Drayage Services’ Market Size is Forecasted to Become Usd 2,960.11 Million in the Next Five Years
The volume of seaborne trade has been steadily increasing with expanding global GDP and rising demand for goods and materials made in various parts of the world. The?#risingpopulation?across the globe has generated a demand for the?#transportation?of manufactured goods from different regions. The drayage services market?size?is estimated to?grow at a?CAGR of 2.24%?between 2022 and 2027 and is?#forecasted?to increase by?USD 2,960.11 million.
The drayage services market report extensively covers market segmentation by?#enduser,?#types, and?#geography. These segments can be subcategorized further.
Market segmentation by?End-user includes
·????????Electronics and electrical,
·????????Food and beverage,
·????????Consumer goods
·????????Retail, and others
Market Segmentation by?Types includes
·????????Ship,
·????????Rail
·????????Truck
?Market segmentation by?geography includes
·????????APAC,
·????????North America
·????????Europe
·????????Middle East
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·????????Africa
·????????South America
Eccentric Market Drivers and Fastest-growing Topograph
There has been rising demand for goods and materials made in various regions, due to the expansion of growing GDP.
There is a growing need for both the?#transportation?of goods produced or manufactured in various regions and the demand for a variety of goods with a rising?#population?across the?#globe.
When compared with other modes of transport,?#seaborne?transportation is more economical. A rise in demand for?#drayageservices?due to the volume of?#seabornetrade?is anticipated during the forecasted period thus increasing the?#marketdemand.
Trend Analysis:?When it comes to?#trendanalysis, the penetration of the e-commerce market is significantly expanding the industry with a significant impact on both distribution and retail channels.?#internet?and mobile device usage has expanded the global?#ecommerce?market, in turn, has resulted in an increased demand for drayage services.
As per our research,?#APAC?is the fastest-growing region, and over the past few years, there has been a significant rise in purchasing power. APAC?is estimated to?contribute?38%?to the growth by?2027.
Furthermore, the cross-border e-commerce logistics market in APAC is also being strengthened by government initiatives that emphasize trade and?#foreigndirectinvestment_FDI.?It must be noted in terms of container traffic, APAC makes up a significant portion of the top ports in the world.
The?#geopolitics?of APAC also plays an important role in increased facility investments and investments in the?#modernization?of ports and terminals made by regional manufacturing powerhouses?for better access to resources and potential markets in the Middle East and Central Asia. In nations like China,?#Japan,?#India,?#Singapore,?#Australia, and the?#Philippines.
Related report:?Dry Bulk Shipping Market by Type, Vessel Orientation, and Geography – Forecast, and Analysis 2023-2027?
Understanding the Market Players
Vendors try to play around with various strategies with a focus on more market growth and prominent players in the market are mainly focused on various growth strategies. To have a significant?#marketpresence?vendor focuses on implementing partnerships, mergers and acquisitions, and?#geographicalexpansion?enabling a wide range of services.
For Example,?Container xChange?is primarily engaged in furnishing shipping information and acting as an agent in arranging?#transportation?for freight and cargo. The key offerings include?#drayage?services which include specialized chassis on hand to deliver both?#standards?and overweight?#containers.
Market players worth mentioning in this industry are?Asiana USA,?Boa Logistics,?ContinentalLogistics Limited,?Hub Group Logistics,?IMC Companies,?J.B. Hunt Transport Services, Inc.?TCV Transportservices?Knight-Swift Logistics?NFI Industries?PLS Logistics Services.
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