Technavio analysts forecast the global less-than-truckload market to post a CAGR of close to 5%, according to their latest market research report.
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Technavio has published a new market research report on the global less-than-truckload market from 2018-2022. (Graphic: Business Wire)
The emergence of Big data is one of the major trends being witnessed in the global less-than-truckload market. LTL logistic companies and shippers are deploying big data to turn massive quantities of data into competitive advantage. Big data enables optimization of core activities such as resource utilization, delivery time and geographical coverage. Advanced real-time processing and predictive techniques promise to provide a new quality in the capacity forecast and resource control.
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In this report, according to Technavio analysts, one of the key factors contributing to the growth of the global less-than-truckload (LTL) market is the growth of e-commerce in the retail sector:
Global less-than-truckload market: Growth of e-commerce in the retail sector
Improving economic conditions and growth in the manufacturing sector have helped increase the demand for LTL shipments. Globally, domestic consumption is on the rise due to the growth of the middle-class population. The e-commerce sector is witnessing tremendous expansion due to increased adoption of the internet and mobile services. Consumer spending on e-commerce retailing has increased significantly over the past few years. The rise in e-commerce has been a major factor responsible for changing the shape of the global logistics industry. Efficient inventory management and quick delivery are keys to the operational success of the e-commerce business.
According to a senior analyst at Technavio for research on transportation and distribution, "Several retailers opt to partner with LTL shipping firms that can provide the necessary distribution services. As the e-commerce market continues to expand, the LTL shipping is also expected to increase, leading to the growth of the market during the forecast period."
Global less-than-truckload market: Market segmentation and analysis
This market research report segments the global LTL market by carrier type (long haul, superregional, and regional carriers), carrier volume (heavy and light volume), and geography (APAC, the Americas, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
In 2017, APAC accounted for a major share in the global LTL market, very closely followed by EMEA and the Americas respectively. The region is expected to witness a further increase of around 1% in its market share during the forecast period, while EMEA and APAC will see a small decrease in their market share by 2022.
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About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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