North America Freight Logistics Market is Projected to Grow by 2.80%; Led by the Expanding E-Commerce Sector.

North America Freight Logistics Market Outlook

The North America freight logistics market size reached USD 1.47 billon in 2023. The market is expected to grow at a CAGR of 2.80% between 2024 and 2032, reaching almost USD 1.89 billion by 2032.

Key Takeaways:

• According to the U.S. Bureau of Labor Statistics, in 2023, there are more than 21,000 warehouse establishments in the United States.

• Approximately 27 million Canadians used eCommerce in 2022, making up 75% of the country's total population, according to ITA.

• As per Census Bureau (DOC), e-commerce sales were expected to grow 7.6% to reach USD 1,118.7 billion in 2023.

Rising e-commerce demand, incorporation of artificial intelligence, and growing strategic alliance are expected to drive the growth of North America freight logistics market

The expanding e-commerce industry and rising levels of international trade are driving up demand for logistics services. Furthermore, the need for logistics services is rising as a result of the expansion of cross-border commerce. Additionally, the e-commerce industry is growing as more people choose to purchase online, which is a significant growth-inducing element. Additionally, e-commerce businesses mostly depend on logistics to complete orders and deliver goods to customers' doorsteps, which fuels the expansion of the industry. In addition, the demand for reliable last-mile delivery services, warehouse facilities, and order fulfilment has increased due to the quick expansion of online shopping, and hence bolstering the demand of freight logistics in North America.

Furthermore, one of the most recent trends is the growing use of generative AI. Among the major developments in freight logistics presently is technology. Businesses in logistics sectors are determining how best to use AI to address their operational problems and expand.

In March 2024, third-Party Logistics (3PL) provider BlueGrace Logistics, one of the largest in North America, acquired Evos Smart Tools. Through the addition of sophisticated supply chain optimizations and real-time analytics, shippers may take use of BlueGrace's technological services and lower their total expenses. Load planning and route optimization are made simpler with Evos Smart Tools' comprehensive order optimization algorithms, adjustable parameters, and smooth API connections.

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Market Segmentation

North America Freight Logistics Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Logistics Function

• Courier, Express and Parcel (CEP)
  • Domestic
  • International
• Freight Forwarding

• Freight Transport

• Warehousing and Storage
  • Temperature Controlled
  • Non-Temperature Controlled
• Others

Market Breakup by End Use

• Construction

• Manufacturing

• Oil and Gas, Mining and Quarrying

• Agriculture, Fishing and Forestry 

• Others

Market Breakup by Country

• United States of America

• Canada

The North America freight logistics market key players are Deutsche Post AG, FedEx Corp, Schenker AG, XPO Inc., DSV A/S, CH Robinson Worldwide Inc., United Parcel Service, Inc., Kuehne + Nagel International AG, J B Hunt Transport Services Inc., and Ryder System Inc., among others.

Key Highlights of the Report

Key Questions Answered in the Report:

1.    What was the market value in 2023?
The market was valued at USD 1.47 billion in 2023.

2.    What is the growth rate of the North America freight logistics market?
The market is projected to grow at a CAGR of 2.8% between 2024 and 2032.

3.    What is the market forecast for 2024-2032?
The revenue generated from the market is expected to reach USD 1.89 billion in 2032.

4.    What is the breakup of the market based on the logistics function?
The market is categorised according to logistics function, which includes courier, express and parcel (CEP), freight forwarding, fright transport, warehousing and storage, and others.

5.    Who are the key players in the North America freight logistics industry, according to the report?
The key players are Deutsche Post AG, FedEx Corp, Schenker AG, XPO Inc., DSV A/S, CH Robinson Worldwide Inc., United Parcel Service, Inc., Kuehne + Nagel International AG, J B Hunt Transport Services Inc., and Ryder System Inc., among others.

6.    What is the breakup of the market according to the end use?
Based on the end use, the market is divided into construction, manufacturing, oil and gas, mining and quarrying, and agriculture, fishery and forestry.

7.    What is the market breakup by country?
The market is broken down into the United States of America and Canada.

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