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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. 

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

With a robust experience in creating exceptional market reports, Transparency Market Research has emerged as one of the trusted market research companies among a large number of stakeholders and CXOs. Every report at Transparency Market Research goes through rigorous research activity in every aspect. The researchers at TMR keep a close watch on the market and extract beneficial growth-boosting points. These points help the stakeholders to strategize their business plans accordingly.

TMR researchers conduct exhaustive qualitative and quantitative research. This research involves taking inputs from the experts in the market, focused attention on recent developments, and others. This method of research makes TMR stand out from other market research firms.

Here's how Transparency Market Research helps the stakeholders and CXOs through the reports:

Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.

Perfect Market Size Estimations: The report analyzes the demographics, growth potential, and capability of the market through the forecast period. This factor leads to the estimation of the market size and also provides an outline about how the market will retrieve growth during the assessment period.

Investment Research: The report focuses on the ongoing and upcoming investment opportunities across a particular market. These developments make the stakeholders aware of the current investment scenario across the market.

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Less Than Truckload Market