15 Sample Company LLC Sample Company LLC BUSINESS PLAN Truckload Market Overview Market size The trucking industry refers to road transportation, such as semi-trucks and light trucks, to move goods across overland routes. Most commonly, goods are transported from manufacturing plants to retail distribution centers. Still, other common uses, such as building materials and waste, are in the construction industry. Trucking is responsible for most of the overland freight movement in the United States, with the market being worth 732.3 billion US dollars in 2020. At that time, over 902,000 truck drivers were employed in the US, which is less than the industry requires. Owing to this shortage, driver costs are the most significant challenge faced by the industry. The US trucking industry can be divided into three main sectors: full truckload (FTL), less-than-truckload (LTL), and couriers. Over the five years from 2015 to 2020, the Shipping Services industry has experienced varied trends but has improved overall. Until the onset of COVID-19 in 2020, low unemployment and improving income levels in the United States caused consumer spending to increase, leading to increased demand for shipping services. From 2016 to 2021 the freight transportation services index, a measure of freight trafficking volume grew at an average annualized rate of 2.08% The pie chart shown in figure 3 illustrates the segmentation of the transportation market. As can be seen from the chart, trucking composes the major part of the total transportation market with a share of 64%. Though the other ways of transportation develop rapidly, the transportation by truck is still the most preferable option. The truckload market in the US grew steadily over the last 4 years (figure 4). The overall growth was 2% and CAGR = F i g u r e S E Q F i g u r e Figure 3 The transportation market
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