The global FTL and LTL Shipping Services Market is estimated to be valued at US$ 15.47 Billion in 2022 and is expected to exhibit a CAGR of 4.10% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
FTL and LTL shipping services provide transportation of cargo through trucks in full truck load (FTL) and less-than truck load (LTL) shipments. These services offer cost effective and reliable delivery of goods across countries and regions. FTL and LTL shipping services cater to the bulk transportation needs of various industries such as manufacturing, retail and e-commerce.
Market key trends
One of the key trends in the FTL and LTL shipping services market is the growing adoption of scalable transportation management systems (TMS). TMS enables shipping companies to efficiently manage operations and meet dynamic shipment needs. It provides real-time tracking of freight, automated route planning and optimization of fleet utilization. TMS helps improve visibility across the supply chain and ensure on-time deliveries. Its functionality of lane analysis, freight costing and rating allows shipping companies to accurately determine shipping costs and right-size their fleets. TMS also supports integration with other systems for shipment booking, rating and tendering. The growing complexity of supply chain networks is driving many FTL and LTL carriers to implement scalable TMS to enhance efficiency, minimize costs and offer transparent shipment management services.
Here is the segment analysis and key takeaways for the given FTL and LTL Shipping Services market research report:
Segment Analysis
The global FTL And LTL Shipping Services Market is segmented on the basis of transportation type, end use industry and regional presence. Based on transportation type, the market is divided into freight transportation loading and freight transportation less than truckload. The freight transportation less than truckload segment currently dominates the market and is expected to maintain its dominance over the forecast period. This is owing to increasing preference of small enterprises for LTL shipments as it offers combined loads with mixed destinations providing affordable pricing.
Key Takeaways
The global FTL and LTL Shipping Services market is expected to witness high growth, exhibiting a CAGR of 4.10% over the forecast period, due to increasing demand from e-commerce sector. E-commerce giants are relying more on LTL and FTL shipments to provide faster delivery at reduced costs.
The North American region currently dominates the global market with the largest market share. However, the Asia Pacific region is expected to grow at the fastest rate over the forecast period. This is attributed to rapid industrialization and growth of international trade in China and India.
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. These players are focusing on expansion strategies and collaborations to gain higher market share. For instance, XPO Logistics acquired UX Specialized Logistics and Quad Express in 2022 to strengthen its LTL network in the US.
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