Less than truck load does not require a full length 48 to 53 foot trailer for shipment. LTL (Less-than-truckload) carriers offers different services such as lift gate, residential pickups and deliveries, and freeze protection. Goods or products shipped using different mode of transport; however, the movement of goods by trucks offers higher flexibility owing to the low cost. LTL offers more cost-effective solutions of shipping goods for customers than full truckload (FTL). LTL carriers employ van trailers that are covered, or enclosed trailers. Rates of LTL freight depends on class, weight, pick up and destination, and additional services required in order to meet the need of the customer. Steady expansion of industrial and retail sectors, stringent capacity rules for overall trucking capacity throughout the industry, expansion of the e-commerce sector, and demand for quick shipment of products are likely to drive the less-than-truckload market during the forecast period.
The global less-than-truckload market can be segmented based on application, end-use industry and region. In terms of application, the less-than-truckload market can be segregated into origin lift gate, residential pickup, inside pick up, hazardous materials, construction site pickup, and others. Lift gate is a gate that is attached to the back of carrier trucks that assists in lifting the pallets or freight from the ground. Most LTL pickup and deliveries are utilized for residential pickups. Likewise, hazardous freights are utilized to handle hazardous materials, and other LTL are used for different applications such as construction site pickup. These factors are anticipated to boost the less-than-truckload market during the forecast period.
Based on end-use industry, the less-than-truckload market can be divided into chemical and pharmaceutical, food, industrial goods and others. Demand for LTL services always high from mentioned industries. The five end-use industry segments mentioned above, cumulatively, held more than 50% share of the less-than-truckload market. In the chemical industry shipment of hazardous materials is highly sensitive so safety, security, quality and environmental awareness which require skill operators and to fulfill complex requirements demand for LTL is high which is anticipated to drive the less-than-truckload market during the forecast period.
In terms of region, the less-than-truckload market can be classified into North America, Europe, Asia Pacific, and Middle East & Africa. North America and Asia Pacific held a major share of the global less-than-truckload market. Presence of a large number of terminals, hub and spoke system of pickups and deliveries, presence of major service providers, and high demand from the industrial sector in North America are anticipated to boost the less-than-truckload market in the regions during the forecast period. Presence of a large automotive hub in Asia Pacific, especially in China, India, and South Korea, expansion of the e-commerce industry, and growth of industrial and construction sectors in the region are likely to propel the less-than-truckload market in Asia Pacific during the forecast period.
Key players operating in the global less-than-truckload market include XPO Logistics, Inc., FedEx, United Parcel Service, YRC Worldwide, A. Duie Pyle, Inc., ABF Freight System, Dayton Freight Lines, Inc., and New England Motor Freight.
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