The North America Freight Transport Market would witness market growth of 10.2% CAGR during the forecast period (2022-2028).
The existence of significant market participants in the e-commerce business, and the necessary infrastructure, the industry has significantly evolved throughout the US. The capacity to track different goods and freight in transit gives e-commerce businesses a comprehensive view of the inventory and activities, which affects the need for freight transport solutions.
Shippers may enhance customer experience and reduce costs by managing items in motion, limiting disruptions, providing proactive status updates, and mitigating risk. As a result, it is expected that the supply chain will become stronger as a result of adequate visibility.
The main businesses seek mergers and acquisitions to grow their market share, diversify their product offerings, spread their geographic reach, and integrate cutting-edge technologies to lower the cost of freight operations. The participants concentrate on providing quick, affordable, and secure freight transport services. These businesses are also partnering with local and regional as well as e-commerce players in order to outperform their competitors and take a large share of the market.
According to estimates, the United States will significantly contribute to the region. The increase in the retail industry due to many businesses switching to the internet channel is blamed for the increase in the share. The United States is continually expanding in the freight transportation industry as a result of technological advancements in the IT and cloud computing sectors. The North American freight transport solution market gained traction with globalization, particularly in the United States, due to the increased digitalization and use of the Internet of Things (IoT) by numerous industries.
The US market dominated the North America Freight Transport Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $13,970.8 million by 2028.The Canada market is poised to grow at a CAGR of 12.7% during (2022 - 2028). Additionally, The Mexico market would witness a CAGR of 11.7% during (2022 - 2028).
Based on Offering, the market is segmented into Services and Solution. Based on Solution Type, the market is segmented into Freight Security & Monitoring System, Fleet Tracking & Maintenance Solution, Warehouse Management System, Freight Information Management System, Freight Transportation Cost Management, Freight Mobility & Operational Management Solutions and Freight 3PL Solution. Based on Mode of Transport, the market is segmented into Roadways, Railways and Seaways & Airways. Based on Vertical, the market is segmented into Retail & E-commerce, Automotive, Aerospace & Defense, Pharmaceuticals, Energy and Others. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Freight Transport Market is Estimated to reach $57.1 Billion by 2028, at a CAGR of 10.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include C.H. Robinson Worldwide, Inc., Deutsche Post DHL Group (The Deutsche Post AG), FedEx Corporation, Kuehne + Nagel International AG (Kuehne Holding AG), United Parcel Service, Inc., SAP SE, Oracle Corporation, Schneider National, Inc., DSV A/S, and Nippon Express Co., Ltd.
By Offering
By Mode of Transport
By Vertical
By Country
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