Technavio Forecasts Worldwide Drayage Services Market to Reach USD 2.90 billion between 2021-2025

Vendors will try to incorporate various solutions to enhance their services and increase their market shares, especially because of the growing demand for cross-border trade and digital transformation in the market, particularly in countries such as Germany, France, the United Kingdom, Italy, Poland, and Spain.

Key Biodegradable Medical Plastics Market Report Highlights:

1. Market growth 2021-2025: USD 2.90 million
2. Growth momentum & CAGR: Accelerate at a CAGR of 2%
3. YoY growth (%): 1.49%
4. Performing market contribution: APAC at 38%
5. Key consumer countries: US, China, Germany, UK, and Japan

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Regional Market Analysis

With 38% of the growth originating from APAC, this region will record a fast growth rate during 2021-2025. China and Japan are the key markets for drayage services in APAC.

With APAC's strong economic expansion, people's per capita income has risen considerably in recent years, resulting in increased consumer spending power and, as a result, more e-commerce sales. This will aid the expansion of the APAC drayage services market during the forecast period.

Apart from the rapid economic growth, the other key reasons for the increasing drayage services market's growth in APAC are:

• Geopolitics is driving port activity in APAC, as regional manufacturing powerhouses spend more on facilities to boost their influence and get greater access to resources and prospective markets in the Middle East and Central Asia. This will spur infrastructure development and investments in nations like China, Japan, India, Singapore, Australia, and the Philippines, as well as in the modernization of ports and terminals.

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Key Vendors and Vendor Strategies
Boa Logistics LLC, Evans Delivery Co. Inc., Hub Group Inc., Schneider National Inc., XPO Logistics Inc. are a few of the key vendors in the drayage service market.

The vendors in the market are constantly focusing on broadening their product portfolio through expanding their product offerings. Additionally, vendors are focusing on expanding their presence in new regions.

For instance:

• In January 2021, J.B. Hunt, a transport service was named as one of the World's Most Admired Companies by Fortune magazine for the tenth time. In May 2020, the company was named to the Fortune 500 List for the eighth consecutive year.
• In February 2021, RoadOne, an IntermodaLogistic company, announced the acquisition of The JZ Expedited Companies, headquartered in Jacksonville, Florida.
• In March 2021, Schneider National, a premier provider of trucking, intermodal, and logistics services, was named one of the Women in Trucking's 2021 Top Women in Transportation to Watch.

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Key Market Drivers

Our analysts have extensively outlined the information on the key market drivers and their impact on the drayage services market.

• Growth in the manufacturing 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. The manufacturing industry is expanding in APAC, thanks to the availability of low-cost labor and governmental reforms that have made doing business easier. The manufacturing industry's expansion will result in increased production volumes of numerous products. Drayage services will be in high demand as a result of this. Furthermore, industries and other stakeholders are preferring safer forms of transportation for materials and consumer goods, increasing in demand for drayage services. Such factors are likely to fuel the growth of the market in focus during the forecast period.

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SOURCE Technavio