The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, Feb. 23, 2023 /PRNewswire/ — As per The Business Research Company’s Intermodals Global Market Report 2023, the global intermodals market size will grow from $23.3 billion in 2022 to $26.4 billion in 2023 at a compound annual growth rate (CAGR) of more than 13%. The global intermodals market share is then expected to grow to $41.5 billion in 2027 at a CAGR of more than 11%.
The increase in preference for intermodal rail transport is expected to drive the growth of the intermodals market going forward. Over the years, rail fuel efficiency has steadily increased, making it the most environmentally sustainable means of transporting goods overland. Governments globally are emphasizing cutting carbon emissions to reduce pollution. Eco-friendly transportation can play a significant role in controlling carbon emissions. According to the Association of American Railroads’s (AAR) analysis of federal data, if 25% of truck traffic traveling at least 750 miles went by rail instead, annual greenhouse gas emissions would be expected to fall by around 13.1 million tonnes.
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In view of the rising preference for rail freight transportation, J.B. Hunt, a US-based transportation and logistics company, partnered with BNSF Railway Company. BNSF Railway is among the largest competitors in the intermodals market, with a rail network of 32,500 route miles in 28 states and three Canadian provinces. BNSF is one of the top transporters of the products and materials that help feed, clothe, supply, and power communities throughout America and the world.
The strategic partnership between J.B. Hunt and BNSF will intensify their collaboration in order to restore the consistency and dependability that clients have come to expect from intermodal services, as well as expand their support for intermodal conversion and trans-loading services. This priority fully supports J.B. Hunt’s vision to build the most effective transportation system in North America.
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The global intermodals market is segmented –
- By Type: Container-On-Flatcar (Cofc), Trailer-On-Flatcar (Tofc)
- By Destination: Domestic, International
- By Application: Oil And Gas, Aerospace And Defense, Industrial And Manufacturing, Construction, Chemical, Food And Beverages, Healthcare, Other Applications
As per the intermodals market analysis, the top opportunities in the intermodals market will arise in the oil and gas segment, which will gain $6,630 million of global annual sales by 2027. Intermodals are the safest mode for transporting petroleum, natural gas, and other hydrocarbons.
Companies can capitalize on the intermodals market’s growth potential by implementing market-trend-based strategies such as focusing on shipment tracking tools, advanced driver assistance system (ADAS) technology, obstacle detection assistance systems, and rail vehicle visibility tools.
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