The United States Short Haul Road Freight Transport Market is projected to register a CAGR of 4.41%
Largest Segment by Destination - Domestic : In the United States, domestic trucking segment is dominant within the destination segment as short-haul road freight transport has been gaining momentum attributable to the e-commerce industry due to changes in consumer behaviors since the COVID-19 pandemic hit the country.
Largest Segment by End User - Wholesale and Retail Trade : The wholesale and retail trade segment garnered the largest share in the United States short-haul road freight transport market as it registered a major production boost with their contribution to GDP in the previous few years.
Fastest Growing Segment by End User - Oil and Gas, Mining and Quarrying : The fastest-growing end-user segment in the United States is oil, gas, mining, and quarrying, supported by increased production in the oil and gas sector as the demand growth has been surpassing the supply growth.
Fastest Growing Segment by Destination - Domestic : The domestic trucking segment is the fastest growing segment attributable to the e-commerce sales over the past two years as furniture, building materials, and electronics cumulatively grew more than 200% since 2019 within the U.S.
Key Market Trends
Wholesale and Retail Trade is the largest segment by End User.
In 2019, the end-user segment of the short-haul road freight transport market experienced a decline of 1.68% YoY in value. The oil and gas, mining, and quarrying segment of the short-haul road freight transport market experienced the highest decline of 12.91% YoY in value in 2019 due to privately held enterprises idling their drilling rigs in the United States, followed by the manufacturing segment of the short-haul road freight transport market with a decline of 2.47% due to decrease in the manufacturing output owing to weaker global demand.
However, despite the impact of COVID-19, the end-user segment of the short-haul road freight transport witnessed a growth of 0.25% YoY in value in 2020. The agriculture, fishing, and forestry segment of the short-haul road freight transport market experienced the highest growth of 1.71% YoY in value, followed by the construction segment with a growth of 1.28% YoY in value. The growth in the agriculture, fishing, and forestry segment was due to increased demand for agricultural products globally, which resulted in increased production and exports of the goods. Whereas the manufacturing segment grew due to an increase in the value of residential construction by 4% in 2020.
During the forecast period, the end-user segment of the short-haul road freight transport market estimated to register a CAGR of 4.41%, with the oil and gas, mining, and quarrying segment is estimated to register the highest CAGR of 8.38%, followed by the agriculture, fishing and forestry segment with a CAGR of over 5%. The oil and gas, mining, and quarrying segment is expected to grow as the US crude oil production is forecast to exceed pre-pandemic levels in 2023 due to a jump in shale output.
The United States Short Haul Road Freight Transport Market is fragmented, with the top five companies occupying 26.70%. The major players in this market are FedEx, Ryder System, Schneider, United Parcel Service (UPS) and XPO Logistics Inc. (sorted alphabetically).
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