United States Full Truckload Road Freight Transport Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

United States Full Truckload Road Freight Transport Market - Size, Share, COVID-19 Impact & Forecasts up to 2028

The United States Full Truckload Road Freight Transport Market is projected to register a CAGR of 3.86%

Key Highlights

• Largest Segment by Destination - Domestic : The domestic segment dominated the international trucking segment in the United States in the full truckload market as all freight tonnage moved throughout the United States has been gaining a faster momentum over the past few years.
• Largest Segment by End User - Wholesale and Retail Trade : The wholesale and retail trade segment has been experiencing growth due to an increase in B2B e-commerce sales during the COVID-19 pandemic.
• Fastest Growing Segment by End User - Agriculture, Fishing and Forestry : The agriculture, fishing and forestry segment has been experiencing the fastest growth in the United States owing to the increased production in response to rising domestic and international demand. For instance, it grew by 5.31% YoY in 2021.
• Fastest Growing Segment by Destination - Domestic : Due to driver shortages, limits on cross-border transportation during the pandemic, and increasingly stringent border controls, the domestic segment maintained a faster-growing percentage share throughout the historical period.

Key Market TrendsWholesale and Retail Trade is the largest segment by End User.

• The end-user segment of the full truckload market experienced a decline of 1.63% YoY in 2019 due to the United States-China trade war and additional tariff increases on imports. The oil and gas, mining, and quarrying sector experienced a significant decline (-12.85% YoY in value) due to the slowing global economy, which was an impact of the trade war between the two countries.
• However, in 2021, the end-user segment of the full truckload market experienced a recovery of around 7.90% YoY, as the economy of the United States recovered from COVID-19 and the impact of the trade war. During the historical period (2016-2021), the full truckload market registered a CAGR of 4.31% in value, with the wholesale and retail trade segment having the maximum share, closely followed by the manufacturing sector.
• During the forecast period (2022-2028), the agriculture, fishing, and forestry segment is expected to register the highest CAGR of 7.58% followed by the oil and gas, mining, and quarrying sector with a CAGR of 7.12%. The agriculture, fishing, and forestry segment is expected to witness significant growth as agricultural production in the United States is anticipated to grow over the next decade. The oil and gas, mining, and quarrying segment of the full truckload market is expected to grow immensely as the oil and gas value chain in North America is expected to be driven by new project launches in the United States, which may account for 70% of overall projects.

Competitive Landscape

The United States Full Truckload Road Freight Transport Market is fragmented, with the top five companies occupying 16.54%. The major players in this market are C.H. Robinson, J.B.Hunt Transport Services Inc., Landstar System Inc., Ryder System and United Parcel Service (UPS) (sorted alphabetically).

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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