Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "North America Freight And Logistics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029" report has been added to ResearchAndMarkets.com's offering.
Rapid Growth in North American Logistics Market Fueled by International Trade
The North America Freight and Logistics industry is undergoing substantial growth, with projections indicating a value of $1.89 trillion by the end of 2029. Factors contributing to this expansion include a heightened demand for goods from North American countries in emerging economies such as Indonesia, Thailand, and India. The year-on-year increase in the North American logistics market was reported at 5.31% in 2022, demonstrating the industry's robust state and potential for future growth.
Investments in Infrastructure Bolster North American Freight Capabilities
Significant investments from the governments of the United States, Canada, and Mexico are propelling the freight and logistics sector in North America forward. Recent funding includes approximately USD 31 million by the US Department of Transportation for cargo infrastructure improvements and a sprawling USD 44 billion investment plan by the Government of Mexico for the 2020-2024 period, focusing on transportation infrastructure. Canada has also committed over USD 2.3 billion in the National Trade Corridors Fund, reflecting the region's focus on strengthening and modernizing their freight systems.
United States Leads Regional GDP Contributions and Advances Port Infrastructure
With an 86% contribution to the regional GDP, the United States continues to dominate the North American transportation and storage industry. The Port Infrastructure Development Program in the United States, which has allocated over $703 million towards the enhancement of port capabilities, is a testament to the country's commitment to reinforcing the supply chain and expanding job opportunities. A strong performance by the industrial logistics sector has been fueled by the surge in e-commerce and the increasing requirement for warehouse and distribution centers.
Escalating Natural Gas Prices May Affect the Transportation Sector
Volatility in natural gas and gasoline prices has been observed, with notable jumps influenced by fluctuating inflation rates and geopolitical tensions stemming from the Russia-Ukraine War. Natural gas prices experienced a significant year-on-year growth of 34.3% in 2022, with gasoline prices also seeing a rise. Despite a forecasted decrease in refined diesel prices over the next few years, the transport sector must navigate the challenge of high-energy costs in the short term.
North America Freight And Logistics Industry Overview and Competitive Landscape
The North America Freight and Logistics Market boasts a variety of key players that make the industry competitive, yet it remains fragmented. Leading companies such as C.H Robinson, Deutsche Post DHL Group, FedEx, Kuehne + Nagel, and United Parcel Service hold significant market shares while ensuring diverse services for international trade and logistics requirements. This fragmented market structure promotes innovation, customer service, and improvement within the industry, contributing to the greater dynamics of the North American economy.
With substantial economic development, investments in infrastructure, and strategic global trading partnerships, the North America Freight and Logistics market is pivotal to the regional and global economic landscape. The projected growth and continuous modernization of its infrastructure positions North America as a leading logistics market, resonating with the industry’s evolution and expansive reach.
A selection of companies mentioned in this report includes
- C.H Robinson
- DB Schenker
- Deutsche Post DHL Group
- DSV A/S (De Sammensluttede Vognmænd af Air and Sea)
- Expeditors International
- FedEx
- GXO Logistics
- J.B.Hunt Transport Services Inc.
- Kuehne + Nagel
- Ryder Systems
- United Parcel Service
- XPO Logistics
For more information about this report visit https://www.researchandmarkets.com/r/x6wt7p
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