Freight transport forms the backbone of supply chain. Most big and small businesses, instead of investing in their own fleet of vehicles, utilize third parties services to deliver their products, which saves them time and money. Freight transport is carried out through various modes of transportation such as airways, roadways, seaways, and railways.
Among them, roadways accounts for maximum market share and holds out a strong promise for both existing and new players in the near future. In fact, freight trucks are central to most manufacturing or industrial activities as they transport the crucial raw materials from one place to another. Even finished goods are sent to different markets using freight mostly via roadways. Undoubtedly, freight is big business.
The report by Transparency Market Research collates important facts and figures pertaining to the global market for freight transport. Factoring in historical data and current market events and trends, the report attempts to gauge the market’s future accurately. It also furnishes valuable market insights by leveraging analytical tools such as Porter’s Five Forces analysis and a SWOT analysis. It presents a detailed picture of the vendor landscape as well.
The primary advantage of freight transport market is that it helps in delivering goods and services at minimal costs, thereby enabling businesses to devote more time to their core competencies. This has filliped the demand for freight quite substantially. Another factor driving growth in the market is the massive upswing in international trade, which has trigged a flurry of transportation activities across countries and continents. The swift pace of urbanization and the resultant infrastructure building and construction activities have also fuelled an uptick in demand in the global freight transport market.
Besides, new cutting-edge technologies have also positively impacted the global freight transport market. For example, use of latest technology in trucks and railways such as hydraulics lifters and GPS navigation systems has to a significant extent stimulated demand. Further, improved safety in freight operations, lowering costs, and increasing operational efficiency have positively impacted the market as well. Countering the growth in the market are dearth of skilled professionals in the industry and reluctance in embracing new ways of transportation.
The global freight transport market can be segmented geographically into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Among them, Asia Pacific is the most lucrative market because of the supercharged, unabated growth in infrastructural activities in the region, which require transporting goods and equipment from one place to another via roadways or railways.