Freight and Logistics Market-Overview
Freight and Logistics Market is projected to be worth USD 21.13 Billion by 2030, registering a CAGR of 4% during the forecast period (2022 – 2030).
The report profiles the historical growth trajectory of the global Freight and Logistics Market in order to provide readers with a complete overview of the market’s growth trajectory over the review period. The information about the market’s historical growth also serves as a solid platform for future projections about the market’s likely growth trajectory over the forecast period. Major players in the global freight and logistics market are also profiled in the report in order to give readers an accurate overview of the market’s competitive landscape. The impact of the COVID-19 pandemic on the global freight and logistics market is also studied and examined in the report.
Freight and logistics services refer to the movement of raw materials as well as finished products across the world. Freight and logistics services play a crucial role in the industrial sector, as movement of goods and commodities is absolutely vital for ensuring smooth production in the manufacturing sector. The growing manufacturing sector over the world is likely to be a major driver for the global freight and logistics market over the forecast period. The manufacturing sector has been a major beneficiary of the growing global population, as this has driven the demand for various consumer goods around the world. Every region across the world is involved in freight and logistics activities, as urbanization has been a major constant in regions across the world over the last few years. The growing urban population around the world is likely to remain a major driver for the global freight and logistics market over the forecast period, as this is likely to drive the demand for consumer goods over the forecast period.
The growing ecommerce sector is also likely to be a major driver for the global freight and logistics market over the forecast period. Ecommerce operations require reliable freight and logistics services, as the delivery dates and related commitments need to be kept in order to maintain the company’s reputation. In order to serve their clients better, freight and logistics companies have brought about several new innovations in the last few years aimed at making logistics services more reliable and precise. This is also likely to remain a major driver for the global freight and logistics market over the forecast period.
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Leading players in the global freight and logistics market include Nippon Express, Walmart Group, FedEx Corp., United Parcel Service, Panalpina, C. H. Robinson, DB Schenker Logistics, Deutsche Post DHL, The Maersk Group, Kuehne + Nagel, and DSV Global Transports and Logistics.
In October 2019 FedEx Express package launched the first commercial drone-delivery service to residences in US.
In 2019, DHL Group have invested nearly USD 137 Mn at cologne-Bonn airport for new logistics. The new 15,000 sq m logistics center is equipped with cutting edge sorting technology and an innovative system to heat and cool the warehouse and offices. Also, the DHL Group has announced an investment of USD 2.2 billion in digitalization through 2025.
Asia Pacific holds the largest share in the global freight and logistics market and is likely to remain the largest revenue generator over the forecast period due to the growing manufacturing industry in the region.
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The global freight and logistics market is segmented on the basis of shipping type, service, end use, and region.
By shipping type, the global freight and logistics market is segmented into airways, roadways, railways, and waterways.
By service, the freight and logistics market is segmented into inventory management, packaging, warehousing, transportation, distribution, custom clearance, and others.
By end use, the global freight and logistics market is segmented into energy and utilities, trade and transportation, government and public utilities, healthcare, manufacturing and construction, retail, media and entertainment, BFSI, telecom and IT, and others.
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