UNITED STATES FULL TRUCKLOAD (FTL) MARKET - GROWTH, TRENDS, COVID-19 IMPACT, and Forecasts (2023 - 2028)

The United States FTL Market is Segmented by Destination (Domestic and International) and Fleet Type (Hire and Private).

US Full truckload (FTL) Industry Overview

US FTL
Study Period: 2019 - 2028
CAGR: 3 %

Major Players

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*Disclaimer: Major Players sorted in no particular order

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US Full truckload (FTL) Market Analysis

The COVID-19 has continued to cause unpredictable market conditions in the trucking industry.

As the nation navigates new economic and health challenges, logistics companies are drawing on survival tactics, like conserving capital, strengthening the bottom line, and cutting costs, in order to weather the storm.

The market has seen one scenario play out repeatedly. Shippers with less-than-truckload-size loads are paying for full truckload (FTL) service to ensure faster delivery of goods, resulting in space and spend inefficiencies.

This sector has been mostly attacked by startups. This is because it is less complex than LTL and parcel, and it contains a larger piece of the pie. The most funded startups, like Transfix, Convoy, and Uber Freight, focus on freight-matching. Essentially, they are replacing traditional brokers by utilizing mobile technology and automating manual operations.

Self-driving technology is likely to disrupt this segment first because FTL is mainly long-haul, and it is easier to teach a truck to drive on a highway than on busy streets.

US Full truckload (FTL) Industry Segments

Full truckload, or FTL, is the transportation of ‘like’ cargo that fills up an entire trailer. Carriers can haul up to twenty-four standard pallets weighing up to forty-two thousand pounds.

The United States FTL market is segmented by destination (domestic and international) and fleet type (hire and private). Additionally, the report offers market size and forecasts for the United States FTL market in value (USD billion) for all the above segments.

By Destination
Domestic
International
By Fleet type
Hire
Private

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US Full truckload (FTL) Market Trends

This section covers the major market trends shaping the US Full truckload (FTL) Market according to our research experts:

Growing Automotive Logistics Market

The United States is the world's second-biggest auto market, and the automotive industry plays a crucial role in US imports and exports. It is also the second-largest automobile importer in the world after European Union.

Autonomous trucks may disrupt road transport. Platooning, a technique to connect a convoy of trucks wirelessly to a lead truck, allowing them to operate safely much closer together and realize fuel efficiencies, is expected to feature in the next two years. In about five years, the next wave, driverless platooning, may take hold. These platoons may feature a driver in the lead truck and unmanned trucks following close behind on interstate highways. Upon leaving the highway, drivers are likely to resume control of each vehicle.

Supply chain control towers may make their way to the top spot as a major digital disruptor, as the automotive supply chain industry is a global network. This helps major automakers, like BMW and Mercedes, building their control towers integrating their logistics players. Logistics players who can leverage on digital twin are likely to gain a lot, as this will help in capturing many automotive players.

Full truckload transportation reduces the cost and time taken for delivering products, which, in turn, is likely to grow during the forecast period. Thus, this may provide lucrative opportunities to the automotive industry to cater large trucks to the transportation and freight shipping industry.

US FTL trend1

Growing Cold Chain Logistics in the Country

The United States represents the world's largest market for temperature-sensitive healthcare products, such as biopharmaceuticals, vaccines, and clinical trial materials. The potency of biopharmaceuticals and vaccines requires temperature-controlled packaging, storage, and transportation.

The challenge of perishability and the need to preserve food and non-food categories at optimal temperatures to prevent spoilage is the major growth enabler for the refrigerated trucking market in the United States.

The United States needs to have refrigerated truck transport and trailers for long-haul transportation to avoid food spoilage, thereby, influencing the market. In addition, the demand for temperature-controlled logistics continues to grow upward trajectory, as perishable food items and medicines need to be maintained at optimal temperatures throughout the cold chain until they reach end-consumers. This demand pushes more opportunities for vendors to increase their investments that may benefit both refrigerated trucking companies and perishable food manufacturers.

US FTL trend2

US Full truckload (FTL) Market Competitor Analysis

Unlike LTL and parcel, FTL is very fragmented. The top 50 Fleets comprise roughly 10% in revenues, and 90% of fleets have fewer than six trucks.

Some of the largest fleets in this sector include Knight-Swift Transportation Holdings Inc., JB Hunt, and Schneider. However, it is not difficult to lease a truck and start a carrier operation. Therefore, this segment is highly fragmented, with 90% of fleets having fewer than six trucks.

US Full truckload (FTL) Market Top Players

  1. Schneider National

  2. Knight-Swift

  3. Landstar System

  4. CRST International

  5. JB Hunt

*Disclaimer: Major Players sorted in no particular order

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US Full truckload (FTL) Market Recent Developments

  • In January 2021, Schneider National Inc. of Green Bay announced that it is investing in TuSimple, a San Diego self-driving technology company. Some of the company's customers include UPS, the US Postal Service, and McLain Co. The company also has partnerships with tech giants, like Nvidia and Amazon.
  • In January 2021, Google and JB Hunt announced a multi-year strategic alliance to accelerate JB Hunt's digital transformation and collaborate on supply chain platform technology. Powered by Google Cloud, JB Hunt is expected to expand its JB Hunt 360° platform that digitally connects shipments and available capacity. By leveraging Google's Data Cloud, JB Hunt 360 may use artificial intelligence and machine learning tools to predict outcomes, empower users, and make informed decisions.

US Full truckload (FTL) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET INSIGHTS AND DYNAMICS

    1. 4.1 Market Overview (Current Market Scenario of Market and Economy)

    2. 4.2 Government Regulations and Initiatives

    3. 4.3 Technological Trends

    4. 4.4 Impact of COVID-19 on the Market (Short-term and Long-term Effect on the Market and Economy)

    5. 4.5 Overview of Trucking Industry in the United States

    6. 4.6 Market Drivers

    7. 4.7 Market Restraints/Challenges

    8. 4.8 Market Opportunities

    9. 4.9 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.9.1 Bargaining Power of Suppliers

      2. 4.9.2 Bargaining Power of Consumers

      3. 4.9.3 Threat of New Entrants

      4. 4.9.4 Threat of Substitutes

      5. 4.9.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value)

    1. 5.1 By Destination

      1. 5.1.1 Domestic

      2. 5.1.2 International

    2. 5.2 By Fleet type

      1. 5.2.1 Hire

      2. 5.2.2 Private

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Overview (Market Concentration Overview, Major Players)

    2. 6.2 Company Profiles

      1. 6.2.1 Knight-Swift Transportation Holdings Inc.

      2. 6.2.2 Schneider National

      3. 6.2.3 JB Hunt Transport Services

      4. 6.2.4 Landstar System

      5. 6.2.5 Werner Enterprises

      6. 6.2.6 US Xpress Enterprises

      7. 6.2.7 CRST International

      8. 6.2.8 Prime Inc.

      9. 6.2.9 Crete Carrier Corporation

      10. 6.2.10 USA Truck

    3. *List Not Exhaustive
    4. 6.3 Other Companies (Key Information/Overview )

  7. 7. FUTURE OF THE MARKET

  8. 8. APPENDIX

**Subject to Availability
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US Full truckload (FTL) Market Research FAQs

The United States Full truckload (FTL) Market is studied from 2019 - 2028.

The United States Full truckload (FTL) Market is growing at a CAGR of 3% over the next 5 years.

Schneider National, Knight-Swift, Landstar System, CRST International, JB Hunt are the major companies operating in United States Full truckload (FTL) Market.

United States Full truckload (FTL) Industry Reports

In-depth industry statistics and market share insights of the United States Full truckload (FTL) sector for 2020, 2021, and 2022. The United States Full truckload (FTL) research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the United States Full truckload (FTL) report PDF.

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