Animal Transportation Market to increase by USD 600.02 million from 2023 to 2028; A decline in fuel prices increasing profit margins of LSPs to drive the growth - Technavio

NEW YORK, Dec. 21, 2023 /PRNewswire/ -- The animal transportation market is expected to grow by USD 600.02 million from 2023 to 2028. However, the growth momentum of the market will be progressing at a CAGR of 5.07% during the forecast period. The market is segmented by Application (Livestock, Pets, and Others), Type (Personal and Commercial), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).

A decline in fuel prices and increasing profit margins of LSPs are notably driving the market growth. Globally, there has been a significant drop in fuel prices due to oversupply in recent years. Jet fuel prices constitute 35%-45% of the operating cost of airlines; therefore, with the drop in fuel prices, airfares became more affordable, resulting in driving air passenger traffic and profit margins of airlines. The reduction in jet fuel prices, the strong performance of the airline industry, and strong economic conditions will drive the market for animal transportation by air.

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Key Highlights:

• The report recognizes the following as some of the key players in the animal transportation market: American Airlines Group Inc., Amerijet International Inc., Carry My Pet, Copa Airlines, Inc., Delta Air Lines Inc., Deutsche Lufthansa AG, DSV AS, EMO Trans Inc., GRADLYN Petshipping, Happy Tails Travel, Inc., HERFURTH GROUP, International Consolidated Airlines Group SA, Paws Pet Travel, Pets Transport, Southwest Airlines Co., SpiceJet Ltd, Starwood Pet Travel, United Parcel Service Inc., World Care Pet Transport, LLC, and China Eastern Airlines Corp. Ltd.
• The Animal Transportation Market is fragmented in nature.
• Market to observe 4.95% YOY growth in 2024.

Market Dynamics:

Trend & Challenges

The increasing adoption of the Internet of Things (IoT) in the logistics industry is an emerging trend shaping market growth. Some logistics service providers are now using the Internet of Things (IoT) to optimize asset utilization, manage fleet effectively, enable geofencing, and implement smart inventory management. The use of IoT-based technologies helps logistics companies with large fleets to prevent sudden breakdowns and enhance the efficiency of operations. By integrating connected devices like electronic log devices (ELD) with IoT, logistics operations can become even more streamlined.

Shortage of truck drivers and mandates on ELDs is a significant challenge hindering the market growth. The animal transportation market heavily relies on the trucking industry to transport animals through roads covering a distance of 300-350 miles. However, globally, there is a shortage of skilled truck drivers in the logistics industry, and this is projected to continue increasing in the foreseeable future. This scarcity of skilled truck drivers can significantly disrupt the supply chain in the worldwide animal transportation market.

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Keg Segments:

• The livestock segment is estimated to witness significant growth during the forecast period. The livestock segment comprises animals such as horses, sheep, camels, pigs, goats, cattle, and poultry. Transportation of livestock is a vital part of the meat production cycle, starting from farms to slaughterhouses. 

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Related Reports:

The perishable goods transportation market size is estimated to grow at a CAGR of 7.75% between 2022 and 2027. The market size is forecast to increase by USD 7,427.89 million.  

The Timber Logistics Market size is estimated to grow at a CAGR of 6.61% between 2022 and 2027 and the size of the market is forecast to increase by USD 17,228.49 million. 

ToC:

Excustive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Application 

Market Segmentation by Type 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

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SOURCE Technavio