jebel Ali Port in the UAE.

Market Segmentation

By Offering

• Solution
• Freight Transportation Cost Management
• Freight Mobility Solution
• Freight Security and Monitoring System
• Freight Information Management System
• Fleet Tracking & Maintenance Solution
• Freight Operational Management Solutions
• Freight 3PL Solution
• Warehouse Management System
• Services

By Mode of Transport

• Railways
• Roadways
• Seaways
• Airways

By Vertical

• Retail and E-commerce
• Automotive
• Aerospace and Defense
• Pharmaceuticals
• Energy
• Others

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