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Report
United States Freight and Logistics - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2017 - 2029
Market Report I 2024-02-17 I 312 Pages I Mordor Intelligence
The United States Freight and Logistics Market size is estimated at USD 1.29 trillion in 2024, and is expected to reach USD 1.57 trillion by 2029, growing at a CAGR of 4.01% during the forecast period (2024-2029).
One of the most developed logistics market globally with advanced technological implementations in fleet
- In the US, in the transportation industry, all carriers and drivers operating commercial motor vehicles (CMVs) must comply with the Hours of Service (HOS) regulations found in 49 CFR 395. On June 1, 2020, the FMCSA revised four provisions of the HOS regulations to provide greater flexibility for drivers without adversely affecting safety. Since September 29, 2020, motor carriers have been required to comply with the new HOS regulations.
- In the United States, the transportation and storage sector recorded around 2.8% GVA as a percentage of GDP in 2021, of which the truck transportation segment held the maximum share of 0.8%, followed by other transportation & support activities with 0.7% and the warehousing & storage segment with 0.4%. Trucking is responsible for most of the overland freight movement in the US, with the sector transporting 3,443 billion ton-km, amounting to an almost 70% modal share in 2020. As of 2020, over 902,000 truck drivers were employed in the United States, which was less than the industry requirement. Owing to this driver shortage, driver costs are one of the major challenges faced by the industry.
- In 2022, leading US cargo airports, based on tonnage, were Ted Stevens Anchorage International with 11.55 million tons of cargo, Memphis International Airport with 11.39 million tons, Louisville Muhammad Ali International Airport with 8.02 million tons, Los Angeles International Airport with 6.77 million tons, and Miami International Airport with 5.16 million tons of cargo. For maritime transport, the Port of Los Angeles was the largest port in the United States in 2022based on the total cargo handled in TEU. In 2021, almost 6.8 million TEUs of sea freight were processed at the Port of Los Angeles, up from some 6.5 million TEUs in 2019.
United States Freight and Logistics Market Trends
The US dominates with 86% of regional GDP contribution fueled by an infrastructure program that boosts ports and supply chains
- During the third quarter of 2022, the GDP of the transportation sector in the United States expanded from USD 536.40 billion in the second quarter to USD 550.40 billion. Heightened international trade activities propelled this growth. The intricate transportation and storage infrastructure network within the United States is a sophisticated mechanism to facilitate the movement of goods, individuals, and information across the nation. The same year, the US government strategically allocated its federal spending on transportation and infrastructure, apportioning 39% toward highways, 28% to rail and mass transit, 22% to air travel, and 9% to water transportation.
- In 2021, the transportation services sector, valued at USD 1.9 trillion, constituted 8.4% of the GDP. This sector demonstrated a strong recovery, achieving a YoY growth rate of 12.34% in its contribution to the GDP. This growth encompasses various aspects of transportation, including for-hire, in-house, and household contributions, all amounting to a combined total value of USD 642.60 billion.
- In 2022, the US Department of Transportation revealed the Port Infrastructure Development Program by the Maritime Administration, securing over USD 703 million dedicated to bolstering 41 projects spanning 22 states and a territory. The primary goal of these initiatives is to amplify the capabilities of port facilities. The allocated funds are poised to enhance the dependability of supply chains by amplifying port capacity and durability, optimizing operational processes, reducing emissions originating from ports, and generating fresh job prospects within coastal seaports, Great Lakes ports, and inland river ports.
The United States remained a net crude oil importer in 2022, importing about 6.28 million bpd of crude oil from 80 countries.
- The price of gasoline has declined by 3.44% YoY and reached 0.847 USD/liter in 2022. In 2022, total petroleum exports were about 9.58 million barrels per day (b/d) and total petroleum imports were about 8.32 million b/d, making the United States an annual net total petroleum exporter for the third year in a row. Although United States annual total petroleum exports were greater than total petroleum imports in 2020, 2021, and 2022, the United States still imported some crude oil and petroleum products from other countries to help to supply domestic demand for petroleum and to supply international markets. The United States remained a net crude oil importer in 2022, importing about 6.28 million b/d of crude oil from 80 countries. Some of the crude oil that the United States imports is refined by US refineries into petroleum products such as gasoline, heating oil, diesel fuel, and jet fuel.
- The prices of diesel witnessed the maximum YoY growth rate of 29.16% in 2022 and reached 1.24 USD/liter. Unlike gas and jet fuel, demand for diesel recovered at a much faster pace from the pandemic. Diesel is used for transporting goods as well as powering construction, farming, and military vehicles and equipment.
- Many western states faced higher gas prices because of limited refining capacity. However, several refinery accidents throughout the year caused spikes in other regions as well. The average diesel fuel consumption in the United States amounted to around 3.85 million barrels daily in June 2023. Greater demand for North American diesel by Europe in the wake of the war in Ukraine kept diesel prices high.
United States Freight and Logistics Industry Overview
The United States Freight and Logistics Market is fragmented, with the top five companies occupying 16.05%. The major players in this market are C.H Robinson, FedEx, J.B.Hunt Transport Services Inc., Kuehne + Nagel and United Parcel Service (sorted alphabetically).
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
1 EXECUTIVE SUMMARY & KEY FINDINGS
2 REPORT OFFERS
3 INTRODUCTION
3.1 Study Assumptions & Market Definition
3.2 Scope of the Study
3.3 Research Methodology
4 KEY INDUSTRY TRENDS
4.1 Demographics
4.2 GDP Distribution By Economic Activity
4.3 GDP Growth By Economic Activity
4.4 Inflation
4.5 Economic Performance And Profile
4.5.1 Trends in E-Commerce Industry
4.5.2 Trends in Manufacturing Industry
4.6 Transport And Storage Sector GDP
4.7 Export Trends
4.8 Import Trends
4.9 Fuel Price
4.10 Trucking Operational Costs
4.11 Trucking Fleet Size By Type
4.12 Logistics Performance
4.13 Major Truck Suppliers
4.14 Modal Share
4.15 Maritime Fleet Load Carrying Capacity
4.16 Liner Shipping Connectivity
4.17 Port Calls And Performance
4.18 Freight Pricing Trends
4.19 Freight Tonnage Trends
4.20 Infrastructure
4.21 Regulatory Framework (Road and Rail)
4.21.1 United States
4.22 Regulatory Framework (Sea and Air)
4.22.1 United States
4.23 Value Chain & Distribution Channel Analysis
5 MARKET SEGMENTATION (includes 1. Market value in USD for all segments 2. Market volume for select segments viz. freight transport, CEP (courier, express, and parcel) and warehousing & storage 3.Forecasts up to 2029 and analysis of growth prospects)
5.1 End User Industry
5.1.1 Agriculture, Fishing and Forestry
5.1.2 Construction
5.1.3 Manufacturing
5.1.4 Oil and Gas, Mining and Quarrying
5.1.5 Wholesale and Retail Trade
5.1.6 Others
5.2 Logistics Function
5.2.1 Courier, Express and Parcel
5.2.1.1 By Destination Type
5.2.1.1.1 Domestic
5.2.1.1.2 International
5.2.2 Freight Forwarding
5.2.2.1 By Mode Of Transport
5.2.2.1.1 Air
5.2.2.1.2 Sea and Inland Waterways
5.2.2.1.3 Others
5.2.3 Freight Transport
5.2.3.1 By Mode Of Transport
5.2.3.1.1 Air
5.2.3.1.2 Pipelines
5.2.3.1.3 Rail
5.2.3.1.4 Road
5.2.3.1.5 Sea and Inland Waterways
5.2.4 Warehousing and Storage
5.2.4.1 By Temperature Control
5.2.4.1.1 Non-Temperature Controlled
5.2.4.1.2 Temperature Controlled
5.2.5 Other Services
6 COMPETITIVE LANDSCAPE
6.1 Key Strategic Moves
6.2 Market Share Analysis
6.3 Company Landscape
6.4 Company Profiles (includes Global Level Overview, Market Level Overview, Core Business Segments, Financials, Headcount, Key Information, Market Rank, Market Share, Products and Services, and Analysis of Recent Developments).
6.4.1 C.H Robinson
6.4.2 DB Schenker
6.4.3 Deutsche Post DHL Group
6.4.4 DSV A/S (De Sammensluttede Vognmnd af Air and Sea)
6.4.5 Expeditors International
6.4.6 FedEx
6.4.7 GXO Logistics
6.4.8 J.B.Hunt Transport Services Inc.
6.4.9 Kuehne + Nagel
6.4.10 NFI Industries
6.4.11 Penske Logistics
6.4.12 United Parcel Service
7 KEY STRATEGIC QUESTIONS FOR FREIGHT AND LOGISTICS CEOS
8 APPENDIX
8.1 Global Overview
8.1.1 Overview
8.1.2 Porter's Five Forces Framework
8.1.3 Global Value Chain Analysis
8.1.4 Market Dynamics (Market Drivers, Restraints & Opportunities)
8.1.5 Technological Advancements
8.2 Sources & References
8.3 List of Tables & Figures
8.4 Primary Insights
8.5 Data Pack
8.6 Glossary of Terms
8.7 Currency Exchange Rate
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