Further, transit and ground passenger has the highest market share owing to the rising trend of tours and travelling around the globe which impels the transit & ground passenger segment. As part of completing its service obligations, a carrier may perform services in addition to freight services, such as loading and unloading or other accessorial services. (MarketWatch, 2021), Besides, the IoT professional services market is expected to increase at a CAGR of 19.1% to reach $189.2 billion by 2023. As of 2017, there were 126,986 establishments in the trucking industry, and the latest employment figures estimate that almost 1.5 million workers were employed in the industry by the end of 2020. Similarly, aviation, aviation, aerospace, logistics, maritime, mass transit, freight, shipping and rail & road transport segments are also growing at the fastest speed with rising demand for transportation worldwide. After just 6 months of launch, the robots had traveled over 1.5 million miles. (McKinsey & Company, 2018), Further, digitization and autonomation of delivery vehicles can reduce logistics costs for standard transport by 47% by 2030. (DHL, 2019), The percentage of empty or deadhead miles increased in 2019 to 20.1% from 16.6% of total miles in 2018. (Blockchain in Transport Alliance, 2019), To date, BiTA members account for approximately 85% of all truck-related transactions in the United States. (Mind Aspire Market Research, 2016), The global connected logistics market is expected to reach more than $54 billion by 2022. (Transport Intelligence, 2019), Besides, freight companies in Europe with less than 50 workers account for nearly two-thirds of the total European road freight market revenues. Get your free sample proposal with a single click! Explore the impact of foreign direct investment on U.S. jobs, exports, and innovation in the logistics and transportation industry. We walk you through what it can do in our, On average, the EU transport industry emits 24.3% of greenhouse gas emissions. On the trailing twelve months basis gross margin in 4 Q 2022 fell to 91.06 %. Malaysia These include airlines, railroads, shipping, trucking, logistics firms, and which provide transportation infrastructure. Topic 606 is effective for public companies for periods beginning after Dec. 15, 2017 and for non-public companies for periods beginning after Dec. 15, 2018. Sequentially TTM Revenue grew by 0.88 %. (Statista, 2020), The air freight forwarding market likewise experienced a decrease of 7.7% while the sea freight forwarding market a decrease of 7.3% based on a scenario of severe impact brought about by the pandemic. (Transport Intelligence, 2019), Moreover, the latest transportation industry market research shows DHL Express is the largest international express services provider by revenue. Print chart Contact your CLA assurance professional for assistance in planning for the implementation of this new standard and determining its impact on your business. (Statista, 2020), The number of Google searches related to travel and logistics grew from 8% in 2014 to 14% in 2017. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance Index The transportation industry delivers substantial socio-economical benefits; there no doubt about that. Further transit and ground passenger transportation are classified into Ride Sharing, E-Hailing, Rental and others. American Transportation Research Institute. Keep it clean. The global transportation services industry group had total revenues of $2,207,827.8m in 2019, representing a compound annual growth rate (CAGR) of 4% between 2015 and 2019. (IBISWorld, 2020), However, the COVID-19 pandemic had a severe impact on the global freight forwarding market. From 2021 to 2026, it is forecasted to grow at a CAGR of 3.2%. In May 2014, the Financial Accounting Standards Board (FASB) issued new comprehensive principles-based rules on revenue recognition, scheduled to broadly impact U.S. companies issuing financial statements. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance IndexIndonesia: 6.14 The most common occupations in the couriers and messengers industry are transportation and moving occupations, with over 664,070 workers employed in these occupations and earning an average of $42,010 in 2019. Within Transportation sector only one Industry has accomplished higher Revenue growth. (Transport Intelligence, 2019), Trucking volumes are projected to rebound in 2021, increasing by 4.9% next year. CliftonLarsonAllen is a Minnesota LLP, with more than 120 locations across the United States. Trucking industry revenue hit a record $726.4 billion in the U.S. last year, according to a new report from a national trade group. However, as the statistics below show, the growth of various sectors of the transport industry has remained unabated. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. (Transport Intelligence, 2019), Air cargo and rail intermodal tonnage are expected to increase in 2021 by 2.2% and 0.5% respectively, because of the strong growth in e-commerce shipping. Copyright 2019 DataM Intelligence, All Rights Reserved. But at the same time, the industry has a significant impact on the environmental system. Phone: 800-853-1351. Freight Transportation & the Economy Skip to footer links An official website of the United States government Here's how you know Official websites use .gov A .gov website belongs to an official government organization in the United States. However, we cannot be sure what this industry will look like in the coming years. Se aplican trminos. In this section, weve collected all the statistics related to immersive technology, the Internet of Things (IoT), robotics and automation, artificial intelligence, blockchain technology, UAVs & drones, and autonomous logistics. (PwC, 2019), Besides, 12% of the share of technology-driven acquisitions in the travel and logistics market. Over-the-road transportation of cargo is provided by motor vehicles over short and medium distances across the United states. Going by the World Health Organization Statistics, these innovations can help prevent an estimated $100 billion of products from being counterfeited online. During the evolution of U.S. GAAP, both transaction- and industry-specific guidance evolved. Sequentially Revenues for Transportation Sector grew by 0.63 % . As customer expectations evolve and digital transformation takes hold, the logistics industry is confronting an era of unprecedented changes. For instance, FedEx launched new initiatives for providing support to the e-commerce businesses for small and medium businesses during the COVID-19 pandemic. Similarly, CLA Global Limited cannot act as an agent of any member firm and cannot obligate any member firm. Besides, while many businesses know the purpose of fleet management, some are yet to embrace technology in managing their fleet. Jan. 18, 2023 10:43 am ET. In fact, 41% of US consumers have used a shared economy offering of on-demand, expedited, or same-day delivery service. (Redwood Logistics), Interestingly, the annual sale of autonomous trucks is estimated to reach 600,000 units per year by 2035. The transportation industry is under pressure to create new products and services because of changing customer demands. This is a drop compared with the 5.8% growth rate recorded in 2017. A performance obligation is satisfied when (or as) an entity transfers a promised good or service to its customer. Heartland Express Inc elevation, elevation, elevation by the Heartland Express Inc over the April to June 30 2022 time-frame. Express delivery services (EDS) firms also provide the export infrastructure for many exporters, particularly small and medium-sized businesses that cannot afford to operate their own supply chain. The total U.S. industry market size for Rail Transportation: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size. Overview: FedEx, founded in 1973 with the U.S. office based in Memphis, Tennessee, United States and the company has around 500,000 global team members. Evading these pressures and minimizing backlogs have been the real challenge for industry players. Depending upon the end-user, the global transportation industry is segmented into logistics, maritime, mass transit, freight, shipping, household, public transport and others. As a stakeholder in this industry, you need to cherry-pick the most beneficial innovation and implement them to enhance service delivery. (Markets and Markets, 2019), According to ABI Research, Freight as a Service (FaaS) will account for nearly 30% of US total good transportation revenue. As a result, there is no need to panic. Foreign direct investment contributed $1.2 billion to the trucking industry in 2019, and 17,600 workers were employed by foreign-owned businesses in this industry in 2018. (Transport Intelligence, 2019), The global international emissions will be 70% higher by 2020 than they were in 2005. The rising sale of commercial vehicles propels the global transportation industry market during the forecast period. The Minnesota certificate number is 00963. Our take: In most situations, a carrier who utilizes an owner-operator as part of its carrier model will still be considered the principal and will record revenue on the gross basis at amounts charged to the customer. On the other hand, companies with more than 250 employees account for approximately 10%. Also, light & heavy-duty vehicles are divided into buses and trucks, tractors and others. The global Transportation Industry is driven by the rising demand for online shopping through e-commerce platforms due to increasing consumer spending and surge in internet connectivity all over the world. Our take: For recognizing revenue, the new standard requires a carrier to recognize revenue over time as shippers simultaneously receive the benefit of the services over the course of the respective trip. Market Size & Industry Statistics. In fact, the different sectors of the freight industry are growing, albeit rather at widely segmented rates. The global transportation industry market is highly competitive with the presence of several international and local markets. View in full screen Which is the fastest growing region in the Transportation Industry Market? 2014-09; ASC 606) takes effect. In 2017, the company reported revenues of $13.3 billion. The new model does not impact revenue recognition related to insurance contracts, leases, financial instruments, or certain non-monetary exchanges. Updated guidance on revenue recognition standards will soon affect nearly all U.S. nonpublic companies, and you'll need to comply with these provisions in your calendar year 2019. The market is driven by rising online shopping through e-commerce platforms due to increasing consumer spending and a surge in internet connectivity all over the world. Total revenue of the U.S. trucking industry 732.3bn USD Share of freight trucking costs in the U.S. spent on driver wages 34% Share of trucking companies who consider driver-related costs. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance IndexUnited Arab Emirates: 6.36 An entity must determine the transaction price based on the terms of the contract and the entitys customary business practices. Using a reliable fleet management software can be a good start. For example, First vision picking execution by DHL, combined with customer Ricoh increased performance by 25% when using smart glasses in logistics. We deliver, and make sure your endeavour is a success! This is followed by making on-time deliveries (21%), and responding to last-minute changes (16%). A senior FinancesOnline writer on SaaS and B2B topics, James Anthony passion is keeping abreast of the industrys cutting-edge practices (other than writing personal blog posts on why Firefly needs to be renewed). Download CSV Published by Statista Research Department, Jul 15, 2022. For 1998 and later, data includes truck transportation (484) and couriers and messengers (492) based on NAICS (North American Industry Classification System). The race to innovate is in high gear as stakeholders tap into technology to solve the challenges that have long plagued the transportation industry. The most common occupations in the industry are transportation and material moving occupations, which comprised 293,470 employees earning an average annual wage of $45,670 in 2019. FASB provided five steps to achieve this core principle in recording the timing of revenue recognition. Asia-Pacific is also growing at a faster pace for the transportation industry market, owing to rising consumer spending with the surge in international and domestic travelling of people in this region. (GlobeNewswire, 2019), Besides, in 2023, shipments for logistics robots are projected to reach 259,000 units. Embracing the digital transformation will unlock incredible value generation opportunities and help you stand out in the already crowded marketplace. What are Global Macroeconomic Environment Analysis Results? According to the World Trade Organization, the global merchandise trade valued around US$ 19.67 trillion in 2018. it retains its dominance in the fishing industry over other ports in the Canary Islands. The model also addresses concerns of state departments of transportation over giving up some of their declining fuel tax revenues. Implementing fleet management software provides a soft start and can be the launchpad to the adoption of other innovations. This is followed by India (7.39) and the United Arab Emirates (6.36). Instead, its time to devise modern strategies that will uphold your companys position in the competitive arena. And minimizing backlogs have been the real challenge for industry players the fastest region. 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