Cargo Transportation Market Trends

Global Cargo Transportation Market Overview

Cargo Transportation Market Size was valued at USD 14.10 Billion in 2023. The Cargo Transportation industry is projected to grow from USD 15.46 Billion in 2024 to USD 29.60 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.45% during the forecast period (2024 - 2032). Rapid urbanisation in emerging nations and infrastructure development investments are the key market drivers enhancing market growth.                           

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cargo Transportation Market Trends

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  Capacity Optimisation via Digital Transformation to Drive Market Growth

  
  

Market CAGR for cargo transportation is being driven by capacity optimization via digital transformation. Several carriers are increasingly cooperating with shipping companies that specialise on data collection of cargo movements and vessels, which can enable better cargo routeing and enhanced vessel deployment, among other benefits. Startups like Transmetrics, for example, focus on analysing cargo positioning data to precisely anticipate cargo volumes, which can help carriers avoid empty back-haul journeys. As a result, capacity optimisation of deployed vessels is predicted to increase cargo shipping market income.

According to the Swedish Network for Transport and the Environment, cargo shipping emits less exhaust gas per tonne of goods transported per kilometre than road, rail, or air transport. This kind of transportation is also quite efficient, as a large containership can move an average of 10,000 products and goods on a single voyage. For example, over 7600 vehicles can be handled by a few car carrier ships in a single voyage, as opposed to a fleet of trucks and several miles of rail cars necessary for the same quantity. As a result, the reduced environmental impact and increased efficiency of this shipping technique are significantly driving market expansion.

Moreover, the construction industry is the industrial branch of production and trade that is concerned with the construction, repair, renovation, and maintenance of infrastructures. Because cargo transportation is utilised in the construction industry to carry building equipment and pre-built containers, expansion in the construction industry will drive market growth.

For instance, according to Oxford Economics, a UK-based source of economic forecasting and analysis,  construction expanded by 6.6% in 2021, and it is anticipated to grow by 35% by 2030. As a result, the construction industry's rise is propelling the cargo transportation market.Our cargo transportation service specializes in swift, secure deliveries, ensuring your goods reach their destination with precision and reliability. Experience seamless logistics tailored to your needs, enhancing your supply chain efficiency.

Cargo Transportation Market Segment Insights

Cargo Transportation Type Insights

The  Cargo Transportation Market segmentation, based on type includes rail transportation, road transportation, air transportation, and sea transportation. The roads transportation category accounted for a considerable revenue share in 2022 and is likely to maintain its dominance during the projection period due to the fastest door-to-door services for short distances. It also ensures cost effectiveness because it requires less capital investment than other modes of transportation. Furthermore, this form of transportation has a huge carrying capacity, making it a popular choice for freight transportation. The increased efforts made by governments around the world to encourage road transportation are also contributing to sector growth.

Cargo Transportation Shipment Category Insights

The  Cargo Transportation Market segmentation, based on shipment category, includes freight, parcel, express and others. During the projection period, the freight segment will have the biggest market share, due to the expanding industrialisation in India and China. Freight transportation is the process of transporting commodities, goods, and cargo by land, sea, or air. Truckload, less than truckload (LTL), and intermodal freight cargo are common modes of transportation. Freight is described as goods transported by truck, train, ship, or plane.  Trucks, railway waggons, and huge ships carrying containers are common modes of transport-related with freight shipping.

Figure1: Cargo Transportation Market, by Shipment Category, 2022 & 2032 (USD Billion)                                                            

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cargo Transportation Application Insights

The  Cargo Transportation Market segmentation, based on application includes construction and mining, oil & gas, healthcare, food & beverages and others.  During the evaluation period, the construction and mining category dominated the market due to rapidly growing construction and mining projects.

Cargo Transportation Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Cargo Transportation Market area will dominate this market, owing to the existence of several significant freight solution providers, logistics operators, and e-commerce behemoths in the United States and Canada. Furthermore, market growth is influenced by factors such as the continuing innovation and use of new technologies such as artificial intelligence, near-field communication, and machine learning.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure2: CARGO TRANSPORTATION MARKET SHARE BY REGION 2022 (USD Billion)                             

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Cargo Transportation Market accounts for the second-largest market share due to rising technological breakthroughs, among other things, might be considered some of the critical variables that have contributed to market expansion. Further, the German Cargo Transportation Market held the largest market share, and the UK Cargo Transportation Market was the fastest growing market in the European region

The Asia-Pacific Cargo Transportation Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to Rising industrialisation and urbanisation, as well as increased investment in the commerce and manufacturing industries. Moreover, China’s Cargo Transportation Market held the largest market share, and the Indian Cargo Transportation Market was the fastest-growing market in the Asia-Pacific region.

Cargo Transportation Key Market Players& Competitive Insights

Leading market players are investing heavily in R&D to expand their product lines, which will help the Cargo Transportation Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cargo Transportation industry must offer cost-effective items. Cargo transportation companies offer a variety of other services, such as warehousing, insurance, and tracking. Cargo transportation services are essential for businesses of all sizes to move their goods to market.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the  Cargo Transportation industry to benefit clients and increase the market sector. In recent years, the Cargo Transportation industry has offered some of the most significant advantages to medicine. Major players in the Cargo Transportation Company, including Bohnet GmbH (Germany), Schumacher Cargo Logistics Inc. (US), APL (US), Orient Overseas Container Line Limited (Hong Kong) and others, are attempting to increase market demand by investing in R&D operations.

Hapag-Lloyd AG is a German worldwide shipping and container transportation corporation. Hapag-Lloyd was created in 1970 by the amalgamation of Hamburg-American Line (HAPAG) and Norddeutscher Lloyd. The firm was formed on September 1, 1970, by the merging of two German transportation/maritime companies, Hamburg-American Line (HAPAG), founded in 1847, and Norddeutscher Lloyd, founded in 1857. Hapag-Lloyd has had shareholder changes and a number of mergers with other companies since its inception. For example, in 1998, Hapag-Lloyd was totally acquired by and became a subsidiary of TUI AG (Hanover). In February 2020,  Hapag-Lloyd, a container shipping firm, had introduced a remote reefer supply chain monitoring technology called Hapag-Lloyd LIVE. This real-time monitoring solution was created to promote cold chain transparency by providing customers with a variety of data sets relating to the condition and location of their reefer containers.

Yang Ming Marine Transport Corporation, headquartered in Keelung, Taiwan (ROC), is a Taiwanese container shipping firm. The company was created in 1972 as a shipping line, but it has historical ties to the Qing Dynasty through its merger with the China Merchants Steam Navigation Company (1872-1995). After Taiwan Power Company chose to close its fourth nuclear facility, Yang Ming agreed to provide a service from the Port of Keelung, Taiwan, to the United States for two batches of almost 20 containers each, carrying over 1700 unused nuclear fuel rods, between July and September 2018.  In March 2019, Yang Ming announced the launch of two super large container vessels, YM Warranty and YM Wellspring, with a capacity of 14,000 TEU. These vessels were designed with a nominal capacity of 14,220 TEU, 1000 reefer plugs, and the ability to attain speeds of up to 23 knots.

Key Companies in the Cargo Transportation market include

• Crowley Maritime Corporation (US)


• Expeditors (US)


• Schumacher Cargo Logistics Inc. (US)


• Orient Overseas Container Line Limited (Hong Kong)


• ISDB Logistik GmbH (Germany)


• Manhattan Associates (US)


• Amerijet International Airlines (US)


• DSV Panalpina A/S (Germany)


• Bohnet OmbH (Germany)


• APL (US)


• Panalpina Weltransport Holding AG (Switzerland)


• Accenture PLO (Ireland)


• CEVA Logistics (UK)

Cargo Transportation Industry Developments

In September 2020, The CMA CGM Group sent one of its largest container ships, the CMA CGM BRAZIL, to the weekly Columbus JAX service on the United States' East Coast.

 In August 2020, HMM announced the sale of its 49% investment in TTI Algeciras, a container terminal in Spain, to the CMA CGM Group.

In May 2021, MSC is collaborating with blockchain platform WAVE to boost wider adoption of its (charges for loading products) in India in order to maintain service continuity and streamline affected operations.

Cargo Transportation Market Segmentation

Cargo Transportation Market By Type Outlook

• Rail Transportation


• Road Transportation


• Air Transportation


• Sea Transportation

Cargo Transportation Market By Shipment Category Outlook

• Freight


• Parcel


• Express


• Others

Cargo Transportation Market By Application Outlook

• Construction & Mining


• Oil & Gas


• Healthcare


• Food &Beverages


• Others

Cargo Transportation Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America