Freight Transport Market Size, Share, Growth, Trends, and Global Industry Analysis: By Mode of Transport (Railways, Roadways, Seaways, and Airways), By End-User (Retail & E-commerce, Automotive, Aerospace & Defense, Pharmaceuticals, and Others), Region Forecast 2019-2030

The freight transport market size was valued at US$ 26,812.3 million in 2023 and is projected to reach a value of US$ 51,588.2 million by 2030, at a CAGR of 9.8% from 2024-2030. Moreover, the U.S. freight transport market is projected to grow significantly, reaching an estimated value of US$ 19,964.6 million by 2032.

The growth of the market is attributed to the reasonable shipping prices assigned by freight transport service providers and the several free trade agreements between countries.  Contributing to market growth is reduced commodity prices, which automatically increases demand for freight transport.  These end-users and manufacturers in emerging markets, such as India, necessitate the need for proper internal control to resolve the issues of logistics. This can then be done through various freight transportation management solutions, including fleet tracking & maintenance, security & monitoring systems, warehouse management systems, and 3PL solutions. This has been growing further the overall target market.

Key Players

Some key players in freight transport market include DHL Supply Chain, FedEx Corporation, UPS (United Parcel Service), Maersk Line, C.H. Robinson, XPO Logistics, Kuehne + Nagel, DB Schenker, Nippon Express and CMA CGM Group; they are in dominant possession of various segments of the business. The companies provide a suite of logistics services from road, air, and sea freight service and rely on extensive networks to guarantee diverse customer needs.

The DHL Supply Chain and FedEx Corporation are two of the biggest players in the market. DHL is a leading logistics and supply chain management provider that offers a wide range of freight transportation solutions across air, sea, and road. These will position it in a better strategic position than the others in the market, as a result of its international outreach and trend toward innovation. Similar to UPS, FedEx specializes in air freight options and has ground and freight forwarding services available for the domestic as well as international markets. In addition, strong logistics combined with an emphasis on efficiency in its service delivery keeps FedEx a significant player in the transportation of freight.

Key Takeaways

• North America is the largest region
• The fastest-growing region is Asia-Pacific
• By mode of transport, roadways dominated the market share
• By end-user, retail & e-commerce segments hold 32.3% market share

Facts & Figures

• In 2022, over 71% of all freight tonnage in the U.S. was transported by truck
• As of 2023, about 60% of logistics professionals reported increasing investments in technology to improve supply chain efficiency.
• In 2021, global air freight traffic reached approximately 65.6 million metric tons, showing a recovery from pandemic lows.

Key Developments

• In February 2024, DHL announced the acquisition of AIT Worldwide Logistics to enhance its service offerings in North America and enlarge its logistics network.
• In March 2024, FedEx launched a strategic partnership with a local delivery service to enhance its last-mile delivery competencies, aiming to improve efficiency in urban areas.
• In April 2024, Maersk invested in a startup focused on developing sustainable shipping technologies, strengthening its commitment to reducing carbon emissions in the shipping industry.

Freight Transport Market Segmentation

By Mode of Transport: Road freight normally is the leader in the inland market of the market, being flexible and easily accessible; hence it acts as the leader for last-mile delivery. In contrast, sea freight would be the largest international shipment mode, whether it is in regards to bulk or containerized shipments, normally as low-cost solutions in global trade. Air freight is generally available for high-value or time-sensitive cargo, especially perishables and electronics, where speed is a real concern. Although each mode serves to satisfy another objective, road and sea freight nevertheless account for most of the volume in total.

By End-User: That segment which normally leads in the market is Retail & E-commerce given rapid growth rates of online shopping as well as constant growth rates in the ever-growing demand for efficient delivery logistics solutions. It benefits from an increased demand for speedy delivery services, which is consistent with consumer expectations. Ranked closely behind are the Automotive and Pharmaceuticals segments, which also present the need for special transport solutions to address specific logistics needs, such as just-in-time delivery in the automotive parts segment and temperature-controlled transport in the pharmaceuticals segment. Overall, the Retail & E-commerce segment remains at its top-growth profile.