Multimodal transportation is the backbone of international trade here the goods are transported under a single contract but performed with at least two different modes of transport. The carrier or multimodal transport operator (MTO) is liable for the entire carriage, even though it is performed by several different modes of transport by rail, sea, and road. Multimodal transport is a solution to solve bigger part of cargo mobility problems. Its main feature is the transhipment terminals which allows efficient cargo handling between short distance & long-distance traffic as well as application of standardized & reusable loading units. Furthermore, the advantage multimodal transport is that it uses the most efficient combination of transport modes for carrying the cargo. The service is more environmentally sustainable than some single mode transport methods since, it reduces the hassle of dealing with multiple partners for transportation of cargo. In addition, multimodal transport uses one transport bill of lading for its services and operation and optimizes lead times, reduces inventory costs, and regulates freight level costs.
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Major Market Players:
BDP International Inc., CH Robinson Worldwide Inc., Crowley Maritime Corporation, Deutsche Post DHL Group, Kuehne + Nagel International AG, MARUBENI LOGISTICS Corporation, Mitsubishi Logistics Corporation, Schenker AG, YUSEN LOGISTICS Co Ltd. and Transport Maritime et Transit USA Inc.
Due to COVID-19 pandemic government across major countries have announced lockdown leading to business shutdown. The shipping companies have been severely affected due to lockdown since, there were inter-state travel restrictions in various countries. This delayed the deliveries leading to huge losses for the companies. Moreover, multimodal transportation includes multiple mode of transportation to reach the destination but since, even one mode was affected then the complete cycle got disrupted. Even the ships were not allowed to enter the ports so, the cargoes could not be collected. Furthermore, the deliveries were also not possible since various states were not allowing the trucks to enter. In addition, there were unavailability of labor due to social distancing norms to work at the warehouses. Also, the e-commerce industries had halted their services taking only orders for essential goods which reduced the demand for shipping. Multimodal transportation is an evolving sector in shipping industry which has a slight setback due to the pandemic, which is expected to recover post pandemic and drive growth of multimodal transportation market.
North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa)
E-commerce plays very key role in offering freight customers new options to boost their economic growth. Since, multimodal transportation uses two different of modes of transport thus, it is useful for long distance shipment. The rise in in e-commerce industry has enabled the consumers to purchase goods from all across the world. For instance, global e-commerce sales jumped to $26.7 trillion in 2019, up by 4% from 2018. Moreover, internet-based retailing and online shopping is witnessing a significant expansion in majority of countries across the globe, owing to an increase in speedy internet access, which has led to rising preference toward e-commerce among consumers. Thus, for rise in demand for efficient & smooth operation of e-commerce globally is expected to drive growth multimodal transportation market
Questions answered in the multimodal transportation market research report:
- Which are the leading market players active in the multimodal transportation market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the multimodal transportation market?
- What are the projections for the future that would help in taking further strategic steps?
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