by The global FTL and LTL Shipping Services Market is estimated to be valued at US$ 16.104 Bn or Mn in 2023 and is expected to exhibit a CAGR of 4.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview: FTL and LTL shipping services are used for transporting goods via road, rail or ship over long and short distances respectively. It offers flexible shipping options at competitive rates for a variety of cargo types. The growing e-commerce industry is increasing the demand for these services.
Market key trends: Digital logistics is emerging as a key trend in the FTL and LTL shipping services market. It involves the use of advanced technologies like IoT, AI, predictive analytics etc to streamline shipping operations. Digital logistics helps shipping companies gain real-time visibility of shipments, optimize routes, track assets and forecast demand. This is improving efficiency, reducing costs and enhancing customer experience in the market.
Segment Analysis
The FTL And LTL Shipping Services Market Analysis can be segmented by type into full truckload (FTL) and less-than-truckload (LTL). The LTL segment is dominating the market as it allows shippers to consolidate multiple shipment onto one trailer. This reduces costs for shippers who need to send smaller or multiple shipments to different locations. LTL carriers pick up freight from several customers and consolidate them on one truck going in the same direction. This shared nature of transportation makes LTL shipping services more affordable for small and medium volume shipments.
Key Takeaways
The global FTL and LTL shipping services market is expected to witness high growth, exhibiting a CAGR of 4.1% over the forecast period, due to increasing e-commerce demand for cheaper delivery options.
Regional analysis:
The North America region is currently dominating the market due to high demand from the e-commerce and industrial sectors in the US and Canada. However, the Asia Pacific region is expected to grow at the fastest rate due to rising incomes in developing countries such as China and India which is boosting consumerism and industrial activities.
Key players:
Key players operating in the FTL and LTL shipping services market are YRC Freight, XPO Logistics, Old Dominion, UPS Freight, Estes Express Lines, ABF Freight, R+L Carriers, Saia Motor Freight Line, Southeastern Freight Lines, Holland Regional, J.B. Hunt, Schneider, Swift Transportation, Werner Enterprises. YRC Freight is one of the largest providers of LTL shipping services in North America with a strong truckload business as well.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
