Freight Logistics Market Size to grow by USD 319.65 million between 2023-2027

Technavio, a leading provider of market research reports, has released its latest study on Freight Logistics Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.

Key Highlights:

• Market Research Overview: According to Technavio, the global freight logistics market is a segment of the larger global air freight and logistics market, which encompasses the revenue generated by companies offering air freight transportation, courier services, and logistics solutions, including package and mail delivery and customs brokerage. The air freight and logistics market's size is determined by Technavio based on the revenue earned by providers of these services. Key factors driving growth in this market include the surge in cross-border e-commerce activities, which involve consumers purchasing goods from outside their respective countries, necessitating efficient and reliable logistics solutions. - The Freight Logistics Market is experiencing significant growth, fueled by the Increasing outsourcing in logistics. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

• Major Findings:
  • Increasing outsourcing in logistics
  • Growth in manufacturing sector
  • High infrastructure costs
  • Weak transportation infrastructure
• Growth Projections

The market size is estimated to grow by USD 319.65 million, at a CAGR of 5.74% during the forecast period. In the realm of freight logistics, both intermodal and multimodal transportation modalities employ multiple modes of transport. However, they differ significantly in contractual terms. Multimodal transportation, characterized by a single contract, enables a singular transport carrier to assume responsibility for moving goods across various modes of transport under a single bill of lading. This arrangement offers several advantages, including risk mitigation through a single point of contact, streamlined documentation processes, and the ability to monitor shipments at a single point. The growing preference for multimodal transportation among shippers, owing to its convenience and efficiency, is projected to fuel the expansion of the global freight logistics market throughout the forecast period.

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• Regional Insights

The APAC freight logistics market is poised for expansion due to the significant consumer base for food and beverage, as well as healthcare product suppliers. With rising disposable incomes and an aging population in countries like Japan and China, healthcare expenditure is experiencing robust growth rates. This trend is driving up the demand for temperature-controlled healthcare products, such as biopharmaceuticals, vaccines, and clinical trial materials. Furthermore, the increasing preference for organic food products in countries like China, Australia, and New Zealand, fueled by the availability of certified organic dairy products and heightened health consciousness, is boosting the demand for cold chain logistics from both the healthcare and food industries. This is essential for preserving the shelf life and maintaining the quality of these sensitive products.

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