The Business Research Company’s inland water freight transport market research report expands on key drivers, trends, and growth opportunities in the market.
LONDON, Sept. 15, 2022 /PRNewswire/ — Companies are recently encouraging lean and green inland transportation. For improved efficiency, companies are focusing on natural gas in shipping, improved vessel designs, efficient loading and unloading of cargo and much more. Companies are also retrofitting old equipment in ships with emission reduction devices, hull cleaning and coating, plus high high-performance propellers and nozzles. Certain advanced propulsion systems such as fuel cell hybrid drive technologies will be soon on the market. With these efforts, the inland transportation market is expected to see a steady growth in the upcoming years. For example, to help respond to these challenges and to support the sector’s contribution towards Sustainable Development Goals, United Nations Economic Commission for Europe are putting the political momentum and priorities of the 2018 Wroclaw Ministerial declaration into action, the White Paper identifies few priority areas and related policy recommendations that will guide UNECE support for the sector over the next decade.
The global inland water freight transport market size is expected to grow from $15.91 billion in 2021 to $16.71 billion in 2022 at a compound annual growth rate (CAGR) of 5.0%. The inland water freight transport market is then expected to grow to $19.34 billion in 2026 at a CAGR of 3.7%.
Growing Demand For E-Commerce Is A Major Driver For The Inland Water Freight Transport Market
The inland water freight transportation industry is expected to be driven in the forecast period by the growing demand for e-commerce. Several factors such as urbanization, increased mobile and internet penetration, the availability of a wide range of products online and a rise in online marketing increased the market for e-commerce, thus drive the inland water freight transport market. Getting goods around cities has arguably never been more challenging. Traffic has increased in many urban centers, making timely deliveries a challenge. At the same time. e-commerce is at an all-time high and that shows no signs of letting up. Online retail grew year-on-year up to July 2020 by 55% to $66bn, according to Accenture. Customers now expect next-day or even same-day delivery in many locations, making the pressure on deliveries and particularly last-mile even greater.
Ingram Barge Held 15.43% Share Of The Inland Water Freight Transport Market In 2021
Ingram Barge was the largest competitor in the inland water freight transport market in 2021, with a 15.43% share of the inland water freight transport market. Ingram Barge strategy is focused is to expand its footprint and enhance customer experience by launching new products. For instance, in June 2021, Ingram Marine Group, along with Cenac Marine Services, Main Iron Works and other stakeholders, held a christening of the M/V Adrienne M. Moore and honoring of the M/V Tom Cornwell. The sister vessels are the latest additions to the fleet of the leading carrier on America’s inland waterways. The two vessels are also the first of a fleet of 10 that Cenac Marine and Main Iron are under contract to build for Ingram Marine.
Inland Water Freight Transport Industry Segmentation
The global inland water freight transport market is segmented –
- By Type of Transportation: Liquid Bulk Transportation, Dry Bulk Transportation
- By Fuel: Heavy Fuel Oil, Diesel, Biofuel, Others
- By Vessel Type: Cargo Ships, Container Ships, Tankers, Others
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SOURCE TBRC Business Research