There are many industries in the United States that people know very little about. These can include major industries that involve technology and medicine but often also include lesser-known industries such as the LTL freight companies. If you do not know anything about LTL freight companies, here is a guide of what you need to know.
LTL freight companies have been around for quite some time but it is important to start first with what LTL stands for. LTL stands for less-than-truckload. This means that LTL shipping services ship smaller sized loads as opposed to large loads of items. So it is important to understand the size of the items that you are shipping.
Right now, the LTL market is believed to be around $35 billion. The value of a freight being moved is expected to increase from $882 per ton in the year of 2007 to $1,3777 per ton in 2040. Expedited freight companies and expedited freight services are not the same as LTL freight companies, same for industrial machinery transport services so keep this in mind.
Just about 12 million trucks, locomotives, vessels, rail cars and other types of vessels move goods over the transportation network. In the year of 2013, there were just about 15 billion tons of cargo items shipped by trucks. By the year 2040, the Bureau of Labor Statistics has predicted that the number will increase from 15 billion to nearly 19 billion.
The Federal Motor Carrier Safety Administration has released information that has revealed that just about 6 million commercial motor vehicle drivers are currently operating in the United States. The length of the average haul has declined over the past five years according to the president of SJ Consulting Group, Satish Jindel. From 2011 to 2016, reports revealed that Public Truckload carriers were carrying 4% less over the course of five years.
The revenue that is generated by the United States E-commerce is believed to be at $423 and many believe that this is only going to climb. All of the LTL freight companies in the United States are having to adjust to changes within the retail industry. Because there are more items being bought by consumers, more and more LTL freight companies are finding work transporting item and have to adjust to more of a demand.
In the year of 2015, spending in the United States logistics and transportation industry managed to reach $1.48 trillion and comprised 8% of all annual gross domestic product. The three most valuable items that are transported by LTL freight companies include machines, motorized vehicles, and electronic items.
So many people are ignorant to how often they actually utilize LTL freight companies across the United States. If you order an item from Amazon or other online goods service provider, you are definitely getting your items shipped from these companies. Also, these companies very often ship to trade shows across the country as well. So any large expo that is near you or that you see advertisement for is definitely getting goods from the LTL freight companies that exist within the country.