About Less than Truckload Shipping
Less than truckload shipping (LTL) is basically the transportation of freight that does not require an entire trailer. That is a smaller amount of freight volume is transported under LTL than a standard truck carries on its full capacity. Under this system, customers are required to pay only for the area or space occupied by their goods and not for the entire trailer. Smaller and Medium businesses usually prefer this type of mechanism for the transportation of their goods.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
CAGR | 4.81% |
The demand for Less than Truckload Shipping is increasing with each passing day. The businesses in this industry facing major competition at global scale with leading players of the market. Many international as well as regional service providers are also participants in the industry and directly compete with leaders. It has been identified that market leading players are investing heavily in growth strategies such ad technological development, resource utilization to enhance their market position. Analyst at AMA Research estimates that Global Manufacturers will contribute the maximum growth to Global Less than Truckload Shipping market throughout the forecasted period. Established and emerging Manufacturers should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
DHL International GmbH (Germany), FedEx Corporation (United States), XPO Logistics (United States), Nagel International AG (Germany), United Parcel Service (United States), YRC Worldwide Inc. (United States), Old Dominion Freight Line, Inc. (United States), R+L Carriers (United States) and Southeastern Freight Lines (United States) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research coverage are ABF Freight System (United States), Estes Express Lines (United States) and Saia (United States).
Segmentation Overview
AMA Research has segmented the market of Global Less than Truckload Shipping market by , Application (Domestic Shipping and International Shipping) and Region.
On the basis of geography, the market of Less than Truckload Shipping has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Vehicle, the sub-segment i.e. Rail will boost the Less than Truckload Shipping market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Shipment, the sub-segment i.e. Pallet will boost the Less than Truckload Shipping market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by End User, the sub-segment i.e. Industrial Goods will boost the Less than Truckload Shipping market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Automation and Use of Blockchain Technology in Logistics
Market Growth Drivers:
Rising E-Commerce Market which has Enhanced the Use of Logistics Network, Increasing Demand in Regional as well as International Trade and Improving Road Infrastructure and Increased FTA Agreements Among Neighbouring Countries
Challenges:
Longer Delivery Time than Normal Direct Delivery and Loose Handling of Goods, thus Goods May Face More Breakage Under LTL than Under Normal Transportation
Restraints:
Lockdowns are a Major Restraint to Movement of Freight Transporters and Increasing Trade Barriers Results in Decrease of Overall Trade
Opportunities:
Increasing Number of Small and Medium Businesses, Start-Ups Look at Saving Transportation Costs to Provide Cheaper Products and LDL can widely explore the Use of Application Programming Interface (API) and Electronic Data Interchange (EDI)
Market Leaders and their expansionary development strategies
In August 2023, North America’s largest privately owned freight carrier, Estes Express Lines, announced today an expansion of their strategic partnership with Optym, the leader in optimization & AI solutions for the transportation and logistics industry. As a part of this partnership, Estes has agreed to implement Optym’s entire LTL suite of products, including strategic planning and operational execution for first, middle, and last-mile.
In October 2023, Roadrunner unveiled its new Smart Guarantee LTL service offering. The priority service ensures less-than-truckload (LTL) freight delivers by the promised delivery date or it's free. We're thrilled to now offer our customers additional peace of mind with our Smart Guarantee service
Key Target Audience
LTL Providers, New Entrants/Investors, Venture Capitalists and Private Equity Firms, End-Use Industries and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.