The freight-moving industry is experiencing a considerable amount of growth within the United States. Currently, there are approximately 12 million locomotives, rail cars, trucks, and vessels that move various goods throughout the country’s transportation network. Since this network in place, goods are delivered to the destinations where they are needed.
The Bureau of Labor Statistics reported that almost 15 billion tons of cargo was transported in 2013 by the trucking industry alone. This amount is projected to increase by 2040 to 18.79 billion tons. Satish Jindel, who is the president of the SJ Consulting Group, reported that retail sales are responsible for 23% of the total for-hire freight tonnage. He also indicated that the length of haul has declined. According to public truckload carriers, between 2011 and 2017, the average length of haul decreased by four percent during that time period.
When taking into consideration the value, ton, and ton-miles for shipping freight, the trucking industry is responsible for transporting the largest portion. These trucks move freight 750 miles or less. This includes full-load as well as less-than-truckload (LTL) deliveries, which are an expanding segment within the freight-moving industry.
Since e-commerce has had such a significant impact on the freight-moving industry, it’s important to note that LTL shipments are becoming more common. Given this, it’s not surprising that e-commerce revenue alone is increasing, and is worth roughly $423.3 billion at this time. The overall LTL market, however, is estimated to be valued at $35 billion.
The value of the freight being transported is also expected to increase within the upcoming years. The U.S. Department of Transportation reported that in 2007, the per-ton freight value was $882.00. In 2040, the same department predicts that freight values will increase to $1,377.00 per ton.
In order to expedite this process, your business may be looking to for transportation broker software. There are different types of load boards, or freight boards, where you can connect with shippers and carriers in order to transport your freight. Since these load boards can streamline the overall process, it makes sense to learn more about the different types of transportation broker software available.