Global Multimodal Transport Service Market Size To Exceed USD 92.59 Billion by 2033 | CAGR of 5.16%
Category: Automotive & TransportationGlobal Multimodal Transport Service Market Size To Exceed USD 92.59 Billion by 2033
According to a research report published by Spherical Insights & Consulting, The Global Multimodal Transport Service Market Size is Expected to Grow from USD 56 Billion in 2023 to USD 92.59 Billion by 2033, at a CAGR of 5.16% during the forecast period 2023-2033.
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Browse key industry insights spread across 240 pages with 120 Market data tables and figures & charts from the report on the "Global Multimodal Transport Service Market Size, Share, and COVID-19 Impact Analysis By Transportation Mode (Rail, Road, Air, and Sea), By Service Type (Freight Forwarding, Warehousing, Transportation, and Value-Added Services), By Industry Vertical (Retail, Manufacturing, Automotive, Consumer Goods, Pharmaceuticals, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/multimodal-transport-service-market
The multimodal transport service market refers to the movement of goods using two or more modes of transport (road, rail, sea, or air) under one contract. A Multimodal Transport Operator (MTO) is in charge of the entire trip to ensure seamless coordination and delivery. It provides efficiency, minimizes delays, and streamlines logistics with a single point of responsibility for the entire shipment. The increasing emphasis on sustainability and green logistics. Governments and businesses across the world are increasingly emphasizing environmentally friendly transportation solutions to control carbon emissions and facilitate sustainable practices. Furthermore, multimodal transport services, which incorporate several modes of transportation, are a more sustainable option than single-mode transport. Through the use of rail and sea transportation, which are lower-carbon options, business entities can help achieve sustainability objectives while streamlining their logistics processes. This transition to green logistics offers a huge growth prospect for the multi-modal transport service market. However, documentation and regulation issues in complying with international shipments might be challenging, particularly in countries with different trade policies and regulations.
The road accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period.
Based on transportation mode, the multimodal transport service market is segmented into rail, road, air, and sea. Among these, the road segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by an increase in the expanding need for instant and dependable transportation solutions, particularly in urban regions.
The freight forwarding segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on service type, the global multimodal transport service market is categorized into freight forwarding, warehousing, transportation, and value-added services. Among these, the freight forwarding segment accounted for the biggest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The segmental growth is due to the most important connection between carriers and several shippers, providing effective coordination among various modes of transport (road, rail, air, sea).
The manufacturing segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period.
Based on industry vertical, the global multimodal transport service market is categorized into retail, manufacturing, automotive, consumer goods, pharmaceuticals, and others. Among these, the manufacturing segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The growth is attributed to the bulk transportation of raw materials and finished products across regions, usually involving effective coordination among different modes of transport to minimize costs and deliver goods on time.
North America is expected to hold the majority share of the global multimodal transport service market during the forecast period.
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North America is expected to hold the majority share of the global multimodal transport service market during the forecast period. North America dominates the rise in the well-developed logistics network and high-tech adoption. Furthermore, growing adoption of new technologies, like IoT, AI, and blockchain, is further increasing the efficiency and reliability of multi-modal transport services in North America.
Asia-Pacific is anticipated to grow at the fastest pace in the global multimodal transport service market during the forecast period. The market is driven by the market for multimodal transport services owing to increasing international trade, accelerated infrastructure development, and the growth of e-commerce and manufacturing.
Major vendors in the global multimodal transport service market are DB Schenker Logistics, Nippon Express Co., Ltd., DSV Panalpina A/S, XPO Logistics, Inc., Sinotrans Limited, GEODIS, Yusen Logistics Co., Ltd., Bolloré Logistics, Agility Logistics, Damco International A/S, SNCF Logistics, Toll Group, and Others.
Key Target Audience
- Market Players
- Investors
- End-Users
- Government Authorities
- Consulting and Research Firm
- Venture Capitalists
- Value-Added Resellers (VARs)
Key Market Development
- In July 2022, Nippon Express USA, Inc. a Group Company of Nippon Express Holdings, Inc. launched "US EXPORT SERVICE Via MEXICO" (abbreviation :U.S.E.ME), a new multimodal transportation service for the transport of cargoes from the united states and Canada to Asia through Mexico .
Market Segment
This study forecasts revenue at the global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the multimodal transport service market based on the below-mentioned segments:
Global Multimodal Transport Service Market, By Transportation Mode
- Rail
- Road
- Air
- Sea
Global Multimodal Transport Service Market, By Service Type
- Freight Forwarding
- Warehousing
- Transportation
- Value-Added Services
Global Multimodal Transport Service Market, By Industry Vertical
- Retail
- Manufacturing
- Automotive
- Consumer Goods
- Pharmaceuticals
- Others
Global Multimodal Transport Service Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
About the Spherical Insights & Consulting
Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.
Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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