Expected Changes Within the Logistics and Transportation Industry From Specialty Freight to E-Commerce
In order to transport goods and materials throughout the United States and abroad, there is a massive transportation network in place to accomplish this vital task. There are almost 12 million trucks, rail cars, locomotives, and vessels that provide this valuable and timely service. The Bureau of Labor Statistics reported that almost 15 billion tons of cargo was transported by the trucking industry during 2013. It is estimated that by 2040, this will increase to 18.79 billion tons.
While the United States freight transportation system delivers a variety of goods and materials, the most valuable commodities include electronics, machinery, and motorized vehicles. As reported by the United States Department of Transportation, the per-ton value of this freight has been increasing and is expected to further increase. In 2007, for example, the value of the freight transported within this industry was $882.00 per ton. By 2040, however, the value is expected to increase to $1,377.00 per ton.
Specialty freight services continue to be in high demand. In addition to addressing the transportation needs of a variety of industries, this includes providing aerospace logistics services for the aerospace and aviation industries. It’s important to note that expedited shipping is available as just one of the available aerospace logistics services.
During 2015, spending within the United States logistics and transportation industry totaled $1.48 trillion. This constituted eight percent of the country’s annual gross domestic product. Currently, the LTL, or lighter than load, market is valued at roughly $35 billion. Given the increase in e-commerce, however, revenue from this source alone is steadily increasing. It has been estimated that e-commerce revenue is roughly $423.3 billion. Since the retail industry is changing, carriers are needing and will continue to need to make adjustments. This includes working out the logistics to ship goods by full truckload, LTL, and parcel carriers.
Given the growing demand to transport goods and materials throughout the United States and abroad, it’s important to note that there are a variety of intermodal shipping methods available. Furthermore, since oversize and overweight freight may also need to be shipped, there are specialty freight services available to accommodate these and other types of loads.