Market Size of North America Long-haul Transport Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Long-haul Transport Market Analysis
The North America long-haul transport market is expected to register a growth rate of over 4% during the forecast period of 2023-2028.
- According to the American Transportation Association's US Freight Transportation Forecast, freight trucking will grow by 24% in 2022. As a result, revenue will grow by 67%, which will benefit the transportation business. More freight transportation implies more work prospects for truck drivers, whether they be regional, OTR, or local.
- According to an industrial survey, in the United States, the average distance of haul before and during the pandemic (long-haul - 1,000+ miles per trip) was 32.7% and 22.7%, respectively. According to industry reports, short-haul or local trucking employment is recovering much more quickly from the COVID-19 pandemic-driven recession than long-haul truckload employment. According to the American Transportation Research Institute, between 2017-2022, truck drivers have gradually driven less than 1000 miles. So, the future of the trucking industry promises to include more local truck drivers.
- In contrast, the PPI (BLS Producer Price Index (PPI)) for the long-haul truckload business rose 9.6% Y-o-Y in February 2021, after climbing 9.8% in January 2021. As a result, the long-haul LTL PPI rose 2.9% Y-o-Y in February 2021, accelerating from a 1.5% annualized increase in January 2021. Long-haul volumes are more disruptive to the balance of truck supply in the United States, as trucks spend more time on the road with less availability to pick up freight. In addition to occupying more time to move, long-haul freight redistributes trucks across the country.
