About Less than Truckload (LTL)
Less than truckload is also known as less than load, in which transporting logistics in small quantities (between 150 and 15,000 pounds). LTL shipments are transported on flat stands, made of plastic or wood, that usually measure 48 x 40. There are a wide range of advantages, including that LTL shipping is much faster, they provide better security, they give access to regional and national carrier networks, they provide easy tracing and tracking services, etc. Businesses are increasingly seeking flexible and cost-effective shipping solutions. LTL services provide the flexibility to accommodate shipments of varying sizes, allowing companies to optimize their transportation costs based on their specific needs. This factor may have accelerated the growth of the LTL market.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
The LTL market is dynamic, and successful carriers often employ a combination of these factors to stay competitive and meet the evolving needs of shippers and customers. Competition in the LTL sector is influenced by several factors, and carriers employ different strategies to differentiate themselves and gain a competitive edge. 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.
Deutsche Post AG (Germany), FedEx (United States), Old Dominion Freight Line (United States), DSV (Denmark), Yellow Corporation (United States), DB SCHENKER (Germany), TFI International Inc. (Canada), CEVA Logistics (France), XPO, Inc (United States), Transport Écono Nord (Canada), PLP Logistics (United States), Freightcom Inc. (Canada), FreightSnap LLC (United States), GEODIS (France), NIPPON EXPRESS HOLDINGS (Japan), YTO (China), CJ Logistics Corporation (South Korea) and Rhenus Group (India) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Less than Truckload (LTL) market by , Application (Food Shipping, Retail Shipping, Industrial Shipping and Others) and Region.
On the basis of geography, the market of Less than Truckload (LTL) 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 , the sub-segment i.e. will boost the Less than Truckload (LTL) market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.Influencing Trend:
Increased adoption of digital technologies for freight management such as, online platforms for booking, tracking, and managing LTL shipments.
Market Growth Drivers:
The surge in online shopping is creating a significant demand for LTL services and Increasing demand of real-time visibility into shipments
Challenges:
Navigating LTL Freight Rates and Managing Transit Time in shipping
Restraints:
LTL carriers face fluctuating and unpredictable cost. and Higher risks of damaged goods.
Opportunities:
Integration of advanced technology such as, IOT device and data analytics can enhance the efficiency and visibility of LTL shipment.
Market Leaders and their expansionary development strategies
In May 2023, TFI International Inc. is a transport and logistics company acquired Siemens Transportation Group. The acquisitions, expanding company’s LTL footprint in both Canada and the U.S. and In August 2023, Pilot Freight Services The transportation and logistics service provider acquired American Linehaul Corp., a non-asset-based provider of expedited, less than truckload (LTL) services. The acquisition will enable to expand capacity in support of freight forwarder customers.
In December 2020, CEVA Logistics has launched a unique, rapid LTL service between China and Europe. Emerging small to medium enterprises, large local companies and multinational corporations will benefit from this new service offering drastically reduced lead times from China to Europe. and In January 2022, XPO Logistics, Inc. a leading provider of freight transportation services, launched two less-than-truckload (LTL) terminals to increase customer service capacity in its North American network. In addition, the company increased production capacity at its trailer manufacturing facility, and will open four more fleet maintenance shops this quarter.
Key Target Audience
Market Research & Consultancy Firm, Potential Investors, Government & Regulatory Bodies 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.