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

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

The United States Road Freight Transport Market is projected to register a CAGR of 3.82%

Key Highlights

• Largest Segment by Distance - Long Haul : Since cross-border trade between the United States and Mexico accounts for the majority of trade within the country, long-haul trucking is the largest industry within the distance category.
• Largest Segment by Product Type - Solid Goods : The solid goods segment dominates the product type over the liquid goods segment as products involved in the solid goods sector make up a significant portion of the US GDP and trade. Thus, it is the largest sector in the US road freight transport market.
• Largest Segment by End User - Wholesale and Retail Trade : Wholesale and retail trade is the largest end-user segment of the US road freight transport market. It is massively supported by the e-commerce sector, which expanded by more than 40% in a year, while cross-border sales increased by 20%.
• Fastest Growing Segment by TruckLoad Specification - Full Truckload : The full truckload segment is the fastest-growing specification, as approximately 656,310 businesses in the US truckload industry provide full truckload road freight services.

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

• In 2020, the oil gas mining and quarrying sector was the main sector impacted by COVID-19, with a YoY decline of 33.73% in value. The agriculture, fishing, and forestry sector witnessed the maximum growth of 6.12% YoY, followed by construction at 5.41% YoY and wholesale and retail trade at 4.74% YoY. However, in terms of percentage contribution to revenue, wholesale and retail trade had the maximum share of around 30.20% in 2020, followed by the manufacturing sector with 27.80%.
• In 2020, e-commerce companies generated over USD 4.2 trillion. In the United States, the industry grew by more than 40% in one year, while cross-border sales grew by 20%. With increasing domestic demand for e-commerce products, the demand for last-mile trucking services has also increased. In 2020, fashion had the maximum revenue share, with 1.43% of total e-commerce sales in the United States.
• The manufacturing sector has been another main end-user industry utilizing road freight transportation in the United States. In 2020, despite the challenges caused due to disruptions in the supply chain as a result of the COVID-19 pandemic, manufacturing of electrical and electronic products experienced a YoY growth of 3.18%. Among the manufacturing industries, automobiles had the maximum revenue contribution of 17.59% in 2021, followed by the food and beverage industry, with a revenue contribution of 16.07%.

Competitive Landscape

The United States Road Freight Transport Market is fragmented, with the top five companies occupying 23.39%. The major players in this market are C.H. Robinson, FedEx, J.B.Hunt Transport Services 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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