LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the full truckload transportation market in North America is expected to grow at a CAGR of more than 5% during the forecast period.
This research report titled ‘Full Truckload Transportation Market in North America 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the full truckload transportation market in North America into the following type of products:
- Food and beverage products
- Agricultural products
- Other products
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The top three types of products segments are discussed below:
Food and beverage products
The full truckload transportation market in North America by food and beverage products is expected to grow slowly but consistently during the forecast period. The growth rate of packaged food and beverage market in North America is expected to have a positive value during the forecast period. As a result, the consumption of packaged food and beverage products is expected to increase significantly. This will further increase the need for full truckload transportation in the food and beverage sector.
According to Sharan Raj, a lead analyst at Technavio for transportation and distribution research, “The packaged food and beverage market in North America witnessed a growth of more than 3% in 2016 when compared to 2015. This growth increased the spending on food and beverage products. As a result, freight activities are rapidly increasing in the food and beverage sector.”
Agricultural products such as crops, fertilizers, and seeds, are transferred through road freight. The production of cereals had decreased in 2015 because of unfavorable climatic conditions. In 2016, out of all cereals, wheat accounted for the highest share of 45%-50% in North America whereas barley and maize constituted around 40% of the market share in the region.
“In 2016, countries such as Canada, the US, and Mexico, produced more than 50% of the cereals processed in North America. The demand for freight operations will be more from these countries during the forecast period because these countries produce a major portion of the cereals. The cereals produced must be transported to different places, within or outside the nation,” says Sharan.
The mining industry faces logistics challenges when it comes down to moving silver, copper, iron, or other mined products from remote mining sites. They also face the challenge when dealing with the transportation of heavy mining equipment to and from remote sites, which increases the expense and complications. Full truckload transportation can be a solution for the same.
Full truckload transportation within the mining industry normally involves managing shipping by road that is less expensive. Full truckload transportation is often required to move mining equipment on and offsite, as well as to ship the mined products out to customers from remote destinations.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- J.B. Hunt Transport Services
- Knight-Swift Transportation
- Schneider National
- YRC Worldwide
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