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| FTL And LTL Shipping Services Market Analysis |
The global FTL and LTL Shipping Services Market is estimated to be valued at US$ 16.104 Bn 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 (Full Truck Load) and LTL (Less Than Truck Load) shipping services involve
transportation of commodities via road, air or sea over long and short
distances respectively. FTL shipping involves dedicated trucks for single
shipments while LTL allows for consolidation of multiple smaller shipments to
optimize transportation costs for shippers. With ever increasing cross-border trade
and growing e-commerce industry, the demand for reliable, timely and economical
shipping services has increased tremendously. FTL and LTL shipping providers
offer customers flexibility of delivery options, real-time tracking and
configurable transit times as per their requirements.
Market key trends:
One of the key trends driving growth in the FTL
And LTL Shipping Services Market Analysis is rising e-commerce sales
and investments in logistics infrastructure around the world. Online retail
giants are continuously partnering with shipping service providers to ensure
fast and seamless delivery of products across different geographies. This has
significantly boosted shipping volumes for regional as well as international
routes. Furthermore, growing emphasis on sustainability has led companies to
adopt eco-friendly technologies and fuels for fleet modernization. Adoption of
IoT enabled fleet management systems is also allowing shipping lines to improve
operational efficiency through features like predictive maintenance and
advanced routing.
Porter’s Analysis
Threat of new entrants: The FTL and LTL shipping services market poses moderate
threat of new entrants due to the high capital requirements to build own
infrastructure and fleet of trucks.
Bargaining power of buyers: The bargaining power of buyers is moderate in the
market as buyers have options to choose from a large number of service
providers.
Bargaining power of suppliers: The suppliers of trucks and other logistic
equipment have moderate bargaining power over service providers due to low
switching costs for service providers to change suppliers.
Threat of new substitutes: The threat of substitutes is low as their are
limited alternatives available for goods transportation over long distances
other than trucks.
Competitive rivalry: Intense competition exists among existing players to gain
higher market share.
Key Takeaways
The global FTL and LTL shipping services market is expected to witness high
growth, exhibiting CAGR of 4.1% over
the forecast period, due to increasing demand for transportation of bulky and
heavy goods across industries. The market size for 2023 is US$ 16.104 Bn.
Regional analysis: North America accounts for the largest share in the global
FTL and LTL shipping services market owing to extensive distribution networks
and established logistics infrastructure in the region. Asia Pacific exhibits
fastest growth in the market propelled by rising industrial and manufacturing
activities 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.
Key players are investing in advanced technologies and fleet expansion to
improve service efficiency and gain competitive advantage.
Read More: https://www.ukwebwire.com/ftl-and-ltl-shipping-services-market-growth/