· Market Research Future, a renowned market assessment company, reveals that the freight and logistics market could touch a whopping USD 21.13 Billion by 2030. The market value in 2021 was around USD 14.85 billion. MRFR also expects the market to capture a growth rate of 4% between 2022 and 2030.
· In August 2022, Geodis acquired Need It Now Delivers, a logistics firm in New Jersey. This acquisition should help Geodis considerably bolster its presence in the U.S. in terms of contract logistics and last-mile delivery. The France-based company expects Need It Now Delivers to foster its omnichannel and last-mile logistics capabilities, offering an extensive network nationwide with 300 distribution points.
· In July 2022, DFDS acquired all the shares of Dublin-based Lucey Transport Logistics Ltd to enhance its own European logistics offering. The acquisition is expected to greatly foster its Irish logistics offerings while complementing its existing global solutions.
Cargo, lading, or goods that are transported to different points for pay, either by land, water, or air is called freight. The advances in infrastructure, as well as technology, have led to developments in logistics infrastructure along with technology improvement. The freight and logistic companies are working on facilitating fast delivery of goods and bringing about innovations in supply chain management.
Over the years, the Asia Pacific has grown immensely owing to economic development within several ASEAN nations like India and China, giving a major push to a lot of industries. Other than this, the governments are offering extra support for improving their economic standards.
World trade has peaked, given the robust export and import traffic from China. The freight and logistics industry is seeing plenty of technological trends, in light of rising investments. In the coming years, advances in services such as delivery models, value-added services, and order fulfilments will work in favor of the freight and logistics market.
What are the Various Types of Freight?
FULL TRUCKLOAD FREIGHT
FTL/full truckload freight shipping makes use of the complete space present in the truck for carrying the freight from one point to another. This is a type of freight shipping that is apt for packages that need additional space or extra conditions, and also for packages that should reach their destination in a short time.
LESS THAN TRUCKLOAD FREIGHT
LTL/less than truckload is a highly popular type of freight shipping since it is extremely reliable, cost-effective, and ensures timely service. As the most economical way to transport smaller goods, LTL freight shipping lets the businesses combine their items with those of various other businesses, which means that they are not required to pay for the use of the entire truckload.
This is the fastest option for freight shipping, as the cargo is shipped via air. Air freight carriers are used for taking care of the logistics pertaining to the transportation of smaller packages. Although air freight is much more costly than other freight shipping types, it is apt for shipping of urgent and time-sensitive shipments.
INTERMODAL RAIL FREIGHT
Intermodal rail freight shipping is an efficient, eco-friendly, and cost-effective solution for transporting bulk hazardous or construction materials. Compared to truck shipping, rail freight shipping ensures time and money savings. Freight via rail can be transported to the majority of the places across North America, owing to the expansive railroad systems all through the US and Canada.
Expedited freight, aka hotshot services, facilitates the movement of various types of freight at a high speed. While not exactly a guaranteed delivery, expedited freight shipping means delivery of freight on the same day. One carrier exclusively takes care of all the expedited freight and is required to meet a specific delivery deadline.
Ocean freight shipping is considered to be the most reliable and cost-effective way to transport goods anywhere in the world. Freight shipped by ships or boat provides a choice of transit time, coupled with options to transport by less than container load (LCL) or full container load (FCL).
What are the Trends Disrupting the Freight and Logistics Market?
Real-Time Analytics and Tracking
With the use of RFID chips and similar technologies, industry participants are able to access improved real-time analytics as well as tracking. They are able to inform customers about the exact location of their products and the total time they will take to reach the customers. With the help of this technology, the company is able to identify the issues, which helps them resolve these faster. They are able to pinpoint potential disruptions in efficiency or productivity, allowing them to remain thriving.
AI and Machine Learning
Freight and logistics companies now are working on integrating machine learning and artificial intelligence (AI) into their systems, which brings down the need for human intervention and also enhances efficiency as well as capabilities. With these modern tech tools, companies are able to quickly assess the shipment speed, customer satisfaction, productivity, and various crucial variables which allows for better profitability.
3D printing technology is not only for the manufacturers but can be useful for the logistics giants as well. Logistics companies are already leveraging this highly advanced platform. This technology ensures that there is no need to spend a long time transporting goods across locations when they can be delivered instantly using a connected 3D printer. The supply chain will be rendered faster and highly connected with the help of 3D printing, a benefit that logistics companies will be eager to leverage in the years to come.
The future holds a lot of promise when it comes to autonomous vehicles, however; these robotic transportation machines have arrived. If properly designed, autonomous vehicles can be less expensive, easier, and safer to manage compared to manual vehicles. This should, in turn, lower down the operating expenses while keeping the roads safer.
In light of the surge in significant technological disruptive events, the freight and logistics industry will continue to advance rapidly. Integration of new, modern technologies will not only enhance operational efficiency but also ensure a solid future for the worldwide industry.