One of the most overlooked and underrated industries in the United States is the shipping industry. Take a moment and think about all of the items that probably get shipped to and from your home. Some people utilize this industry through companies like Amazon to buy a bevy of different items. However, very rarely do these people know anything about expedited trucking transportation.
Expedited trucking transportation and other forms of shipping have a lot of value. Events such as trade shows could not happen without the help of expedited freight companies, LTL shipping services, and more. Trade shows are held in conventions centers all across the United States. As of October 2016, there were 252 convention centers across the country. California and Florida had the largest number with 20 locations each, followed by Nevada which had 19.
The LTL market is estimated at approximately $35 billion. LTL, simply put, stands for less-than-truckload and in this case the name surely speaks for itself. This represents smaller sized shipping items and such, but it is still important. Here are some facts on expedited trucking transportation and how it plays a role in people’s daily lives!
The Shipping Industry Is Growing
In the United States, a lot of money is spent on expedited trucking transportation and the shipping process. Recent data has revealed that spending in the United States on the logistics and transportation industry managed to reach $1.48 in the year of 2015. In that year, it ended up representing nearly 8% of the annual gross domestic product. Since then, shipping and transportation spending has done nothing but grow!
The E-commerce industry is currently dominating in the United States and has generated nearly $423 in terms of revenue and as of right now, that number is only growing. So this means that shipping methods like expedited trucking transportation, full truckload, less-than-truckload, and parcel carriers will have to adjust.
The Shipping Industry Relies On Expedited Trucking Transportation
Across the country, there are three types of commodities that are more valuable than others. This includes machines, electronics, and also motorized vehicles as well. So this should go to show just how important and valuable expedited trucking transportation is if it is relied on moving items with this type of value. As there are more and more items shipped and moved through these methods, surely transportation spending on expedited trucking transportation will grow!
According to the United States Department of Transportation, the value of freight moved is expected to increase from $882 per ton in 2007 to $1,377 per ton in 2040. This is impressive and this type of growth rarely occurs in industries like this so quickly. However, as this value increases, it means that truckload shipping rates and other rates will increase. That is something consumers should watch and track over time!
Nearly 12 million trucks, rail cars, locomotives, and vessels move goods over the transportation network. According to the Federal Motor Carrier Safety Administration, approximately 5.9 million commercial motor vehicle drivers operate in the United States. So the work done by shipping companies is good not just for the customer but for the shipment driver as well. It gives the people of America a job.
In 2013, trucking transported nearly 15 billion tons of cargo. The Bureau of Labor Statistics reports that by 2040, that number is expected to increase to 18.79 billion tons. As previously mentioned with the revenue of electronic commerce, when these numbers grow it means that changes will occur. So while there is a chance that the utilization of expedited trucking transportation as a shipment method may grow, it may also end up diversifying into other forms of shipments.
Every single year that passes by involves the shipping industry growing, changing, and becoming much more complex. This is just how thing should happen. It will allow for the shipping industry to meet the complex and ever-changing needs of consumers. Plus, if it means that you get items shipped to you faster than before what reason is there to complain?