New York, United States, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The Global Ground Transportation Market Size is expected to hold a significant share by 2032, at a Compound Annual Growth Rate (CAGR) of 4.8% during the projected period.
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Ground transportation refers to any mode of transportation that travels on land rather than by air or water. This encompasses a wide range of modes of transportation, such as freight trucks, bicycles, cars, buses, and trains. The main factors propelling the ground transportation market's growth are the government's increasing spending and its initiatives to establish smart transportation developments. Governments also have big plans to improve the ground transportation industry and cater to the demands of the future mobility market. They are engaged in multiple projects aimed at enhancing safety and security, facilitating seamless traffic flow, and improving infrastructure. Furthermore, Technological advancements have brought about improvements in the ground transportation industry. Artificial intelligence and robotics are examples of automation technologies that have improved efficiency in several transportation-related areas. With automated systems for inventory management, cargo handling, and maintenance procedures, operations have become simpler, human error has decreased, and productivity has increased. However, it is a far less structured mode of transportation when compared to air, sea, and rail transportation. Because the rates are unpredictable, they could alter at any time. The industry is unstable and unpredictable due to the abundance of options available to it. Therefore, during the forecast period, these factors are impeding the market growth.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the"Global Ground Transportation Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Network Services, Forwarding Services (Transactional) - Full Truckload (FTL), Forwarding Services (Transactional) - Less Than Truckload (LTL), Dedicated Fleet Solutions, Others), By Types of Services (Pure Asset Leasing, Driver Leasing, Full Transportation Management), By Industry Vertical (Manufacturing, Retail, E-commerce, Pharmaceuticals, FMCG, Others), By Business Model (Outsourcing, Insourcing), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The forwarding services (Transactional) - full truckload (FTL) segment dominates the market with the largest revenue share over the forecast period.
Based on product type, the global ground transportation market is segmented into network services, forwarding services (Transactional) - full truckload (FTL), forwarding services (Transactional) - less than truckload (LTL), dedicated fleet solutions, and others. Among these, the forwarding services (Transactional) - full truckload (FTL) segment is dominating the market with the largest revenue share over the forecast period. Businesses can save a lot of money by using FTL services because customers receive their orders quickly. More delivery options are available to customers by allowing them to select two-day delivery within specific areas.
The full transportation management segment is witnessing significant CAGR growth over the forecast period.
Based on the type of services, the global ground transportation market is segmented into pure asset leasing, driver leasing, and full transportation management. Among these, the full transportation management segment is witnessing significant growth over the forecast period. The full transportation services provide broad coverage, safety, speed, security, and ease of use.
The FMCG segment is expected to hold the largest share of the global ground transportation market during the projection period.
Based on the Industry verticals, the global ground transportation market is classified into manufacturing, retail, e-commerce, pharmaceuticals, FMCG, and others. Among these, the FMCG segment is expected to hold the largest share of the ground transportation market during the anticipation period. Low-volume products can be swiftly and flexibly transported over short and medium distances thanks to FMCG. Additionally, ground transportation eliminates the need for ports and allows for direct product delivery to customers from the warehouse.
The outsourcing segment accounted for the largest revenue share through the projection period.
Based on the business model, the global ground transportation market is segmented into outsourcing and insourcing. Among these, the outsourcing segment dominates the market with the largest revenue share through the projection period. Outsourcing can give businesses the flexibility they need to meet changing resourcing needs in response to changing customer or market demands. Your company can manage risks, foster sustainable growth, and prepare for times of high demand when extra assistance might be needed with this flexibility.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific dominates the market with the largest market share over the forecast period. The main causes are the increasing population in the area, the development of public transit, and the growth of ground transportation. South America and Middle East Asia, which are included in the rest of the world, have experienced amazing growth in recent years, with an emphasis on reducing emissions and rapid development in the ground transportation sector along with a reduction in the use of private vehicles. The Asia Pacific region's increasing need for ground transportation globally has been the main driver of this growth.
North America is expected to grow the fastest during the forecast period. The increasing need for reasonably priced public transportation options These kinds of factors are driving the ground transportation market's expansion in North America. Because ground transportation is not as accessible as air travel, it is more affordable. The government has addressed this issue by launching a number of investment projects to provide accessible and reasonably priced transportation options.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global ground transportation market are Ryder System, Inc., XPO Logistics Penske Logistics Schneider National, Inc., J.B. Hunt Transport Services, Inc., C.H. Robinson, Rhenus Logistics, DHL Supply Chain, Geodis, CEVA Logistics, DB Schenker, DSV, Panalpina Kuehne + Nagel GEFCO Group, Dachser, SE, Ewals Cargo Care, SNCF Logistics and Other Key Players.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the global ground transportation market based on the below-mentioned segments:
Ground Transportation Market, Product Type Analysis
- Network Services
- Forwarding Services (Transactional) - Full Truckload (FTL)
- Forwarding Services (Transactional) - Less Than Truckload (LTL)
- Dedicated Fleet Solutions
- Others
Ground Transportation Market, Types of Services Analysis
- Pure Asset Leasing
- Driver Leasing
- Full Transportation Management
Ground Transportation Market, Industry Verticals Analysis
- Manufacturing
- Retail
- E-commerce
- Pharmaceuticals
- FMCG
- Others
Ground Transportation Market, Business Model Analysis
- Outsourcing
- Insourcing
Ground Transportation Market, 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 Middle East & Africa
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