Cargo Transportation Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Cargo Transportation Market Research Report, Type, Shipment Category, Application and Region – Forecast till 2030” the market size is growing at a CAGR of 9.67% for the forecast period of 2022-2030, states the latest Market Research Future (MRFR) report.
Key industry players profiled in the cargo transportation market report include –
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The global cargo transportation market is both fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
CMA CGM Group, a world leading shipping company has joined hands with Brittany Ferries, a cross-Channel operator to help bounce after the COVID-19 outbreak by carrying higher number of freight.
Market Research Future’s Review on Cargo Transportation Market
Prior to the COVID-19 situation, the logistics market experienced a major growth for the increasing demand for consumer goods across the globe. But as soon as the pandemic emerged followed by the lockdown it disrupted the distribution and manufacturing channels considerably. The global growth of the market relies highly on the core industries and manufacturing units. The obstruction in distribution and also the outbreak has affected the market growth for the time. Besides, the unavailability of drivers, operators, and moving men during the lockdown has made the market slower. Due to government imposed lockdown, restricted movement and lack of manpower in several countries has introduced challenging cargo transportation market trends for the time being. With the relaxation of lockdowns, rapid recovery is likely to be observed.
Rapid Expansion of Transport Facilities to Boost Market Growth
The rapid expansion of transport facilities all over the world due to technological reforms and urbanization has boosted the need for transport of commodities and goods which in turn will boost the global cargo transportation market value over the forecast period.
Rise in International Trade between Retailers and Manufacturers to offer Robust Opportunities
The increase in international trade between retailers and manufacturers will offer robust opportunities for the market over the forecast period. The cost-effectiveness of such transport is a key factor that is boosting the market share. Besides, the quick deliveries of materials and goods are the main attraction point for companies to go with cargo shipping.
Higher Initial Capital Investments to act as Market Restraint
The higher initial capital investments coupled with the maintenance of entire cargo transportation and process may act as market restraint in the forecast period.
High Duration of Cargo Transport to act as Market Challenge
The high duration of cargo transport may act as market challenge over the forecast period.
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The global cargo transportation market is segmented based on type, shipping type, and application.
By type, the rail transportation segment will lead the market over the forecast period.
By shipping type, the freight segment will dominate the market over the forecast period for the growing industrialization especially in India and China.
By application, the construction and mining segment will spearhead the market over the forecast period for the rapidly growing construction and mining projects.
North America to Lead Cargo Transportation Market
North America will lead the cargo transportation market over the forecast period. The US having the largest market for freight transport in the world, major constructions across the country, technological advances, trucks bearing the maximum tonnage of transportation in the US, huge population in India and China, the presence of developing cities and faster infrastructure growth, growing demand for consumer goods, expansion of the retail sector in the US, majority of the firms adopting digital business practices and adopting online business channels, and advances in technology in cloud computing and IT sectors are adding to the global cargo transportation market growth in the region.
The APAC region will have admirable growth in the cargo transportation market over the forecast period. India and China being major manufacturing hubs, government support, increased market demand, China being the biggest exporter of goods, increasing infrastructural development activities, rising industrialization and urbanization, increasing investments in the trade industry and manufacturing industry, and the presence of several key players are adding to the global cargo transportation market share over the forecast period. China, Japan, India, and South Korea have the utmost market share.
Segmentation of Market covered in the research:
Cargo Transportation Market Research Report: by Type (Rail Transportation, Road Transportation, Air Transportation, and Sea Transportation), by Shipment Category (Freight, Parcel,Express,and Others), by Application (Construction and Mining, Oil & Gas, Healthcare, Food &Beverages, and Others), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) – Forecast till 2030
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