The Business Research Company's intermodals market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 13, 2022 /PRNewswire/ -- Advanced driver assistance system (ADAS) technology is gaining importance in the intermodal market due to the fact that it can help boost sustainability, optimize energy usage, increase safety and help in cost reduction. ADAS is garnering popularity because of the multiple features that has which can greatly assist the driver, such as providing an automatic warning, protection, operation and supervision and control arrangement. ADAS assists with technologies such as blind spot detection and front collision warnings. ADAS also has a built-in driver status monitoring (DSM) system. DSM is one of the options that monitors the behavior of the tram/train driver. For instance, in July 2022, CAF, a Spanish company engaged in offering rail solutions, and OTIV, a Belgium based AI company improving safety and efficiency of railway transport, launched a joint project to test advanced driver assistance features for trams.
The global intermodals market size is expected to grow from $41.28 billion in 2021 to $44.88 billion in 2022 at a compound annual growth rate (CAGR) of 8.7%. The intermodal freight market size is then expected to grow to $54.05 billion in 2026 at a CAGR of 4.8%.
Reduced Freight Transportation Costs Is A Major Market Driver
Reduced freight transportation costs with intermodal service will drive the global intermodal transport market in the forecast period. The buyers and freight forwarders in road freight companies are preferring intermodal freight transportation over single modes of transportation such as trucks, owing to the cost advantages offered to shippers. They are trying to save on costs by using rail to transport goods on longer routes. Since trains are more fuel-efficient than trucks, the cost of shipping freight via rail is very competitive. In fact, shipping by rail uses approximately three times less fuel than trucks, saving on fuel surcharges. In addition to this, a rail car can typically handle three to four times more freight than the average truck. In fact, one train can replace hundreds of trucks, significantly lowering the cost.
Asia Pacific Was The Largest Region In The Intermodals Market
Asia-Pacific held the largest intermodal market share worth $6.68 billion in 2021. The intermodals market in the Asia-Pacific region is supported by the presence of a large population in emerging economies such as China and India; rising investments in the transportation sector; and a high demand for freight transportation in the region. The market is also aided by technological advances coupled with high imports and exports.
Intermodals Industry Segmentation
The global intermodals market is segmented -
1) By Type: Container-on-Flatcar (COFC), Trailer-on-Flatcar (TOFC)
2) By Destination: Domestic, International
3) By Application: Oil and Gas, Aerospace and Defense, Industrial and Manufacturing, Construction, Chemical, Food and Beverages, Healthcare, Others
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