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Impact Analysis of Covid-19

The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.

The process of transporting commodities and merchandise goods and cargo is defined as freight shipping services and transportation. The road, air, ocean and rail are the four different types of freight shipping modes. The road is a common mode of transportation for small or medium-sized goods that must be transported within a single country. Freight is typically transported in large trucks, which are driven to their destination by a professional driver. Air freight is most commonly used for high-value and time-sensitive items that require particular handling and secure transfer. Dry goods such as textile materials, retail or consumer goods, manufacturing equipment, hardware, and electronics, as well as temperature controlled, heavy weight, and over-dimensional cargos, comes under the air freight category. Sea freight transportation is a cost-effective option for businesses that need to ship goods overseas. Sea freight can accept freight of all shapes, sizes, and weights. Rail transportation is also referred to as train transportation. It is one of the most important, widely used, and profitable modes of transportation of freight for both long and short distances. There are various transportation methods such as truckload (TL), shared truckload (STL), less-than truckload (LTL), full cargo load (FCL), full truck load (FTL) and less-than cargo load (LCL). The most commonly used freight transportation methods include full truck load (FTL) and less-than truckload (LTL). Less-than-truckload (LTL), also known as less-than-load (LTL), is a type of shipping service for small loads or quantities of freight. Many large, national parcel services, as well as specialized logistics providers such as YRC Freight, Estes Express Lines, ABF Freight System, and others offer less-than-truckload services. FTL, or full truckload, is a ground transportation service, in which an entire truck is contributed to a single load, or, in other words, a single customer.

Global FTL and LTL Shipping Services Market - Impact of Coronavirus (Covid-19) Pandemic

LTL trucking companies handle smaller, palletized shipments, transporting cargo for multiple customers in a single tractor-trailer. Drivers pick up shipments, transport them to terminals, and then load them onto linehaul trucks bound for destination markets. To complete deliveries, a similar unloading and transfer process is used. This means that many hands come into contact with LTL shipments between a shipper's dock and a receiver's door. Each shipment requires at least three truck drivers to complete.

The LTL industry is also heavily reliant on paper documents, which travel with each shipment and are also passed from hand to hand. This overall operation leads to the risk of getting affected by the corona virus. As a result, 41% of shipper respondents to a survey conducted by IHS Markit Ltd, a British information provider firm based in London, said that COVID-19 pandemic caused significant disruption to their LTL shipping operations, while 39% reported moderate disruption. Significant transit time delays, missed pickups and deliveries, and poor customer service have been the most serious issues for LTL shippers as a result of the COVID-19 pandemic, with transit times frequently extended by one or two days.

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FTL and LTL Shipping Services Market  Report Coverage

Report Coverage Details
Base Year: 2020 Market Size in 2020: 14.22 Bn
Historical Data for: 2017 to 2019 Forecast Period: 2020 to 2027
Forecast Period 2020 to 2027 CAGR: 4.3% 2028 Value Projection: US$ 19.91Bn
Geographies covered:
  • North America: U.S. and Canada
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, and Rest of Asia Pacific
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:
  • By Service Type: Less-than Truckload (LTL) Services, Full Truck Load (FTL) Services
  • By Truck Type: Dry Van Truck (Non-perishable Food & Beverages, Clothing Items, Plastic & Building Products), Flatbed Truck/Heavy Loads, Refrigerated Truck (Chilled Fruits & Vegetables, Seafood)
  • By Shippers Type: Multiple Shipper, Single Shipper
  • By Application Type: Industrial & Manufacturing, Energy & Mining, Food & Beverages, Oil & Gas, Pharmaceuticals & Healthcare, Others
Companies covered:

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, and Werner Enterprises

Growth Drivers:
  • Growth of e-commerce
  • Adoption of new technologies in FTL and LTL services
Restraints & Challenges:
  • Climate change
  • Increasing fuel costs

Figure 1. Global FTL and LTL Shipping Services Market Share (%), by Region, 2028

FTL and LTL shipping services  | Coherent Market Insights

North America is expected to witness a significant growth over the forecast period, owing to rise in adoption of commodities such as agriculture, food and services.

The U.S freight and logistics sector has coped up well in the period of pandemic. According to an article of American Trucking Association and Bureau of Economic Analysis, there is a statistical analysis of transportation shipping services such as less than truckload (LTL), full truckload (FTL), air cargo, and rail modes. The commodities include agriculture & food, light machinery, electronics, wood, textiles, services, coal and oil & gas. Because of the commodity-mix profiles of less-than-truckload (LTL) and full-truckload (FTL) shipping, LTL and FTL both are likely to recover faster than other modes such as air cargo and rail modes in most scenarios. Commodity mix profiles of less-than-truckload (LTL) and full-truckload (FTL) shipping is the transportation of similar commodities such as agriculture, food and services. Both modes of transportation represent a greater proportion of fast-to-return agriculture, food, and services and benefit from e-commerce growth. FTL's freight mix also includes a significant portion (16%) of quick-to-return basic commodities. Moreover, North America is expected to drive the market growth, owing to increasing number of merger and acquisitions. For instance, in January 2021, TFI International Inc., a Canada-based transport and logistics company announced to acquire UPS Freight, less-than-truckload (LTL) and dedicated truckload (TL) divisions of United Parcel Service, Inc.'s, for US$ 800 million. The purpose of the acquisition for TFI is to enhance their customer service offerings, as well as the expansion plan with UPS Freight.

Figure 2. Global FTL and LTL Shipping Services Market Share (%), by Functionality Type, 2028.

FTL and LTL shipping services  | Coherent Market Insights

Based on Services type, the market is segmented into LTL services and FTL services. FTL services is expected to reach a market share of 54% by 2027, exhibiting a significant CAGR between 2020 and 2027.

Full truck load (FTL) mode refers to a particular freight being shipped from the origin to the destination without halting points, involving operations with low fixed costs and maximum vehicle utilization capacity, as the transportation is programmed to meet a particular demand. As the freight is consolidated along a route distributed in different geographical points but within the same zone, the freight cost in the less than truckload (LTL) mode is generally less than the cost in the FTL mode. As a result, the time between origin and destination is longer in LTL because the truck stops at distribution centers for loading and unloading to consolidate the freight. The LTL mode is typically used to transport small quantities, while the FTL mode is used to transport large quantities over long distances.

Market Dynamics

The increasing demand and supply of transportation services in is expected to propel the market during the forecast period 2021-2027.

The market dynamics in the shipping market can be attributed to a variety of factors. On the demand side, the U.S. economy is expanding, and recent corporate tax reform efforts are likely to encourage companies to invest. The supply-side is also expanding such as the ELD (electronic logging device) limits the number of hours that drivers can work, complicating the industry's driver shortage. Furthermore, with increasing customer demand to expand their fleets, truck manufacturers are facing supply constraints upstream. The growth of ecommerce, combined with customer expectations for order fulfilment in a timely manner, has magnified the impact of these ongoing supply-side issues. According to CMI, a survey of executives from 17 large shippers with extensive FTL experience to get their perspectives on current rate issues, in 2018, all respondents said their contracted rates, which is the interest rate quoted on basis of contract and spot rates, the interest rate quoted for immediate settlement either increased or remained the same, with 65% indicating transportation services rates increased by 5 to 15%. The vast majority of respondents expect contract and spot rates to rise, stating capacity and driver shortages as major reasons.

Market Taxonomy

This report segments the global FTL and LTL shipping services market on the basis of service type, truck type, shipper type, application type, and region. On the basis of service type, FTL and LTL shipping services market is segmented into less-than truckload (LTL) and full truck load (FTL). By truck type, the market is segmented into dry van truck, flatbed truck/heavy loads, and refrigerated truck. On the basis of shippers type, the market is segmented into multiple shipper and single shipper. On the basis of application type, the market is segmented into industrial & manufacturing, energy & mining, food & beverages, oil & gas, pharmaceuticals & healthcare, and others. Based on region, the market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.

Key features of the study:

  • This study provides key insights about market drivers, restraints, opportunities, new product launches or approvals, regional outlook, and competitive strategies adopted by leading players
  • Key players operating in the truck transportation market include 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, and Werner Enterprises.
  • These leading market players focus on collaboration strategies with other industry leaders in order to innovate and develop new items to fulfil consumers' growing needs and demands
  • Marketers and company executives would be able to make informed decisions about future product releases, technology upgrades, market expansion, and marketing methods based on the findings of this research

New System Launch-

In December 2020, CEVA Logistics, based in Switzerland, is an international logistics and supply chain leading provider in freight management and contract logistics. CEVA Logistics' new rapid LTL (Less than Truckload) service outbound from China significantly reduces existing lead times and is intended to provide customers with ‘all-inclusive’ LTL service with the same lead time as FTL. CEVA Logistics created this one-of-a-kind wholly owned service to meet the needs of its customers. The new program is accessible for two to three times per week (depending on demand) on Tuesday/Thursday and Saturday. Li-Battery shipments will also be accepted on Saturday (DG Class 9 Li-Battery). Drivers on this service have received special training and hold all necessary Dangerous Goods licenses for safe Transports Internationaux Routiers (TIR) transport.

Detailed Segmentation

  • Global FTL and LTL Shipping Services Market, By Service Type:
    • Less-than Truckload (LTL) Services
    • Full Truck Load (FTL) Services
  • Global FTL and LTL Shipping Services Market, By Truck Type:
    • Dry Van Truck
      • Non-perishable Food & Beverages
      • Clothing Items
      • Plastic & Building Products
    • Flatbed Truck/Heavy Loads
    • Refrigerated Truck
      • Chilled Fruits & Vegetables
      • Seafood
  • Global FTL and LTL Shipping Services Market, By Shippers Type:
    • Multiple Shipper
    • Single Shipper
  • Global FTL and LTL Shipping Services Market, By Application Type:
    • Industrial & Manufacturing
    • Energy & Mining
    • Food & Beverages
    • Oil & Gas
    • Pharmaceuticals & Healthcare
    • Others
  • Global FTL and LTL Shipping Services Market, By Region:
    • North America
      • On the Basis of Service Type:
        • Less-than Truckload (LTL) Services
        • Full Truck Load (FTL) Services
      • On the Basis of Truck Type:
        • Dry Van Truck
          • Non-perishable Food & Beverages
          • Clothing Items
          • Plastic & Building Products
        • Flatbed Truck/Heavy Loads
        • Refrigerated Truck
          • Chilled Fruits & Vegetables
          • Seafood
        • On the Basis of Shippers Type:
          • Multiple Shipper
          • Single Shipper
        • On the Basis of Application Type:
          • Industrial & Manufacturing
          • Energy & Mining
          • Food & Beverages
          • Oil & Gas
          • Pharmaceuticals & Healthcare
          • Others
        • By Country:
          • U.S.
          • Canada
    • Europe
      • On the Basis of Service Type:
        • Less-than Truckload (LTL) Services
        • Full Truck Load (FTL) Services
      • On the Basis of Truck Type:
        • Dry Van Truck
          • Non-perishable Food & Beverages
          • Clothing Items
          • Plastic & Building Products
        • Flatbed Truck/Heavy Loads
        • Refrigerated Truck
          • Chilled Fruits & Vegetables
          • Seafood
        • On the Basis of Shippers Type:
          • Multiple Shipper
          • Single Shipper
        • On the Basis of Application Type:
          • Industrial & Manufacturing
          • Energy & Mining
          • Food & Beverages
          • Oil & Gas
          • Pharmaceuticals & Healthcare
          • Others
        • By Country:
          • Germany
          • Italy
          • U.K.
          • France
          • Spain
          • Russia
          • Rest of Europe
    • Asia Pacific
      • On the Basis of Service Type:
        • Less-than Truckload (LTL) Services
        • Full Truck Load (FTL) Services
      • On the Basis of Truck Type:
        • Dry Van Truck
          • Non-perishable Food & Beverages
          • Clothing Items
          • Plastic & Building Products
        • Flatbed Truck/Heavy Loads
        • Refrigerated Truck
          • Chilled Fruits & Vegetables
          • Seafood
        • On the Basis of Shippers Type:
        • Multiple Shipper
        • Single Shipper
      • On the Basis of Application Type:
        • Industrial & Manufacturing
        • Energy & Mining
        • Food & Beverages
        • Oil & Gas
        • Pharmaceuticals & Healthcare
        • Others
      • By Country:
        • China
        • India
        • Japan
        • Australia & New Zealand
        • South Korea
        • Rest of Asia Pacific
  • Latin America
    • On the Basis of Service Type:
      • Less-than Truckload (LTL) Services
      • Full Truck Load (FTL) Services
    • On the Basis of Truck Type:
      • Dry Van Truck
        • Non-perishable Food & Beverages
        • Clothing Items
        • Plastic & Building Products
      • Flatbed Truck/Heavy Loads
      • Refrigerated Truck
        • Chilled Fruits & Vegetables
        • Seafood
      • On the Basis of Shippers Type:
      • Multiple Shipper
      • Single Shipper
    • On the Basis of Application Type:
      • Industrial & Manufacturing
      • Energy & Mining
      • Food & Beverages
      • Oil & Gas
      • Pharmaceuticals & Healthcare
      • Others
    • By Country:
      • Brazil
      • Argentina
      • Mexico
      • Rest of Latin America
  • Middle East and Africa
    • On the Basis of Service Type:
      • Less-than Truckload (LTL) Services
      • Full Truck Load (FTL) Services
    • On the Basis of Truck Type:
      • Dry Van Truck
        • Non-perishable Food & Beverages
        • Clothing Items
        • Plastic & Building Products
      • Flatbed Truck/Heavy Loads
      • Refrigerated Truck
        • Chilled Fruits & Vegetables
        • Seafood
      • On the Basis of Shippers Type:
        • Multiple Shipper
        • Single Shipper
      • On the Basis of Application Type:
        • Industrial & Manufacturing
        • Energy & Mining
        • Food & Beverages
        • Oil & Gas
        • Pharmaceuticals & Healthcare
        • Others
      • By Country:
        • GCC Countries
        • South Africa
        • Rest of Middle East and Africa
  • Company Profiles
    • YRC Freight*
      • Company Overview
      • Product Portfolio and Specifications
      • Financial Performance
      • Strategic Overview
      • Recent Developments/Updates
    • XPO Logistics
    • Old Dominion
    • UPS Freight
    • Estes Express Lines
    • ABF Freight
    • R+L Carriers
    • Saia Motor Freight Line
    • Southeastern Freight Lines
    • Holland Regional
    • B. Hunt
    • Schneider
    • Swift Transportation
    • Werner Enterprises

“*” marked represents similar segmentation in other categories in the respective section.

Table of Contents

  1. Research Objectives and Assumptions
    • Research Objectives
    • Assumptions
    • Abbreviations
  2. Market Purview
    • Report Description
      • Market Definition and Scope
    • Executive Summary
      • Market Snippet, By Service Type
      • Market Snippet, By Truck Type
      • Market Snippet, By Shippers Type
      • Market Snippet, By Application Type
      • Market Snippet, By Region
  3. Market Dynamics, Regulations, and Trends Analysis
    • Market Dynamics
    • Drivers
    • Restraints
    • Market Opportunities
    • Regulatory Scenario
    • Solutions Trend
    • New system Launch/Approvals
  4. FTL and LTL Shipping Services Market - Impact of Coronavirus (Covid-19) Pandemic
  5. FTL and LTL Shipping Services Market, By Service Type, 2017-2027 (US$ Million)
    • Introduction
    • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
    • Segment trends
      • Less-than Truckload (LTL) Services
        • Introduction
        • Market Size and Forecast, Y-o-Y Growth Analysis, 2020–2027, (US$ Million)
      • Full Truckload (FTL) Services
        • Introduction
        • Market Size and Forecast, Y-o-Y Growth Analysis, 2020–2027, (US$ Million)
  6. FTL and LTL Shipping Services Market, By Truck Type, 2017-2027 (US$ Million)
    • Introduction
    • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
    • Segment trends
      • Dry Van Truck
        • Non-perishable Food & Beverages
          • Introduction
          • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
        • Clothing Items
          • Introduction
          • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
        • Plastic & Building Products
          • Introduction
          • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
      • Flatbed Truck/Heavy Loads
        • Introduction
        • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
      • Refrigerated Truck
        • Chilled Fruits & Vegetables
          • Introduction
          • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
        • Seafood
          • Introduction
          • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  7. FTL and LTL Shipping Services Market, By Shippers Type, 2017-2027 (US$ Million)
    • Introduction
    • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
    • Segment trends
    • Multiple Shipper
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis, 2020–2027, (US$ Million)
    • Single Shipper
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis, 2020–2027, (US$ Million)
  8. FTL and LTL Shipping Services Market, By Application Type, 2017-2027 (US$ Million)
    • Introduction
    • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
    • Segment trends
    • Industrial & Manufacturing
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Energy & Mining
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Food & Beverages
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Oil & Gas
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Pharmaceuticals & Healthcare
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
    • Others
      • Introduction
      • Market Size and Forecast, Y-o-Y Growth Analysis (US$ Million)
  9. FTL and LTL Shipping Services Market, By Region, 2017-2027 (US$ Million)
    • Introduction
    • Market Share Analysis, Y-o-Y Growth Analysis, 2017 and 2027 (%)
    • North America
      • Regional Trends
      • Market Size and Forecast, By Service Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Truck Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Shippers Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.S.
        • Canada
    • Europe
      • Regional Trends
      • Market Size and Forecast, By Service Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Truck Type,2020–2027 (US$ Million)
      • Market Size and Forecast, By Shippers Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • U.K.
        • Germany
        • Italy
        • France
        • Spain
        • Russia
        • Rest of Europe
    • Asia Pacific
      • Regional Trends
      • Market Size and Forecast, By Service Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Truck Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Shippers Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • China
        • India
        • Japan
        • Australia & New Zealand
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • Regional Trends
      • Market Size and Forecast, By Service Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Truck Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Shippers Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • Brazil
        • Mexico
        • Argentina
        • Rest of Latin America
    • Middle East and Africa
      • Regional Trends
      • Market Size and Forecast, By Service Type, 2020–2027(US$ Million)
      • Market Size and Forecast, By Truck Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Shippers Type, 2020–2027 (US$ Million)
      • Market Size and Forecast, By Application Type, 2020–2027(US$ Million)
      • Market Share Analysis, By Country, 2019 and 2027 (%)
        • GCC Countries
        • South Africa
        • Rest of the Middle East and Africa  
  10. Competitive Landscape
    • Company Profiles
      • YRC Freight
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • XPO Logistics
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Old Dominion
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • UPS Freight
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Estes Express Lines
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • ABF Freight
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • R+L Carriers
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Saia Motor Freight Line
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Southeastern Freight Lines
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Holland Regional
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • J.B. Hunt
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Schneider
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Swift Transportation
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
      • Werner Enterprises
        • Company Overview
        • Product Portfolio
        • Financial Performance
        • Key Strategies
        • Recent Developments/Updates
  11. Section
    • References
    • Research Methodology
    • About us and Sales Contact

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FAQgrowicon

Frequently Asked Questions

The technologies that are reshaping the business global FTL and LTL shipping services market include dynamic routing, forward-looking camera systems, driver scorecards, collision mitigation technology, electronic logging devices, trailer tracking, and temperature tracking/record keeping.
The key players operating in the market include 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, and Werner Enterprises.
The factors that are influencing growth and development of the market include growth of e-commerce, transportation management solution (TMS), Core Carrier Program, and others. Most shippers are familiar with the concept of a core carrier, but such programs necessitate careful planning and the support of robust processes and technology.
The market was valued at 14.22 Bn in 2020.
Climate change and Increasing fuel costs are the factors hampering the growth of the market.
Growth of e-commerce and Adoption of new technologies in FTL and LTL services are the factors driving the growth of the market.
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