The Latest Freight Industry Statistics Explained
The US spent $791 billion on truck freight services in 2019.
The statistic that the US spent $791 billion on truck freight services in 2019 represents the total monetary value of expenditures made by businesses and individuals for transporting goods via trucks throughout the country in that year. This significant amount underscores the pivotal role that the trucking industry plays in the US economy, serving as a backbone for facilitating the movement of goods and ensuring supply chain efficiencies. The data provides valuable insights into the scale and importance of the trucking sector within the broader transportation and logistics industry, highlighting the substantial financial investment required to support the ongoing transportation needs of businesses and consumers in the US.
The global freight and logistics market was valued at $144.77 billion in 2020.
The statistic “The global freight and logistics market was valued at $144.77 billion in 2020” represents the total estimated value of all goods and services exchanged within the freight and logistics industry worldwide during the year 2020. This figure is essential in quantifying the economic impact and scale of operations within this sector, which plays a critical role in facilitating the movement of goods across various industries and regions. By understanding the market value, stakeholders can assess the growth, trends, and overall health of the global freight and logistics sector, aiding in strategic decision-making and future planning.
Trucking, the main mode of freight transportation, comprises almost 70% of freight tonnage.
The statistic indicates that trucking is the predominant method of transporting freight, accounting for nearly 70% of all freight tonnage. This suggests that the trucking industry plays a crucial role in the transportation of goods, being the main mode of freight transportation in terms of volume. The high percentage also highlights the widespread reliance on trucks for moving goods across various distances. The data underscores the significance of the trucking sector in supporting supply chains and facilitating the movement of goods within the economy.
The global air cargo traffic is forecasted to more than double by 2037.
The forecasted statistic indicating that global air cargo traffic is projected to more than double by 2037 implies a significant increase in the demand for air transport services to support the transportation of goods and cargo across the world. This growth is likely driven by factors such as the globalization of trade, e-commerce expansion, and the emerging markets’ increasing participation in the global economy. The doubling of air cargo traffic signifies a substantial opportunity for the air transport industry to expand its operations, infrastructure, and capabilities to meet the growing demand for efficient and timely cargo delivery services in the coming years.
China is the largest logistics market in the world with a volume of $1.6 trillion in 2019.
The statistic that China is the largest logistics market in the world with a volume of $1.6 trillion in 2019 indicates that China generates the highest revenue and activity within the logistics industry compared to any other country globally. This substantial volume suggests the immense scale and importance of logistics operations within China, encompassing transportation, warehousing, inventory management, and distribution services. The size of this market highlights China’s pivotal role in global supply chains, as well as the country’s strong economic growth and consumption levels, driving the need for efficient and extensive logistics infrastructure to support its vast network of businesses and industries.
The freight industry is expected to reach $1,374.07 billion by 2027.
The statistic that the freight industry is expected to reach $1,374.07 billion by 2027 indicates the projected total value of goods and services transported through the industry in that year. This figure reflects the anticipated growth and expansion of the freight sector over the coming years, driven by factors such as increasing global trade, rising consumer demand, and advancements in transportation technology. The substantial market size forecasted for 2027 highlights the industry’s significant role in facilitating the movement of goods across various regions and underscores its economic importance on a national and global scale.
E-commerce represented 16.1% of total global retail sales in 2020.
The statistic “E-commerce represented 16.1% of total global retail sales in 2020” indicates the proportion of retail sales that were conducted through online platforms compared to traditional brick-and-mortar stores. This percentage highlights the significant and growing influence of e-commerce in the retail industry, showing that a substantial share of consumer purchases are now being made online. The rise of e-commerce can be attributed to various factors such as technological advancements, changing consumer preferences, and the convenience of online shopping. This statistic underscores the importance for businesses to adapt to the digital landscape and invest in their online presence to remain competitive in the evolving retail market.
More than 44 million Americans are employed in trucking-related jobs.
The statistic that more than 44 million Americans are employed in trucking-related jobs indicates the significant role that the trucking industry plays in the US economy. Trucking is a vital component of the transportation sector, responsible for delivering goods and products across the country efficiently. This statistic highlights the large workforce that is involved in various aspects of the trucking industry, including truck drivers, logistics coordinators, warehouse workers, and maintenance technicians. The sheer number of individuals employed in trucking-related jobs underscores the sector’s importance in facilitating the movement of goods and fostering economic activity.
Air cargo accounts for less than 1% of global trade by volume, yet 35% by value.
This statistic highlights the high value-density of air cargo compared to other modes of transportation. Despite accounting for less than 1% of global trade by volume, air cargo represents a significant 35% by value, indicating that the goods transported by air are typically high-value, time-sensitive, or perishable items. This discrepancy between volume and value underscores the efficiency and effectiveness of air freight for industries that prioritize speed and reliability in their supply chains. Additionally, the high cost of air transport plays a role in this disparity, as companies are willing to pay a premium for the advantages it offers in terms of quick delivery and secure handling of valuable cargo.
The U.S. logistics market size is expected to reach $1,377.8 billion by 2027.
The statistic ‘The U.S. logistics market size is expected to reach $1,377.8 billion by 2027’ indicates the projected total value of the logistics industry in the United States by the year 2027. This figure reflects the anticipated growth and expansion of the logistics sector, encompassing transportation, storage, and distribution services. A rise in e-commerce, globalization of supply chains, and advancements in technology are some of the factors contributing to this projected increase in market size. Businesses and policymakers can use this statistic to understand the growing importance of efficient logistics operations and to make informed decisions regarding investments, infrastructure development, and regulatory policies in the logistics industry.
The largest segment in the freight industry is road freight, accounting for 41.3% of the sector’s total volume in 2019.
In 2019, road freight was the most prominent mode of transportation within the freight industry, comprising a significant 41.3% share of the total volume. This statistic highlights the significant role that road transport plays in moving goods from one location to another efficiently and reliably. It indicates that a substantial portion of goods in the sector rely on roads for transportation, emphasizing the importance of well-maintained road infrastructure and efficient logistics management in ensuring the smooth flow of goods and sustaining the overall functioning of the freight industry.
Ocean freight accounted for 62.0% of the total freight transported in 2018.
The statistic “Ocean freight accounted for 62.0% of the total freight transported in 2018” indicates that the majority of freight transportation in 2018 was done via ocean vessels, representing 62.0% of the total freight transported. This statistic highlights the importance of ocean shipping as a key mode of transportation for goods and products around the world. It suggests that businesses and industries relied significantly on ocean freight services to move goods across long distances efficiently and cost-effectively in 2018. Additionally, this figure may have implications for areas such as international trade, supply chain management, and overall economic activity related to global commerce.
As of February 2021, Europe leads in terms of the highest Average Freight Rate Assessment (AFRA) rates, standing at $35.75 per metric ton.
The statistic indicates that as of February 2021, Europe has the highest Average Freight Rate Assessment (AFRA) rates compared to other regions, with a rate of $35.75 per metric ton. This means that shipping goods by sea in Europe is more expensive on average than in other regions during that time period. Factors contributing to higher AFRA rates in Europe may include high demand for shipping services, infrastructure costs, fuel prices, and other economic factors specific to the region. Businesses and industries involved in shipping and international trade in Europe may need to consider these higher shipping costs when planning their logistics and supply chain strategies.
The United States freight and logistics market is expected to reach $1,256.67 billion by 2026.
The statistic indicates that the United States freight and logistics market is projected to grow and expand significantly, with an expected market size of $1,256.67 billion by the year 2026. This growth suggests an increasing demand for transportation and distribution services within the country, likely driven by factors such as economic growth, globalization, and e-commerce expansion. The market’s expansion also reflects the importance of efficient supply chain management in supporting various industries and ensuring the seamless movement of goods across different regions. The projected growth in the freight and logistics market underscores its critical role in driving economic activities and facilitating trade both domestically and internationally.
The international freight forwarding market size was $170 billion in 2018.
The statistic “The international freight forwarding market size was $170 billion in 2018” refers to the total value of services provided by companies involved in facilitating the shipment of goods between countries. This figure indicates the financial scale of the international freight forwarding industry during the year 2018, reflecting the sum of revenues generated by these companies from their various services such as transportation, logistics, documentation handling, and customs clearance. The $170 billion value serves as a metric for assessing the economic significance and growth of the international trade sector and highlights the demand for efficient and reliable freight forwarding solutions in global supply chains.
By 2027, the third-party logistics (3PL) market is projected to reach $1,789.94 billion globally.
The statistic states that the global third-party logistics (3PL) market is anticipated to grow significantly and reach a value of $1,789.94 billion by the year 2027. This projection suggests a substantial expansion in the demand for outsourced logistics services over the next few years. Factors such as the growing complexity of supply chains, increasing globalization of trade, and advancements in technology are likely to drive this market growth. The figure highlights the importance of 3PL services in facilitating the efficient movement and management of goods across various industries on a global scale and underscores the opportunities for companies operating in the logistics sector.
The use of artificial intelligence in logistics could generate $1.3–$2 trillion in annual economic value.
The statistic that the use of artificial intelligence in logistics could generate $1.3-$2 trillion in annual economic value indicates the potential impact of implementing AI technology in the logistics industry. AI has the capability to streamline operations, optimize routes, predict demand, reduce costs, and improve overall efficiency in the transportation and supply chain sectors. The estimated economic value of $1.3-$2 trillion signifies the significant financial benefits that can be realized through increased productivity, reduced errors, faster delivery times, and enhanced decision-making processes that AI can bring to logistics businesses. This statistic underscores the vast potential for AI to revolutionize the logistics industry and drive substantial economic growth.
The rail freight industry in the U.S. was valued at $85.5 billion in 2020.
The statistic stating that the rail freight industry in the U.S. was valued at $85.5 billion in 2020 quantifies the total economic worth of the industry within the country during that specific year. This figure reflects the market value of goods and services transported by rail and underscores the industry’s significant contribution to the U.S. economy. By assessing the industry’s value in monetary terms, stakeholders, policymakers, and analysts can better understand the scale, importance, and growth of the rail freight sector, enabling informed decision-making and strategic planning for the future.
Conclusion
Overall, the freight industry statistics provide valuable insights into the trends and challenges facing the sector. By analyzing data on transportation modes, tonnage moved, and economic indicators, stakeholders can make informed decisions to improve efficiency and sustainability. As the industry continues to evolve, staying informed about the latest statistics will be crucial for businesses to thrive in a competitive market.
References
0. – https://www.www.ibisworld.com
1. – https://www.www.statista.com
2. – https://www.www.mordorintelligence.com
3. – https://www.www.census.gov
4. – https://www.www.trucking.org
5. – https://www.www.iata.org
6. – https://www.www.prnewswire.com
7. – https://www.www.globenewswire.com
8. – https://www.www.alliedmarketresearch.com
9. – https://www.www.acumenresearchandconsulting.com
