PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527917
PUBLISHER: Fairfield Market Research | PRODUCT CODE: 1527917
The development of fast-track systems in transportation has significantly enhanced the smooth flow of goods, particularly in the realm of intermodal transport. One of the primary concerns for shippers in this sector is security. To address this, many railroads have implemented automated gate systems (AGS) at intermodal ramps. These systems incorporate advanced technologies such as optical character recognition, biometric identification, and high-definition video imaging. These tools are designed to boost efficiency while ensuring safety and security, thereby driving the expansion of the intermodal transport market.
Importance of Intermodal Transport in the FMCG Sector
The Fast-Moving Consumer Goods (FMCG) sector, in particular, has shown a strong preference for transport services that expedite product delivery to the market without incurring excessive costs. Intermodal transport has become an attractive option for this sector due to its cost efficiency and eco-friendly nature. The increased adoption of intermodal transport is now a crucial component of many organizations' supply chain strategies. For instance, Kimberly-Clark, a well-known corporation, emphasizes the use of intermodal freight transport within its supply chain.
Intermodal Transport Market Trends
Corporations today are increasingly focused on sustainability goals. Rapid changes in consumer behavior and a growing environmental consciousness have driven businesses to adopt more sustainable practices. This trend extends beyond production operations to include supply chain operations. As global trade expands, companies are striving to reduce their carbon footprints, prompting a shift toward more eco-friendly solutions across all business operations. This heightened environmental awareness is expected to create new opportunities for the intermodal transport market in the coming years.
Historically, strategic and transactional shippers have favored traditional transport modes due to their reliability. However, capacity constraints and rising truckload prices have led many shippers to switch to intermodal transport services. This shift has spurred growth in the intermodal transport market. Strategic shippers looking to extend their cargo transits have found significant success with intermodal freight transport.
Regional Outlook of the Intermodal Transport Market
North America holds a dominant share of the intermodal transport market, followed by Asia. This is attributed to improvements in intermodal shipment visibility and increased demand from the automotive industry. However, East Asia is expected to experience the highest growth rate through the forecast period.
Intermodal Transport Market: Competition Overview
The intermodal transport market is highly fragmented, with a significant number of local players actively participating in the global market. These players are consistently seeking opportunities and focusing on digital platforms to enhance their market presence. They are also working on strengthening their global footprint and providing innovative solutions to customers to gain a competitive edge.
For example, in June 2020, FedEx Logistics, Inc., a subsidiary of FedEx Corporation, provided essential supply chain services to hospitals to combat the ongoing global health crisis. The company distributed personal protective equipment (PPE) kits from its logistics facility to hospitals in Latin America and the Caribbean.
Impact of Global Health Crises on Intermodal Transport Market
The global health crisis has had a profound impact on the intermodal transport market. With travel and trade being among the first sectors to face restrictions, the growth of the intermodal transport market was severely affected. However, as countries began to ease lockdowns and resume travel and trade, intermodal cargo has started to regain momentum, positioning the market to return to its original growth trajectory and potentially exceed it.
Analysts' Viewpoint
An analysis of the evolving intermodal transport market reveals a trend toward significant popularity in developing regions. The market is expected to register substantial growth opportunities for players, especially in East Asia and South Asia. Despite the disruptions caused by global health crises, initiatives by regional governments to promote sustainability in the transport sector are likely to support market growth. The increasing environmental consciousness among businesses is driving the adoption of intermodal freight transport services worldwide.
Intermodal Transport Market: Segmentation
Fairfield Market Research's study on the global intermodal transport market provides a detailed market taxonomy, covering key segments comprehensively. The market is segmented based on solution, vertical, service, type of mode, mode of ownership, and region. Each segment's growth is thoroughly analyzed, offering a clear understanding of market dynamics.