One of the most important aspects of running a large scale corporation, like a pharmaceutical company, for instance, is understanding shipping logistics. Surely this will sound like boring number crunching to most people but again, it is essential for having success for many of the large corporations in the United States. Pharmaceuticals transportation and pharmaceutical logistics help get the right drugs to people who need them for their vitality.
Even though it may simple on the surface, understanding the logistics that are included in shipping can be quite complicated. Working with aerospace logistics, expedited freight services, and pharma logistics is not easy. This is why there are exports that work specifically with LTL shipping services. Here are all of the facts on LTL shipping services and why it matters.
In the year of 2015, the United States logistics and transportation industry managed to have their spending amount reach nearly $1.5 billion, which represents 8% of all annual gross domestic production. In the year of 2013, LTL shipping services helped move just about 15 billion tons of cargo items. The Bureau of Labor Statistics has reported and projected that by the year 2040, this number will jump to 19 billion tons.
Right now, the LTL market is estimated to be worth just about $35 billion according to experts who study and collect this data. According to Satish Jindel, president of SJ Consulting Group, length of haul has declined. Public truckload carriers report that the average length of haul has decreased 4% between 2011 and 2016. Across the globe, just about 12 million rail cars, locomotives, vessels, and trucks help move items across the world.
LTL stands for less-than-truckload and deals specifically with smaller cargo items that are shipped together by LTL shipping services. The value of freight that is currently moved through these forms of transportation is expected to increase from just about $882 per ton to almost $1,400 by the time that we reach 2040. So there is no question that people should expect for the value of the LTL shipping services to increase as well.
Across the United States, there are just about 6 million people who drive and operate commercial vehicles, according to the Federal Motor Carrier Safety Administration. More often than not, these people are moving some type of product or equipment for a company. Right now, the United States freight transportation industry moves three incredibly valuable commodities that include machinery, electronics, and motorized vehicles.
In Conclusion
There is no doubt that the future of shipments lies within the industry of LTL shipping services. This specific line of transportation is incredibly reliable and is also very efficient for businesses to utilize. It helps to minimize the potential damage done to products and is also relatively inexpensive in terms of transportation costs.
