Drayage Services Market to grow at a CAGR of 2% by 2025| Growing Manufacturing Industry to Boost Growth | 17000+ Technavio Reports

NEW YORK, March 23, 2022 /PRNewswire/ -- The drayage services market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Boa Logistics LLC, Evans Delivery Co. Inc., Hub Group Inc., ITS ConGlobal, J.B. Hunt Transport Services Inc., Knight-Swift Transportation Holdings Inc., PLS Logistics, RoadOne IntermodaLogistics Inc., Schneider National Inc., and XPO Logistics Inc. are some of the major market participants The drayage services market is set to grow by USD 2.90 billion from 2020 to 2025, progressing at a CAGR of 2% according to the latest market report by Technavio.

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Drayage Services Market 2021-2025: Scope

 Our drayage services market report covers the following areas:

• Drayage Services Market size
• Drayage Services Market trends
• Drayage Services Market industry analysis

Drayage Services Market 2021-2025: Drivers & Challenges

The key factor driving growth in the drayage services market is the growing manufacturing industry. Manufacturing has emerged as a high-growth industry. Numerous countries and regions are witnessing an increase in the manufacturing of electronics, food, rubber and plastic products, textiles, pharmaceuticals, basic metals, and apparel. With the increasing adoption of advanced technologies, the manufacturing industry is undergoing a transformation. In APAC, the manufacturing industry is growing, owing to the availability of low-cost labor and policy reforms that have improved the ease of doing business. In addition, the governments of many countries in APAC have undertaken initiatives to improve the growth of the manufacturing industry. The growth in the manufacturing industry will lead to an increase in the production volumes of various types of products. This will directly drive the demand for drayage services. Moreover, manufacturers and other stakeholders are opting for safer modes of transportation for materials and consumer goods, which is increasing the demand for drayage services. Such factors are likely to fuel the growth of the market in focus during the forecast period.

However, the shortage of drayage drivers will be a major challenge for the drayage services market during the forecast period. Products in this supply chain need to be delivered to different destinations within a short duration. Consequently, a streamlined supply chain is required to ensure customer satisfaction. However, the global drayage services market is witnessing a shortage of skilled drayage drivers, which is hampering its growth. This shortfall is expected to become more pronounced if various issues, such as low wages, long working hours, and the implementation of electronic logging devices (ELDs), are not addressed. The widening gap between the demand for and supply of skilled drivers will affect the global drayage services market negatively. The industry-wide shortage of drayage drivers may result in low vehicle utilization and missed revenue opportunities. Hence, the shortage of skilled drivers will pose a challenge to the market in focus.

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Drayage Services Market 2021-2025: Segmentation

• End-user
• Electronics And Electrical
• Food And Beverage
• Consumer Goods And Retail
• Others
• Geography
• APAC
• North America
• Europe
• MEA
• South America

Drayage Services Market 2021-2025: Revenue Generating Segment & Regional Analysis

• The drayage services market share growth by the electronics and electrical segment will be significant for the revenue generation.
• 38% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for drayage services in APAC. Market growth in this region will be faster than the growth of the market in other regions. With the rapid economic growth in APAC, the per capita income of the people has increased dramatically over the past few years, which has led to an increase in the purchasing power of consumers, thereby leading to higher sales in the e-commerce sector.

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Drayage Services Market 2021-2025: Key Highlights

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will assist drayage services market growth during the next five years
• Estimation of the drayage services market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the drayage services market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of drayage services market vendors

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Table Of Contents :

Executive Summary

Market Landscape

• Market ecosystem
• Impact of COVID-19 on the industrials sector
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

Five Forces Analysis

• Five Forces Analysis
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• Electronics and electrical - Market size and forecast 2020-2025
• Food and beverage - Market size and forecast 2020-2025
• Consumer goods and retail - Market size and forecast 2020-2025
• Others - Market size and forecast 2020-2025
• Market opportunity by End-user

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2020-2025
• North America - Market size and forecast 2020-2025
• Europe - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Competitive scenario
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Boa Logistics LLC
• Evans Delivery Co. Inc. 
• Hub Group Inc.
• ITS ConGlobal 
• J.B. Hunt Transport Services Inc.
• Knight-Swift Transportation Holdings Inc.
• PLS Logistics
• RoadOne IntermodaLogistics Inc.
• Schneider National Inc.
• XPO Logistics Inc.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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