Changes in the Freight Shipping Industry From Expedited Trucking to Less-Than-Truckload
E-commerce has been steadily increasing within the United States. Given this, the shipping industry is adapting accordingly. Consumer items are being transported in full truckloads, less-than-truckloads (LTL), as well as by parcel carriers. Recent figures indicate that the revenue for E-commerce alone is approximately $423.3 billion a year. it’s interesting to note that the current market for LTL freight services is roughly $35 billion.
In recent years, the U.S. logistics and transportation industry has experienced a significant increase in revenue. In 2015, for example, $1.45 trillion was spent on the services provided by this industry. In terms of the annual gross domestic product, this amounted to eight percent.
While there are a variety of commodities being transported by the freight industry, the most valuable ones are electronics, machinery, and motorized vehicles. The value of freight being shipped is also steadily increasing. The U.S. Department of Transportation reported that in 2007, the per-ton value was $882.00. However, the department predicted that by 2040, the per-ton value would increase to $1,377.00.
Trade shows are another area where specialty freight services such as expedited trucking may be required. While some states host more trade shows than others, California and Florida both had 20 convention centers in October 2016 and Nevada had 19. Since trade shows are vital to the success of many businesses and industries, it is likely that trade show shipments will increase over the next few years.
Reports indicate that the transportation network consists of almost 12 million locomotives, rail cars, trucks, and vessels. The Federal Motor Carrier Safety Administration stated that there are roughly 5.9 million commercial motor vehicle drivers working within the United States. As with other aspects of this industry, it is likely that there will be an increase in drivers.
As previously stated, expedited trucking is integral to delivering a large percentage of goods throughout the country. If your business needs expedited trucking services for trade shows or other purposes, it’s important to know that these and other resources, such as LTL shipping services, are available. In the even that your business has oversize freight, this, too, can be accommodated.