Transport Global Market Report 2024

The transport market size has grown strongly in recent years. It will grow from $6,375.45 billion in 2023 to $6,880.47 billion in 2024 at a compound annual growth rate (CAGR) of 7.9%. The growth observed during the historical period can be attributed to factors such as economic growth, population expansion, technological advancements, and changes in consumer behavior.

The transport market size is expected to see strong growth in the next few years. It will grow to $9,180.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period can be attributed to several factors, including increasing environmental concerns, urbanization, global trade and supply chain dynamics, infrastructure investments, digitalization, demographic shifts, the rise of e-commerce, and the emphasis on last-mile delivery. Major trends expected in the forecast period include the adoption of electrification and lightweight materials, the use of advanced materials, the integration of additive manufacturing, digitalization and connectivity, as well as an emphasis on collaboration and partnerships.

Companies are increasingly promoting lean and environmentally friendly inland transportation practices. To enhance efficiency, these firms are emphasizing the use of natural gas in shipping, optimizing vessel designs, improving cargo loading and unloading processes, and implementing various other measures. Additionally, they are retrofitting older ship equipment with emission reduction devices, enhancing hull cleaning and coating procedures, and utilizing high-performance propellers and nozzles. Moreover, advanced propulsion systems like fuel cell hybrid drive technologies are expected to become available in the market shortly. These collective efforts are contributing to steady growth in the inland transport market in the coming years.

The primary categories within the inland water transport market include inland water freight transport and inland water passenger transport. Inland water freight transport pertains to the use of non-sea bodies of water that are navigable by vessels for the transportation of goods. It is not only a cost-effective but also a fuel-efficient means of moving freight.

The inland water transport market research report is one of a series of new reports that provides inland water transport market statistics, including inland water transport industry global market size, regional shares, competitors with an inland water transport market share, detailed inland water transport market segments, market trends and opportunities, and any further data you may need to thrive in the inland water transport industry. This inland water transport market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The growth of the inland water transport market is anticipated to be propelled by the increasing industrial production index. The industrial production index (IPI) is a key statistical indicator used to measure the volume of goods and services produced in a country over a specific period. For assessing the performance of the inland water transport sector, the IPI of the sector is compared to the IPI of the overall industrial sector. For example, data from October 2021, as reported by YCharts, a US-based financial research and analysis platform, indicated that the US industrial production index (IPI) rose from 99.51 in July 2021 to 102.69 in July 2022. Consequently, the upward trajectory of the industrial production index plays a crucial role in driving the growth of the inland water transport market.

Anticipated growth in international trade is poised to be a driving force behind the expansion of the transport market in the foreseeable future. International trade, which involves the exchange of goods and services across international borders, relies heavily on efficient transportation, often facilitated by freight-carrying vessels like barges. The increasing volume of international trade amplifies the demand for transportation services, thereby enhancing the transport market. A striking illustration of this trend is observed in the data from February 2022, where the United Nations Conference on Trade and Development reported that the value of international trade reached a record high of $28.5 trillion in 2021. This figure represents a 25% surge over 2020 and a 13% increase compared to 2019. Hence, the upswing in international trade serves as a driving factor for the transport market.

Prominent companies engaged in the transportation market are embracing innovative technologies, such as AI-driven logistic solutions, to maintain their competitive positions in the industry. AI-driven logistic solutions entail the application of artificial intelligence (AI) in the realm of logistics and supply chain management. For example, in March 2023, Alibaba Cloud, a Singapore-based provider of cloud computing services, introduced EasyDispatch, an AI-driven logistics solution. This cutting-edge solution features an AI-powered real-time service dispatch mechanism, which not only enhances supply chain management but also reduces logistics costs. EasyDispatch stands out with its exceptional address processing accuracy and field service dispatch capabilities. The solution offers superior performance, stability, and rapid accessibility from virtually any location.

In January 2021, XPO Logistics, Inc., a US-based freight transportation company, completed the acquisition of Kuehne + Nagel International AG for an undisclosed amount. This strategic acquisition is poised to bolster XPO's operations in the UK while expanding its portfolio of services. Kuehne + Nagel International AG, headquartered in Switzerland, is a prominent provider of transport and logistics services, including inland water transport solutions.

Major companies operating in the transport market include Toyoto Motor Corp, Volkswagen AG, Daimler AG, EXOR Group, Fiat Chrysler Automobiles NV, Ford Motor Co, SAIC Motor Co Ltd., General Motors Co, Peugeot, United Parcel Service, Union Pacific Corporation, Uber, FedEx Corporation, Deutsche Post AG, Delta Air Lines, American Airlines Group, Southwest Airlines, United Airlines Holdings, Canadian National Railway, CSX Corporation, Norfolk Southern Corporation, Kansas City Southern, BNSF Railway, J.B. Hunt Transport Services inc., Schneider National Inc., XPO Inc., Ryder System Inc., Old Dominion Freight Line Inc., ArcBest Corporation, Expeditors International, C H Robinson Worldwide Freight India Pvt Ltd., Landstar System Inc., Werner Enterprises Inc., Knight-Swift Transportation Holdings Inc., Saia, Atlas Air Worldwide Holdings, Air Transport Services Group, Matson Inc., Crowley Maritime Corporation.

Western Europe was the largest region in the inland water transport market in 2023. Asia-Pacific was the second largest region in the inland water transport market. The regions covered in the inland water transport market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the transport market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.

The market for inland water transport includes revenues earned by entities by providing navigation as well as drainage, irrigation, water supply, and hydroelectric power generation. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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