Global Multimodal Transport Service Market Size, Share, and COVID-19 Impact 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

Global Multimodal Transport Service Market Insights Forecasts To 2033

• The Global Multimodal Transport Service Market Size was Estimated at USD 56 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 5.16% from 2023 to 2033
• The Worldwide Multimodal Transport Service Market Size is Expected to Reach USD 92.59 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Multimodal Transport Service Market was Worth around USD 56 Billion in 2023 and is predicted to grow to around USD 92.59 Billion by 2033, with a compound annual growth rate (CAGR) of 5.16% between 2023 and 2033. The market is driven by the growing need for cost-effective and efficient transportation solutions, enabled by globalization and technological innovations.

Market Overview

The multimodal transport service market refers to the movement of goods under one contract but executed using a minimum of two distinct modes of transport. It is operated by a Multimodal Transport Operator (MTO) who is responsible for the entire trip, although the actual transportation can be done by different carriers. The key growth drivers for the multi-modal transport service market are the increasing requirement for cost-cutting in logistics. Businesses from diverse industry verticals are finding favor with multi-modal transport services to streamline their supply chains, minimize operational expenditure, and maximize delivery times. Furthermore, the growing use of cutting-edge technologies like IoT, AI, and blockchain. Such technologies are transforming the logistics sector by improving transparency, efficiency, and operational expenses. IoT-powered sensors and equipment enable real-time monitoring and tracking of shipments, enabling improved management and control over multi-modal transportation operations. Additionally, AI-driven analytics and optimization software assist in route optimization, demand prediction, and stock management, which further increases the efficiency of multi-modal transport services. Moreover, the government's key investments and projects spur the growth of Multimodal Transport in India. The Bharatmala project is a major investment in road infrastructure. The project focuses on enhancing connectivity between ports and industrial centers.

Report Coverage

This research report categorizes the multimodal transport service market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyzes the key growth drivers, opportunities, and challenges influencing the multimodal transport service market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyzes their core competencies in each sub-segment of the multimodal transport service market.

Driving Factors

The multimodal transport service market is driven by some major trends. The market driver of expansion is the globalization of trade. With international trade expanding further, there is a rising demand for integrated logistics services that can provide complex cross-border transportation needs. Multi-modal transport services provide an efficient and hassle-free means to manage international shipments, ensuring timely delivery and compliance with different regulatory standards. The growing e-commerce transactions have also driven demand for multi-modal transport services since online shoppers need efficient and sure shipping alternatives to satisfy their demands. Moreover, environmental issues and sustainability programs are also driving the expansion of the multi-modal transport service market. Governments and organizations are emphasizing carbon emission reduction and encouraging green modes of transportation. Multi-modal transport services, which usually involve a combination of rail and sea transport with road transport, are viewed as more environmentally friendly than single-mode transport.

Restraining Factors

The market for multimodal transport services faces the complexity and difficulty of coordinating various modes of transport and handling cross-border logistics. Coordinating multiple modes involves smooth coordination and communication among different stakeholders, such as carriers, freight forwarders, and customs agencies. Disruptions or delays in one mode can affect the whole supply chain, resulting in higher costs and lower efficiency.

Market Segmentation

The multimodal transport service market share is classified into transportation mode, service type, and industry vertical.

• The road 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 transportation mode, the multimodal transport service market is segmented into rail, road, air, and sea. Among these, the road segment held the largest share of the market in 2023 and is projected to grow at a substantial CAGR during the forecast period. The segmental growth is due to providing accessibility and flexibility. It is utilized widely for last-mile and first-mile delivery so that the product is delivered at the final location effectively. Furthermore, with the applications of GPS and telematics, the effectiveness of road transportation has also been improved, with many companies selecting it as an ideal option.

• The freight forwarding segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable 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 a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The growth is driven by the integration of multi-modal transport, facilitating the movement of goods across different modes and ensuring seamless coordination. Moreover, an increasing demand for efficient and reliable logistics solutions in international trade. These services include documentation, customs clearance, and cargo insurance, among others.

• The manufacturing segment accounted for a significant share in 2023 and is anticipated to grow at a remarkable 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 accounted for a significant share in 2023 and is anticipated to grow at a remarkable CAGR during the forecast period. The segment's growth is attributed to the demand for cost-effective transportation options to handle raw material, component, and finished product movement is propelling multi-modal transport service adoption. Additionally, manufacturers can simplify supply chains, decrease costs, and improve operational performance with the use of multi-modal transport services.

Regional Segment Analysis of the Multimodal Transport Service Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the multimodal transport service market over the predicted timeframe.

North America is anticipated to hold the largest share of the multimodal transport service market over the predicted period. This dominance is due to the highly developed transportation infrastructure, with a large network of railroads, highways, and airports, enabling efficient transportation of goods between various modes. Moreover, the area is likely to see steady expansion, led by the need for integrated logistics solutions in industries such as retail, manufacturing, and automotive.

Asia-Pacific is expected to grow rapidly in the multimodal transport service market during the forecast period. The market in the region is driven by sustained industrialization, urbanization, and infrastructure growth. The manufacturing base of the region, along with rising international trade activity, is generating huge demand for effective logistics and transportation services. Additionally, China, India, and Japan are heavily investing in transport infrastructure, such as railways, highways, and ports, to cater to the growing logistics demand.

Competitive Analysis:

The report offers an appropriate analysis of the key organization markets/companies involved within the multimodal transport service market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, business strategies, segment market share, and SWOT analysis. The report also provides an elaborate analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• 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
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs) 

Recent Development

• In May 2024, Yamato Holdings Co., Ltd. launched Overseas Multimodal Transport Service by Truck and Rail between Southeast Asia and Europe.

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:  

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