The ‘North America Freight and Logistics Market’ was valued $XX billion in 2020 and is expected to reach $XX billion at the CAGR of XX% between 2021 and 2031.
Freight and logistics is a highly competitive and rapid growing industry with different active domestic and international players. It plays an important role in executing a business globally. The freight and logistics industry permit delivery of a product from one destination to another with a useful supply chain network. In addition to this, logistics management is a division of supply chain management that plans, implements and control the storage of goods, related information, and services between the initial destination and the final-destination in-order to fulfill customer’s requirements. Increasing transportation of goods through several freight management services like roadways, railways, airways, and waterways, is expected to make the freight and logistics market more demanding in the coming years.
The continuous rise in growth of auto components and automotive industry in the US and Canada is a major factor augmenting the growth of the freight and logistics market in North-America. Additionally, one of the prime factor accountable for this market growth is the rising number of leading vendors who offer value-added services like international shipping, drayage, and coast-to-coast services between Canada, Mexico and the U.S. Various domestic and multinational firms offer tailored transportation and logistics solutions to safeguard movement of goods to serve their customers efficiently. Increasing investments coupled with enhancing production processes adopted by leading manufacturing companies present in the US, further makes the market demanding in North-America region.
Source: SAI Research
Moreover, growing industrialization along with their rising production capacity is further expected to fuel the freight and logistics market in this region. In addition to this, around the U.S. high amount of heavy cargos are transported long distances via the rail network which serves almost every wholesale, industrial, and resource-based area of the economy. Development of advanced tracking solutions further creates a high growth opportunity for this market in the upcoming years. Moving forward, in the U.S. increasing adoption of self-driven trucks to minimize the cost of fuel is another prime factor which is expected to show a positive impact on the North-America freight and logistics market during the forecast period of 2021-2031.
Major application of freight and logistics market in North-America includes commercial, residential and industrial. The North-America freight and logistics market in the report is segmented by transport type which includes railways, roadways, airways, waterways, and others. Moreover, based on end-user the market has been segmented as manufacturing and construction, trade and transport, energy and utilities, healthcare, retail, and others. The North-America freight and logistics market has been moreover segmented by country wise which includes the U.S., Canada, and Mexico.
Due to increasing growth in pharmaceutical, healthcare and consumer electronics market, the airways transport type is the fastest growing segment among the other transport types. Further down, in the United States, high amount of heavy cargo and goods are transported faraway distances via the rail network. With the help of the rail network, several freight and logistics companies transport goods and serve most of the industrial sectors in the country. Improved road transportation networks and development of seaports is another vital factor driving the growth of the freight and logistics market in the North-America region.
Some of the major players in the North America freight and logistics market include DB Schenker, FedEx Corp., Nippon Express and few others likely to be named.
The North America Freight and Logistics Market Has Been Segmented into:
North America Freight and Logistics Market: By Transport Type
North America Freight and Logistics Market: By Application
North America Freight and Logistics Market: By End-User
North America Freight and Logistics Market: By Country