FTL and LTL Shipping Services Market Is Estimated To High Growth |...

FTL and LTL Shipping Services Market Is Estimated To High Growth

Posted 2023-11-01 13:34:43

The 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 (Full Truck Load) and LTL (Less than Truck Load) shipping services play a critical role in domestic trade and transportation of goods across various industries in the US. FTL shipping involves dedicated truckloads for single shipper whereas LTL involves consolidation of shipments from multiple customers on a single truck. These services help businesses of all sizes to efficiently transport raw materials, parts and finished goods within the country.

Market Dynamics:
The FTL and LTL shipping services market is driven by the continued growth of e-commerce sector which demands reliable and affordable transportation solutions. E-commerce platforms heavily rely on these shipping services to deliver orders on time across different locations. In addition, supply chain efficiencies through optimization of truck capacity and freight consolidation is augmenting the demand for LTL shipping services. The integration of advanced technologies like IoT, telematics and analytics is helping service providers to improve fleet management, operate trucks at full capacity and offer value-added services to customers. Moreover, focus toward reducing logistics costs through optimization of transportation networks is favoring the market growth over the forecast period.

Read More : https://cmiorientedreportblog.blogspot.com/2023/11/north-america-dominates-ftl-and-ltl.html