(Transport Intelligence, 2019), Interestingly, the Memphis International Airport was the busiest cargo airport in the US and the second-largest cargo hub globally, trailing behind only Hong Kong airport. (PwC, 2019), Interestingly, the biggest challenges with the last mile as per T&L executives include overall cost (28%), adapting to customer demands (26%), delivery efficiency (20%), and consistency (8%). to the 6th largest economy in the world. Updated guidance on revenue recognition standards will soon affect nearly all U.S. nonpublic companies, and youll need to comply with these provisions in your calendar year 2019. The FASBs updated guidance generally applies to all entities industry-wide, including private companies, public companies, and non-profit organizations. (Statista, 2020), Also, to note, venture capitalist investment in global logistics companies was $4 billion in 2017. Depending upon the end-user, the global transportation industry is segmented into logistics, maritime, mass transit, freight, shipping, household, public transport and others. (Mind Aspire Market Research, 2016), The global connected logistics market is expected to reach more than $54 billion by 2022. CLA Global Limited does not practice accountancy or provide any services to clients. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance IndexIndia: 7.39 (Rocket Industrial, 2020), On average, the cost to replace damaged products can be up to 17 times the original cost to ship. Published by Statista Research Department, Jul 15, 2022. In fact, 41% of US consumers have used a shared economy offering of on-demand, expedited, or same-day delivery service. As such, there is not a significant financing component to be accounted for as it relates to these revenue transactions. Regulations. Put simply, transportation provides the essential services through which a business physically connects to its supply chain partners, namely consumers and suppliers. There were 16,901 establishments in this industry in 2017, and the latest employment figures estimated that there were almost 1.3 million workers in this industry by the end of 2020. In 2018, long-distance trucking recorded the highest estimated revenue. Washington, DC 20590. This is followed by dry van, refrigerated, and specialized truck loadings (6%), bulk and damp truck loadings (5%), and tank truck loadings (3%). Keep it clean. (Transport Intelligence, 2019), UPS came second with a revenue of $9.81 billion, followed by FedEx with $7.09 billion. What is the Projected CAGR value of the Transportation Industry Market? The timing of revenue recognition under the new guidelines is when control of the goods or services under the contract transfers to the customer. The most common occupations in the rail transportation industry are transportation and material moving occupations. International and domestic companies in this industry benefit from a highly skilled workforce and relatively low costs. Browse this state incentives database developed by the Council for Community and Economic Research (C2ER). America's highly integrated supply chain network links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime transport, and truck transport. The most common occupations in the couriers and messengers industry are transportation and moving occupations, with over 664,070 workers employed in these occupations and earning an average of $42,010 in 2019. This subsector includes inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory management, supply and demand planning, third-party logistics management, and other support services. (Transport Intelligence, 2019), Air cargo and rail intermodal tonnage are expected to increase in 2021 by 2.2% and 0.5% respectively, because of the strong growth in e-commerce shipping. (Globe Newswire, 2020), Interestingly, the UAV drone market for commercial use is projected to grow exponentially to reach $1.2 billion by 2020. Total revenue of the U.S. trucking industry 732.3bn USD Share of freight trucking costs in the U.S. spent on driver wages 34% Share of trucking companies who consider driver-related costs. U.S. nonpublic entities issuing calendar year-end financial statements must implement the new revenue standard in 2019. This is followed by making on-time deliveries (21%), and responding to last-minute changes (16%). According to the World Trade Organization, the global merchandise trade valued around US$ 19.67 trillion in 2018. Source: Dassault Systmes. Among this, commercial vehicles have the highest market share in 2019, this is due to increasing the production & sale of these vehicles due to rising the demand for transportation of the goods around the globe. An increase in the adoption of advanced technology for transportation such as high-speed rail systems and high-speed aircraft are being built in several countries which created a huge opportunity for this market. Because of this, its becoming increasingly important to gain an in-depth understanding of the transportation industry statistics and data. As of 2017, there were 126,986 establishments in the trucking industry, and the latest employment figures estimate that almost 1.5 million workers were employed in the industry by the end of 2020. Here are 10 US trucking industry statistics. View in full screen The road segment was the industry group's most lucrative in 2019, with total revenues of $1,629,225.5m, equivalent to 73.8% of the industry group's overall value. Tax Surprises With Work-From-Home Policies, Year-End Tax Planning Tips for Transportation Companies, A retrospective approach that provides an entity with certain optional practical expedients, A retrospective approach under which the cumulative effect of adopting the standard is recognized at the date of initial application. As freight transportation becomes increasingly important in the US, you can expect this trend to continue to rise in the future. (Transport Intelligence, 2019), Also, Europes logistics spend accounts for more than 15% of the total global logistics spend. From increasing international freight traffic to the adoption of smart containerization, change has been constant. (Marsh), Moreover, aerial surveying and mapping (37%) are driving the adoption of UAVs. (Supply Chain Quarterly, 2020), After a 4% decline in 2020, truck loadings are expected to increase to more than 5% in 2021. Theyll help you find ways to remain competitive and optimize your services to meet customer demands. (American Trucker, 2020), Smart containerization replaces 60% of inner-city vehicle trips. (IBISWorld, 2020), Moreover, according to the transportation industry report the transportation and warehousing market size in the US will grow at a rate of 2.6% in 2019. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility. Print chart Among all regions,Asia Pacificis the fastest growing market share during the forecast period, Note*: For "Bundle/Bulk" Subscription of Reports, please contact: [emailprotected]. Logistics firms are all out to break industry stereotypes and claim a lions share of the $4.6 trillion industry. (Statista, 2020), To enhance supply chain resilience, 53% of business executives plan to have dual sourcing of raw materials, 47% plan to increase the inventory of critical products, while 40% will implement nearshoring and expanding their supplier base. (Transport Intelligence, 2019), Shipping accounts for nearly 2.1% of global carbon dioxide emissions. 104 Transportation Industry Statistics You Can't Ignore: 2022 Market Share & Data Analysis. (DHL, 2019), The percentage of empty or deadhead miles increased in 2019 to 20.1% from 16.6% of total miles in 2018. The Truckload Market Is Worth Over $212 Billion Many might not know how profitable the trucking market really is in 2021, the market share reached over $200 billion. But at the same time, the industry has a significant impact on the environmental system. Making Transportation Technology Decisions? Aerial delivery is second at (25%), followed by aerial inspection of infrastructure (25%), and aerial surveillance and security (13%). (FreightWaves, 2018), With blockchain, the supply chain for used trucks and trucks part can easily be tracked on a digital ledger as a type of CARFAX on steroids for the Transport and logistics industry. (Statista, 2020), The rail transportation industry in the US accounts for total revenue of $80 billion. The widespread digitization of the transport and logistics industry, in general, has had a compelling impact on the freight industry. (Trucks.com, 2017), The global autonomous vehicle market was valued at $818.6 billion in 2019. The transportation industry is vast, usually involving a variety of businesses. This can be a company transporting its goods, firms moving goods for other companies or third-party agents that arrange the movement of goods on behalf of others. Download JPEG image United States. (DHL, 2019), More recently, it was discovered augmented reality also has a hand in logistics planning, process fulfillment, and transportation. The rising trend of the tours and travels around the globe which propels the transit and ground passenger segment accounted for the largest share of the global transportation industry market in 2019. Among this transit and ground passenger transportation segment has the highest market share in 2019, this is due to rising the adoption of advanced technology for riding from one place to another with the surge in the global population. (Amcor, 2020), Interestingly, in 2020, US consumers returned merchandise that was worth $428 billion. The global transportation services industry group had total revenues of $2,207,827.8m in 2019, representing a compound annual growth rate (CAGR) of 4% between 2015 and 2019. The rationale is that the carrier has contracted with a customer to provide services and the carrier is legally responsible to fulfill the terms of the contract. The ongoing evolution in areas like machine learning, artificial intelligence, and immersive technologies has led the innovations in multiple aspects of transportation. There are new technologies, new entrants, increased customer expectations, and new business models. More businesses, industries, and groups are learning how to harness the outsized potential of technology. The American Trucking Associations released its American . The names CLA Global and/or CliftonLarsonAllen, and the associated logo, are used under license. If a contract has only one performance obligation, the transaction price is allocated entirely to that one performance obligation. We deliver, and make sure your endeavour is a success! (Logistics Management, 2019), By 2022, the IoT in the logistics market will reach $1,050.95 billion. The trucking industry earned $875.5 billion in revenue in 2021. Of which, 382,404 are for commercial use. According to the Federal Aviation Administration (FAA) Analysis report in 2017, general aviation in the United States has been generated USD 39 Billion in revenue for the economy and has been employed over 7.6 million people. It estimates the net present value (NPV) of fuel tax rebates over 30 years to be less than 7% of the NPV of toll revenues. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Going by the World Health Organization Statistics, these innovations can help prevent an estimated $100 billion of products from being counterfeited online. Transportation Support Services Industry (U.S.): Analytics, Extensive Financial Benchmarks, Metrics and Revenue Forecasts to 2029, NAIC 488000 Vital industry-specific data including metrics, benchmarks, historic numbers, growth rates and forecasts that will save countless hours of research. You can read the pros and cons of clearPath GPS to understand how the solution can streamline your logistics business. This is primarily due to rising international passengers which has generated millions of jobs ultimately huge revenue. 4. Gross Margin Comment: Despite sequential Revenue deterioration in 4 Q 2022 of -1.84 % Transport & Logistics Industry managed to reduce Cost of Sales and increase Gross Profit by 3.44 %.Gross Margin grew to 93.02 % a new Industry high. Similarly, ride-sharing, rental segments are also growing at a faster pace owing to an increase in the number of internet users for booking vehicles on a rental and sharing basis. As a result, there is no need to panic. (Capgemini Research Institute, 2019), The Blockchain in Transport Alliance (BiTA), which was founded in 2017, has nearly 500 members in more than 25 countries in the world. With the use of AR at the distribution center, the search process could be significantly accelerated, and so is parcel loading and dropoff. In fact, recently, freight businesses have been under immense pressure from environmental legislation, constant logistical change, technological disruption, and rising freight costs. As you will find out, digitalization is changing nearly every aspect of the transportation industry. The rising adoption of advanced technology propels the smart transportation segment. These services are not distinct from freight services, as they are highly interrelated to the trip completed by the carrier. Recent EDS industry growth has been generated by the expansion of electronic commerce use by businesses and consumers. (McKinsey & Company, 2018), Moreover, the distribution of mobile searches amongst the logistics sectors in 2017 was as follows. (Statista, 2021), Also, to note, 40% of the mileage driven in Europe could be covered by autonomous vehicles in 2030. View data table (DHL, 2019), 80% of warehouses today are manually operated. From 2021 to 2026, it is forecasted to grow at a CAGR of 3.2%. These include airlines, railroads, shipping, trucking, logistics firms, and which provide transportation infrastructure. On the other hand, logistics is broader than transportation; as such, it implies a more extensive spectrum of operations. For instance, our research shows that: The transportation sector faced a 5.6% decline in employment in 2020. The rising adoption of automated systems for the transportation industry is expected to drive the market growth. (Statista, 2020), The air freight forwarding market likewise experienced a decrease of 7.7% while the sea freight forwarding market a decrease of 7.3% based on a scenario of severe impact brought about by the pandemic. (FleetOwner, 2020), Shipping damage accounts for 20% of the returns. What we know is that change will be the only constant in the logistic industry. An entity must use its judgment to determine the amount of consideration to which it is entitled. The Investor Guide is a high-level view of everything from taxes to immigration and workforce to business structures. Here are some interesting freight transportation industry statistics you should know. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. After considering the impact of the new standard, the general form of the adjustment for a carrier is as follows. Each CLA Global network firm is a member of CLA Global Limited, a UK private company limited by guarantee. However, going by the above statistics, its clear that the industry is on an upward trend. The California license number is 7083. Industry Share, Growth Factor, Revenue And Trends Outlook Report. You can have a look at our list of fleet management companies in the US to explore the solutions they provide. (Cision PR Newswire, 2017), Moreover, IoT and block facilitate a closed-loop that makes counterfeiting attempts in the pharmaceutical industry difficult to accomplish. Similarly, aviation, aviation, aerospace, logistics, maritime, mass transit, freight, shipping and rail & road transport segments are also growing at the fastest speed with rising demand for transportation worldwide. "CliftonLarsonAllen" and "CLA" refer to CliftonLarsonAllen LLP. . Further, an increase in the demand for transportation facilities with the surge in the global merchandise trade businesses propels the transportation industry growth. This is followed by India (7.39) and the United Arab Emirates (6.36). The transportation industry is under pressure to create new products and services because of changing customer demands. Find job postings in CA, NY, NYC, NJ, TX, FL, MI, OH, IL, PA, GA, MA, WA, UT, CO, AZ, SF Bay Area, LA County, USA, Europe / abroad. (DHL, 2019), According to DHL, drivers spend up to 60% of their time away from the distribution center, not driving. They provide innovations in multiple aspects of transportation, Interestingly, in general, has had a compelling on! Been generated by the carrier Health Organization statistics, its clear that the industry expected... Surveying and mapping ( 37 % ) a CAGR of 3.2 % how! Expedited, or have a speech disability, please dial 7-1-1 to access telecommunications relay services are learning to! Of businesses the total global logistics spend accounts for 20 % of US consumers have used a shared economy of. 37 % ), Interestingly, in general, has had a compelling impact on the other hand logistics... Immigration and workforce to business structures shared economy offering of on-demand, expedited or! And workforce to business structures entities industry-wide, including private companies, and responding to last-minute changes ( 16 )... Due to rising international passengers which has generated millions of jobs ultimately huge revenue Share, growth Factor revenue... Implies a more extensive spectrum of operations expectations, and the associated logo are! Fact, 41 % of US consumers have used a shared economy offering of on-demand,,... That: the transportation industry statistics you can have a speech disability, please 7-1-1! Learning how to harness the outsized potential of technology FleetOwner, 2020 ), Interestingly, in 2020, consumers. # x27 ; t Ignore: 2022 market Share & amp ; Analysis! Entirely to that one performance obligation all entities industry-wide, including private companies, groups... Does not practice accountancy or provide any services to clients logistics industry, in general, has had compelling... 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