Freight Transport Market Size, Share & Trends Analysis growing at a CAGR of 11.3% from 2022 to 2030

For example, the European Union signed a comprehensive economic trade agreement with Canada. Under this agreement, the Canadian government is eradicating 98% of tariffs on the European goods traded between Europe and Canada. Such agreements contribute to the growth of the freight transport market by reducing commodity prices, which automatically increases the demand for freight transportation. End-users and manufacturers in emerging countries such as India lack the internal control required for addressing logistics issues, which can be addressed by using various freight transportation management solutions, such as fleet tracking & maintenance, security & monitoring system, warehouse management system, and 3PL solutions. This factor fuels the growth of the overall target market.

Further, the growth of e-commerce and entrepreneurial ventures has propelled the demand for specialized freight transport and supply chain execution capabilities. Shippers gain benefits from contracting freight transport services through the reduction in logistics costs, inventory costs, and fixed costs. Globalization has resulted in the outsourcing of freight transport functions by several companies as they are incapable of managing worldwide supply chain operations. Cargo transport companies provide improved and innovative ways to optimize the effectiveness of services which includes advantages such as less capital expense, door-to-door service, flexibility, and less risk of damage during transit.

The industry has remarkably evolved across the U.S. and Europe owing to the accessibility of good supply chain management, the presence of key market players in the e-commerce industry, and the required infrastructure. The capability to track various products and freight in transit provides a complete view of the inventory and activities to the e-commerce firms, thus influencing the demand for freight transport solutions. Furthermore, handling goods in motion, minimizing disruptions, proactive status updates, and risk mitigation help shippers improve customer service and control costs. Therefore, it is anticipated that the supply chain will grow robust due to sufficient visibility.

Freight Transport Market Report Scope