According to the Select Government Organization, the logistics & transportation industry in the United States reached around US$ 1.6 trillion in 2018 which was valued at 8% GDP in that year. (Mind Aspire Market Research, 2016), The global connected logistics market is expected to reach more than $54 billion by 2022. 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Our take: In most instances, the transaction price will be allocated to transportation services as the carriers single performance obligation. There are over 996,000 for-hire trucking carriers in the U.S. U.S. trucks moved 10.93 billion tons of freight in 2021. If you have questions regarding individual license information, please contact Elizabeth Spencer. According to the International Transportation Clean Transportation Report among top ride-hailing companies including Didi, Uber, Ola, Lyft, Grab provided tens of billions of trips, competed for nearly 50 million trips daily, has several hundred million users around the globe, and have a market valuation of more than US$150 billion. Indonesia (Transport Intelligence, 2019), Trucking volumes are projected to rebound in 2021, increasing by 4.9% next year. 1.4.1 Global Logistics and Transportation Market Size (Revenue) and CAGR Comparison by Region (2017-2029) Also, transportation has continued to cement its place as a competitive force in business and an integral contributor to the global economy. From autonomous driving, advanced robotics, and blockchain technologies to AI, immersive technologies, and machine learning, the technologies are opening infinite possibilities for the transportation industry. (DHL, 2019), 80% of warehouses today are manually operated. Besides, while many businesses know the purpose of fleet management, some are yet to embrace technology in managing their fleet. The Truckload Market Is Worth Over $212 Billion Many might not know how profitable the trucking market really is in 2021, the market share reached over $200 billion. USA.gov|FOIA|Privacy Program|EEO Policy|Disclaimer|Information Quality Guidelines |Accessibility. Factor in the R&D Tax Credit. Our global research team is put into action. The new revenue standard defines a contract as an agreement that has all of the following characteristics: it is between two or more parties; it creates enforceable rights and obligations; and it is in the form of a written agreement, a verbal agreement, or an arrangement implied by the entitys ordinary practices when conducting business. (Transport Intelligence, 2019), On the other hand, North Americas logistics spend accounts for 25.1% of the total global logistics spends. Under the new revenue recognition accounting model, companies will recognize revenue using a single standard that faithfully depicts the transfer of promised goods or services to customers in an amount the entity expects to receive in exchange for those goods or services. FedEx connects people and possibilities through our worldwide portfolio of shipping, transportation, e-commerce and business services. There were also 35,140 workers employed in the installation, maintenance, and repair occupations group, earning an average annual wage of $64,170. (PwC, 2018), The global sales of warehousing and logistics robots will reach $18.58 billion in 2026. Transportation Industry Market Segment Analysis. Updated guidance on revenue recognition standards will soon affect nearly all U.S. nonpublic companies, and youll need to comply with these provisions in your calendar year 2019. (Transport Intelligence, 2019), Also, Europes logistics spend accounts for more than 15% of the total global logistics spend. (Statista, 2020), To enhance supply chain resilience, 53% of business executives plan to have dual sourcing of raw materials, 47% plan to increase the inventory of critical products, while 40% will implement nearshoring and expanding their supplier base. This propels the transportation industry growth. Here are 10 US trucking industry statistics. In fact, recently, freight businesses have been under immense pressure from environmental legislation, constant logistical change, technological disruption, and rising freight costs. It can create around 2.6 million jobs in the United States population for the next five years in the transportation industry. (Transport Intelligence, 2019), Moreover, the latest transportation industry market research shows DHL Express is the largest international express services provider by revenue. (Robotics Business Review, 2019), Because of the societal shift from ownership to asset sharing, inroads into logistics have been made. In 2017, the company reported revenues of $13.3 billion. Actually, logistics includes not only the transportation of goods but also packaging, storage, delivery, handling, and numerous other aspects. (2020). For nonpublic companies, the new revenue standard is effective for annual reporting periods beginning after December 15, 2018. It is an instrumental logistics function that entails moving goods from the warehouse to places where they are demanded. There were 203,280 workers in these occupations in 2019, earning an average annual wage of $43,200. Key Findings: -Transportation Support Services Industry (U.S.) to reach $247,909,557,826 million by 2029 . For instance, our research shows that: The transportation sector faced a 5.6% decline in employment in 2020. Market Size & Industry Statistics. (McKinsey & Company, 2018), Further, digitization and autonomation of delivery vehicles can reduce logistics costs for standard transport by 47% by 2030. However, statistics clearly show that industry players have learned how to overcome these hurdles, hence the growth weve seen. At the end of a reporting period, based on the analysis performed by management to quantify the revenue and cost components of each trip in progress, the timing of revenue recognition is expected to change under the new revenue recognition standard. An entity must use its judgment to determine the amount of consideration to which it is entitled. Analysts expect investment to correlate with sector-specific growth in the U.S. economy. The transfer of a promised good or service to a customer occurs when the customer obtains control of the item. (Reuters, 2017), In fact, as of 2021, there are 873, 144 drones registered in the US. (Trucks.com, 2016), Also, by 2025, more than 30% of new heavy trucks will feature a high-level automation technology. (Cision PR Newswire, 2017), Moreover, IoT and block facilitate a closed-loop that makes counterfeiting attempts in the pharmaceutical industry difficult to accomplish. The California license number is 7083. 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. 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. SelectUSA Logistics and Transportation Industry. Robinson Worldwide, CSX Corp., Con-way, Delta Air Lines, Expeditors International of Washington, FedEx and GATX are the leading market players with significant market share. As customer expectations evolve and digital transformation takes hold, the logistics industry is confronting an era of unprecedented changes. Solely FedEx, the leading freight transportation company, generated over $60 million of revenue in the same year. (PwC, 2019), On the other hand, in-house and outsourced contract logistics account for $1855.2 billion of the global logistics market. 1. (Transport Intelligence, 2019), Besides, the road sector accounts for up to 72% of the total emissions by the EU transport industry. Our system offers a massive amount of vital industry data and market research. This created inconsistencies across entities, resulting in different accounting for similar transactions and different disclosure requirements for an issuers financial statements. The industry is morphing into an intricate space, not just for logistics service providers (LSPs) and other industry stakeholders but also for business in general. The freight industry entails firms that move bulk goods as part of an integrated, multimodal logistics network. CLA (CliftonLarsonAllen LLP) is not an agent of any other member of CLA Global Limited, cannot obligate any other member firm, and is liable only for its own acts or omissions and not those of any other member firm. Explore the impact of foreign direct investment on U.S. jobs, exports, and innovation in the logistics and transportation industry. Industry Share, Growth Factor, Revenue And Trends Outlook Report. (IBISWorld, 2020), Interestingly, in 2018, the container shipping market reported a growth of 4-4.5% in container volume. (IBISWorld, 2020), The annualized growth rate between 2014 and 2019 for the transportation and warehousing market was 1.7%. To remain competitive, businesses should formulate innovative ways to optimize operations and augment the supply chain. From logistics to freight, every sector is facing its unique set of obstacles, that threatens to derail progress. Generally, a lot of things are taking place in the transport industry. Also, light & heavy-duty vehicles are divided into buses and trucks, tractors and others. Text. Firms in these industries offer expedited, time-sensitive, and end-to-end services for documents, small parcels, and high-value items. 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transportation industry revenue