Global Multimodal Transportation Market Report and Forecast 2024-2032

Global Multimodal Transportation Market Report and Forecast 2024-2032

Global Multimodal Transportation Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global multimodal transportation market size reached a value of USD 44.78 billion in 2023. Aided by the increasing complexity of supply chains and heightened demand for efficient transportation solutions, the market is projected to further grow at a CAGR of 8.3% between 2024 and 2032 to reach a value of USD 92.38 billion by 2032.

Multimodal transportation involves the use of more than one mode of transport to facilitate the movement of goods under a single contract but performed with at least two different means of transport. This system leverages the strengths of various transportation modes to achieve faster delivery times, cost efficiency, and access to wider markets. The service is managed by a multimodal transport operator who takes responsibility for the entire carriage, despite it involving several modes of transport.

The expansion of international trade is one of the key drivers for the multimodal transportation market growth. As businesses continue to globalise, the need for more reliable and efficient shipping methods becomes crucial. Multimodal transportation, with its ability to combine speed, cost-effectiveness, and reach, is increasingly preferred by exporters and importers alike.

Technological advancements in transportation and logistics such as GPS tracking, IoT connectivity, and automated systems have significantly enhanced the efficiency of multimodal transportation. As per the multimodal transportation market analysis, these technologies help in real-time tracking of goods, optimising routes, and managing operations seamlessly across different transportation modes.

With rising awareness of environmental issues, there is a growing emphasis on reducing carbon footprints within the logistics sector. Multimodal transportation reduces the reliance on road transport, which is less fuel efficient, and more polluting compared to rail or water transport, thus supporting efforts to create more sustainable transportation solutions and propelling the multimodal transportation market expansion.

The explosive growth of e-commerce globally is reshaping supply chains and logistics demands, propelling the market. E-commerce requires efficient, reliable, and fast shipping solutions to meet consumer expectations for rapid delivery times. This demand drives the integration of more responsive and adaptable transportation networks, often involving a combination of air, rail, and last-mile delivery by road.

As per the multimodal transportation market outlook, there is a rising trend in the use of standardized intermodal containers that can be easily transferred between ships, rail, and trucks without unloading and reloading the cargo. This method reduces cargo handling, improves security, minimizes damage and loss, and allows faster transportation, contributing to cost efficiencies and lower emissions.

Service providers are shifting towards more customer-centric approaches, tailoring logistics solutions to meet specific client needs. This involves offering more flexible and transparent services, including customisable routing options, real-time cargo tracking, and proactive risk management. Enhanced customer service technologies, including mobile apps and customer portals, are becoming standard in the multimodal transportation market.

North America is a dominant player in the market, due to advanced logistics and transportation infrastructure. The United States, in particular, benefits from its extensive network of railroads and well-established marine ports which facilitate efficient inland and international trade. Europe’s strategic location and well-developed transportation infrastructure make it a key market for multimodal transportation. The European Union’s promotion of environmentally sustainable transport methods has further bolstered the multimodal transportation market share in the region.

Looking ahead, the market is poised for significant growth. As the world becomes increasingly interconnected, the demand for more efficient, cost-effective, and sustainable transportation solutions is expected to rise. The integration of advanced technologies like AI and blockchain could further revolutionise this sector, enhancing transparency, security, and efficiency of multimodal transport operations.

Market Segmentation

The market can be divided based on solutions, transportation mode, end use, and region.

Market Breakup by Solutions

• Cargo
• Supply Chain
• Truck Load
• Carriage
• Shipping
• Courier Service

Market Breakup by Transportation Mode

• Rail-Road
• Road-Air
• Road-Water
• Others

Market Breakup by End Use

• Retail
• Chemical
• Aerospace and Defence
• Food and Beverages
• Pharmaceutical and Healthcare
• Manufacturing
• Oil and Gas
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global multimodal transportation market. Some of the major players explored in the report by Expert Market Research are as follows:

• Deutsche Bahn AG
• Kuehne + Nagel International AG
• Deutsche Post AG
• C.H. Robinson Worldwide, Inc.
• Geodis SA
• Yusen Logistics Co., Ltd.
• Marubeni Logistics Corporation
• BDP International, Inc.
• T.E.L.S. Transeuropean Logistic Services Ltd.
• Crowley Maritime Corporation
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report. Show more