Rail freight transportation market in North America to grow by $42.8B by 2027
Growth driven by low transportation cost of freight
April 26, 2023 – Tampa, FL – According to a recent report by Technavio published in March 2023, the rail freight transportation market in North America is set to experience significant growth in the coming years, with an estimated increase of USD 42.88 billion between 2022 and 2027. The growth is being driven by the low transportation cost of freight offered by rail transportation, making it a popular choice for shippers.
The report also highlights the impact of the ongoing COVID-19 pandemic on the market, with the increase in e-commerce and online shopping leading to a surge in demand for rail transportation services. Additionally, the report notes that the growth of the manufacturing and construction industries in North America is expected to further drive demand for rail freight transportation services.
Technavio’s report identifies key players in the market, including Canadian National Railway, CSX Transportation, Union Pacific, and Norfolk Southern, among others. These companies are investing in technology and infrastructure to improve efficiency and productivity in their operations, and are also exploring opportunities to expand their services and geographic reach.
Overall, the rail freight transportation market in North America is expected to experience significant growth in the coming years, driven by factors such as low transportation cost of freight, the rise of e-commerce and online shopping, and the growth of the manufacturing and construction industries. As such, it presents opportunities for companies in the industry to expand their services and improve their operations to meet growing demand.
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