Cargo transportation is freight or shipment transportation that is used to transport cargo from one place to another. Cargo transportation includes transport of goods, raw material, finished products, and other such material between manufacturers, distributors, retailers, and end-users. Cargo transportation for roadways includes a various types of vehicles such as pick-up trucks, lorry tanks, dry van trucks, flatbed trucks, truck trailers, and refrigerated trucks. Cargo transportation includes various modes of transportation and requires special equipment, escort, cargo space, permits, machinery, advance agreements, and knowledge.
Booming industrialization, globalization, expansion of the construction industry, and budding bilateral trade coupled with revised trade policies are prime factors that projected to propel the cargo transportation market during the forecast period. Additionally, rapid expansion in transport facilities across the globe, owing to advancements in technology and rising urbanization over the years, has led to a surge in transport of goods and commodities. This is another factor that is anticipated to boost the cargo transportation market in near future. Rise in trade among countries around the world and noteworthy import and export are projected to drive the cargo transportation market for all means of transport during the forecast period. However, higher initial capital investments and maintenance of entire cargo transportation and process are projected to hamper the cargo transportation market during the prognosis period.
The global cargo transportation market can be segmented based on application, type, and region. Based on application, the cargo transportation market can be segregated into mineral, construction, oil & gas, healthcare, food & beverage, and others. The construction segment holds for prominent share of the global cargo transportation market. The segment is anticipated to maintain its prominent position in the cargo transportation market owing to the expansion of the construction industry due to rapid infrastructure development across the globe.
Based on type, the cargo transportation market can be split into rail transportation, road transportation, air transportation, and sea transportation. The road transportation segment leads the cargo transportation market due to expansion of construction and food & beverage industry transportation by road. Furthermore, for shorter distance or destination, road cargo transportation is cost-effective and rapid, as compared to other transportation modes. This, in turn, is likely to boost the road cargo transportation segment of the market during the forecast period.
In terms of region, the cargo transportation market can be segmented into North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific accounts for a dominant share of the global cargo transportation market. The cargo transportation market in Asia Pacific is projected to expand at a healthy pace in the near future. Additionally, increasing trade and export in the region, especially in countries such as China, Japan, India, South Korea, those in ASEAN, and Indonesia. This, in turn, is anticipated to boost the cargo transportation market in the region. Additionally, inexpensive labor and land rates in a majority of countries in Asia Pacific have led to an increase in the establishment of industries and manufacturing plant. Moreover, low transportation cost is further driving the cargo transportation market in the region. It is anticipated to remain a prominent segment of the market and expand at a significant CAGR during the forecast period.
Prominent players operating in the global cargo transportation market include Amerijet International, DSV, DB Schenker, Spedition Bohnet GmbH, Schumacher Cargo Logistics., Crowley Maritime Corporation, APL, Orient Overseas Container Line Limited., Dextra Group., PANALPINA WORLD TRANSPORT (HOLDING) LTD., IB Cargo, Lynden STA Logistic, ISDB Logistik GmbH, Expeditors International, TAD Group, Zoey Logistics, sncargo, R Group, and Global Shipping Services, LLC.
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