Dublin, April 09, 2024 (GLOBE NEWSWIRE) -- The "Global Less Than Truck Load Market (2024 Edition): Analysis By Type (Long-Haul Carriers, Superregional Carriers, and Regional Carriers), By Application, By Mode, By Region, By Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The Global Less Than Truck Load market showcased growth at a CAGR of 4.03% during 2020-2023. The market was valued at USD 199.03 Billion in 2023 which is expected to reach USD 284.98 Billion in 2030.
The report analyses the Less Than Truck Load Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Mexico, Germany, United Kingdom, France, Italy, China, Japan, and India). The report provides analysis for the historical period of 2020-2023, estimates of 2024 and the forecast period of 2025-2030.
LTL carriers are experiencing increased demand due to the rise of e-commerce, which has led to smaller, more frequent shipments. Additionally, the globalization of supply chains has spurred cross-border trade, further driving demand for LTL services. Technological advancements have played a pivotal role in optimizing operations, with automation, data analytics, and route optimization enhancing efficiency and reducing costs for carriers. Moreover, the growing focus on sustainability and environmental consciousness has prompted LTL carriers to adopt eco-friendly practices and invest in greener technologies.
In terms of market growth, the LTL sector is witnessing expansion driven by the robust performance of industries such as retail, manufacturing, and healthcare. The adoption of just-in-time inventory management practices has necessitated faster and more flexible transportation solutions, aligning well with the offerings of LTL carriers. Additionally, strategic partnerships and acquisitions within the industry have enabled LTL companies to broaden their service portfolios, enhance network coverage, and tap into new markets.
Additionally, the Less Than Truckload (LTL) market's growth is also fuelled by the trend towards supply chain optimization and cost-saving measures among businesses. Companies are increasingly outsourcing their logistics needs to specialized LTL carriers to streamline operations and reduce overhead costs associated with maintaining in-house transportation fleets. Moreover, the shift towards just-in-time inventory management practices has heightened the need for reliable and flexible transportation solutions, further driving demand for LTL services.
Furthermore, the LTL market's growth is supported by the increasing complexity of customer requirements and the need for tailored logistics solutions. Businesses across various industries require customizable shipping options to accommodate diverse cargo types, delivery schedules, and destination requirements. LTL carriers are well-positioned to meet these demands by offering a range of value-added services such as temperature-controlled shipping, specialized handling, and enhanced tracking capabilities.
Scope of the Report
- The report analyses the Less Than Truck Load Market by Value (USD Billion).
- The report presents the analysis of Less Than Truck Load Market for the historical period of 2020-2023, the estimated year 2024 and the forecast period of 2025-2030.
- The report analyses the Less Than Truck Load Market by Region (Americas, Europe, Asia Pacific, Middle East & Africa) and 10 Countries (United States, Canada, Mexico, Germany, United Kingdom, France, Italy, China, Japan, and India).
- The report analyses the Less Than Truck Load Market By Type (Long-Haul Carriers, Superregional Carriers, and Regional Carriers)
- The report analyses the Less Than Truck Load Market By Application (Retail Shipping, Industrial Shipping, and Food & Beverages Shipping)
- The report analyses the Less Than Truck Load Market By Mode (Ground Shipping, Air Shipping, and Rail Shipping)
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Type, By Application & By Mode.
- Also, the major opportunities, trends, drivers, and challenges of the industry has been analyzed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Diversification of Revenue Streams
- Market Expansion and Globalization
Competitive Positioning
- Companies' Service Positioning
- Market Position Matrix
- Market Share Analysis of Less Than Truck Load Market
Company Profiles
- United Parcel Service
- FedEx Corporation
- XPO, Inc.
- Old Dominion Freight Line
- Yellow Corporation
- ABF Freight System, Inc.
- Estes Express Lines
- R+L Carriers, Inc.
- Saia, Inc.
- DHL Freight
For more information about this report visit https://www.researchandmarkets.com/r/hrosfr
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