FTL and LTL Shipping Services Market, by Service Type (Less-than Truckload (LTL) Services and Full Truck Load (FTL) Services), by Truck Type, (Dry Van Truck (Non-perishable Food & Beverages, Clothing Items Plastic & Building Products), Flatbed Truck/Heavy Loads, and Refrigerated Truck (Chilled Fruits & Vegetables and Seafood)), by Shippers Type, (Multiple Shipper and Single Shipper), by Application Type, (Industrial & Manufacturing, Energy & Mining, Food & Beverages, Oil & Gas, Pharmaceuticals & Healthcare, and Others), and by Region (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2023 – 2030
Market Overview:
FTL is referred to as full truck load and LTL is referred to as less than truck load. It is used when the transportation of goods that do not need a full truckload. FTL is usually a dry van or reefer–with a out-and-out shipment from a single supplier to a single location. LTL do not only involve single supplier.
Competitive Landscape:
Few key players involved in the FTL and LTL Shipping Services Market are Saia Motor Freight Line, YRC Freight, R+L Carriers, Southeastern Freight Lines, Holland Regional, Swift Transportation, ABF Freight, Estes Express Lines, XPO Logistics, Old Dominion, UPS Freight, J.B. Hunt, Schneider, and Werner Enterprises.
Market Key Drivers:
The rising growth of e-commerce is expected to augment the growth of the Global FTL and LTL Shipping Services Market. As per the facts and figures by published by a report the retail e-commerce sales estimated to be valued around 5.2 trillion U.S. dollars globally in 2021.
The Global FTL and LTL Shipping Services Market is estimated to be valued at US$ 26.9 billion in 2022 and is expected to exhibit a CAGR of 5.93 % over the forecast period, as highlighted in a new report published by Coherent Market Insights. Increasing adoption of new technologies in LTL and FTL Services is predicted to boost the growth of global FTL and LTL Shipping Services Market. For instance San Diego–started a start- up company TuSimple which plans to deploy autonomous trucks that drive automatically from pickup to delivery without human interference.
Covid-19 Impact Analysis:
The Covid-19 outbreak had adversely affected the global FTL and LTL Shipping Services market. There had been a disruption in the services of LTL Shipping services. The imposition of lockdown and shutdown services has led to the delay in supply of the materials.
Key Takeaways:
The global LTL and FTL Shipping Services market is anticipated to exhibit a CAGR of 5.93 % during the forecast period due to new launches and introductions. For instance, In December 2020, CEVA Logistics, is a leading supplier in international logistics and supply chain in freight management and contract logistics.
Among regions, North America, Europe, and Asia Pacific are expected to witness robust growth in the Global LTL And FTL Shipping Services Market due to growth in e-commerce, increasing mergers, acquisitions, collaborations and partnerships by the key players. in January 2021, TFI International Inc., a Canada-based transport and logistics company declared to acquire UPS Freight, less-than-truckload (LTL) and truckload (TL) divisions of United Parcel Service, Inc.’s, for US$ 800 million.
