You can have a look at our list of fleet management companies in the US to explore the solutions they provide. (Statista, 2020), On the other hand, the top three challenges faced by providers of third-party logistics services worldwide in 2020 were finding/retaining customers (67%), supply chain disruption (63%), and technology investments (60%). A Comprehensive Guide, 20 Best Accounting Software for Manufacturing & Wholesale Business, What is Employee Monitoring Software? For example, First vision picking execution by DHL, combined with customer Ricoh increased performance by 25% when using smart glasses in logistics. This is a drop compared with the 5.8% growth rate recorded in 2017. Revenue growth total ranking has declined compared to a quarter before from to 20. Transportation Industry Market is segmented By Types and Service (Roadways Transportation, Airways Transportation, Waterways Transportation, Transit and Ground Passenger Transportation (Ride Sharing, E-Hailing, Rental, Others), Railways Transportation, Services (Warehousing and Storage, Smart Ticketing, Parking Management, Traffic Management, Passenger Information, Freight Information, Vehicle Telematics, Others), Others), By Vehicle Type (Conventional Transportation, Smart Transportation . As a result, they are well-known sources of air pollution in the form of particulate matter and gas emissions. China The most common occupations in the warehousing and storage industry are laborers and freight, stock, and material movers, by hand (301,210 workers earning an average annual wage of $33,620 in 2019); industrial truck and tractor operators (195,860 workers earning an average annual wage of $37,800 the same year);and stockers and order filers (178,2170 workers earning an average annual wage of $34,510 that same year). As it stands, its difficult to accurately tell the direction the future of this industry will take. Foreign direct investment contributed $12.3 billion to the logistics services industry in 2019, and foreign-owned businesses employed 71,200 workers in the industry in 2018 (almost 10 percent of total employment in the industry for that year). Transportation Industry Market is expected to grow at aCAGR of 5.8%during the forecasting period 2022-2029. (Capgemini Research Institute, 2019), The Blockchain in Transport Alliance (BiTA), which was founded in 2017, has nearly 500 members in more than 25 countries in the world. Key Development: On 25th Sept 2020, FedEx has launched a lightweight, sensor-based logistics device called SenseAware ID which enables the highly precise tracking of shipments. U.S. nonpublic entities issuing calendar year-end financial statements must implement the new revenue standard in 2019. [citation needed] Despite experiencing some decline in recent years, [when?] (ZenRobotics, 2018), Also, by using H; an AI version of Kaizen, Hitachi increased productivity by 8% compared to other warehouses without AI. The global Transportation Industry is driven by the rising demand for online shopping through e-commerce platforms due to increasing consumer spending and surge in internet connectivity all over the world. The warehousing and storage industry includes storage and security for general merchandise, refrigerated goods, and farm products. (DHL, 2019), 80% of warehouses today are manually operated. There have been a number of emerging digital trends like the use of unmanned aerial vehicles (UAVs), autonomous trucks, artificial intelligence (AI), and augmented reality (AR). After just 6 months of launch, the robots had traveled over 1.5 million miles. Solely FedEx, the leading freight transportation company, generated over $60 million of revenue in the same year. The robot leverages advanced AIpowered algorithms to sort recyclable items on the conveyor belt at the rate of 4,000 times per hour. The most common occupations in the maritime transportation industry are transportation and material moving occupations. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance IndexIndonesia: 6.14 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. Cox Automotive's 10 predictions for the U.S. auto . Find job postings in CA, NY, NYC, NJ, TX, FL, MI, OH, IL, PA, GA, MA, WA, UT, CO, AZ, SF Bay Area, LA County, USA, Europe / abroad. Within Transportation sector only one Industry has accomplished higher Revenue growth. With the use of AR at the distribution center, the search process could be significantly accelerated, and so is parcel loading and dropoff. Prior to 1984 excludes commuter rail, automated guideway, urban boat, demand responsive, and most rural and smaller systems. BlueDart, Danzas, Exel, DHL, Aramex, Northrup Grumman, Wallenius Wilhelmsen Logistics, Alaska Air Group, C.H. This created inconsistencies across entities, resulting in different accounting for similar transactions and different disclosure requirements for an issuers financial statements. (SSI Schfer, 2018), Besides, using machine learning has enabled Danone to reduce forecast errors by 20% and reduce lost sales by 30%. Learn how it works in our, Wialon is a multifunctional fleet management system that is also used for mobile and stationary assets tracking. Browse this state incentives database developed by the Council for Community and Economic Research (C2ER). A comprehensive list of associations in the logistics and transportation industry. Here are some interesting freight transportation industry statistics you should know. (Deloitte, 2018), Interestingly, 69% of companies say cost reduction is the major driver of moving IoT initiatives forward. A performance obligation is satisfied when (or as) an entity transfers a promised good or service to its customer. Similarly, aviation, aviation, aerospace, logistics, maritime, mass transit, freight, shipping and rail & road transport segments are also growing at the fastest speed with rising demand for transportation worldwide. The rising sale of commercial vehicles propels the global transportation industry market during the forecast period. . For instance, on 10th April 2018 Ryder System Inc. completed the acquisition of MXD Group for US$120 Million. These past findings can still provide you with insights in the context of these years developments: {"title":"U.S. Commerical UAV Market Volume (in 1,000 units)","subtitle":"","source":"Source: Statista","type":"bar","display":[],"y_units":"float","gxl":"","gyl":"","lyl":"","data":[{"x":"600","xl":"2016","y":"600","yl":"","color":"auto"},{"x":"2700","xl":"2020","y":"2700","yl":"","color":"auto"}]} The standard has broad implications and may affect many parts of your organization: financial statements, business processes, taxes, and internal controls over financial reporting. The following is a list of the most relevant issues for the transportation and logistics industry as it relates to the new revenue recognition standard. Further, depending on the services, the global transportation market is divided into warehousing and storage, smart ticketing, parking management, traffic management, passenger information, freight information, vehicle telematics and others. Market Size & Industry Statistics. 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. The widespread digitization of the transport and logistics industry, in general, has had a compelling impact on the freight industry. This subsector includes carriers, seaports, terminals, and labor involved in the movement of cargo and passengers by water. (Transport Intelligence, 2019). Depending upon the end-user, the global transportation industry is segmented into logistics, maritime, mass transit, freight, shipping, household, public transport and others. (Amcor, 2020), Interestingly, in 2020, US consumers returned merchandise that was worth $428 billion. No spam. Our, Fleetsmith is a comprehensive mobile device management (MDM) system designed to automate tasks and processes for iOS and Mac devices. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. View in full screen According to the Federal Aviation Administration (FAA) Analysis report in 2017, general aviation in the United States has been generated USD 39 Billion in revenue for the economy and has been employed over 7.6 million people. Phone: 800-853-1351. There are about 900,000 employed truck drivers in the U.S. as of 2020. (McKinsey & Company, 2018), Surprisingly, only 6% of the largest freight forwarders and ocean carriers offer end-to-end online booking capabilities. HTLD showed respectable elevation in the most recent fiscal period, where earnings per share truly advanced by 273.08 % year on year to $0.97 per share and Revenue increased by 21.86 % to $ 187.82 millions. In the basis of conclusion in the standard, the FASB noted freight revenue should theoretically be recognized over the period of time the shipments are provided for customers shippers receive the benefits of goods being moved from origin to the destination versus at the point in time at delivery. With reviews and analyses spanning a breadth of topics from software to learning models, James is one of FinancesOnlines most creative resources on and off the office. (DHL, 2019), The percentage of empty or deadhead miles increased in 2019 to 20.1% from 16.6% of total miles in 2018. (Amazon, 2019), Overall, Amazon has deployed more than 100,000 robots in over 25 fulfillment centers across the United States. The market also consists of warehousing and storage services for operations like merchandise, refrigerated goods, and other materials. Further, transit and ground passenger has the highest market share owing to the rising trend of tours and travelling around the globe which impels the transit & ground passenger segment. SelectUSA Logistics and Transportation Industry. (GPS World, 2018), Amazon Prime Air delivers packages less than 5 pounds in 30 minutes or less using small drones. Transportation Industry Market Segment Analysis. All B2B Directory Rights Reserved. (Transport Intelligence, 2019), The global international emissions will be 70% higher by 2020 than they were in 2005. Our take: For recognizing revenue, the new standard requires a carrier to recognize revenue over time as shippers simultaneously receive the benefit of the services over the course of the respective trip. Similarly, CLA Global Limited cannot act as an agent of any member firm and cannot obligate any member firm. (Robotics Industries Association, n.d.), In 2018, Cainiao; which is 51% owned by Alibaba, opened an automated warehouse with 700 robots working in it. As such, there is not a significant financing component to be accounted for as it relates to these revenue transactions. Quarter 2022 Net income improved by 12.26 % year on year. It estimates the net present value (NPV) of fuel tax rebates over 30 years to be less than 7% of the NPV of toll revenues. An entity must use its judgment to determine the amount of consideration to which it is entitled. Information, Communication And Technology, Home > industry-verticals > automotive-and-transportation > others > Transportation Industry Market, SKU: DMAUTR2737 | Last Updated On: Oct 04 2022 | Available Formats, SKU: DMAUTR2737 | Published On: Oct 04 2022 | Available Formats. Our statistics compilation has taken you through some of the key areas of the transportation industry. (FAA, 2021), The global commercial drone market is expected to reach $8,527.4 million by 2027. (Transport Intelligence, 2019), Interestingly, despite being the catchwords, buses and trucks emit 25% of carbon dioxide emissions from road transport. The app brought together 500,000 numbers of trucks and 20,000 tractors on the mobile platform for transporting agriculture products from farm gate to markets in India. The race to innovate is in high gear as stakeholders tap into technology to solve the challenges that have long plagued the transportation industry. Related transportation and delivery expenses directly associated with the shipments are recorded once the revenue is recognized. Implementing fleet management software provides a soft start and can be the launchpad to the adoption of other innovations. As customer expectations evolve and digital transformation takes hold, the logistics industry is confronting an era of unprecedented changes. (Winnesota), Interestingly, the American Trucking Associations estimates that by 2026, driver shortage will be 174, 000. The ongoing evolution in areas like machine learning, artificial intelligence, and immersive technologies has led the innovations in multiple aspects of transportation. EU Office: Grojecka 70/13 Warsaw, 02-359 Poland, US Office: 120 St James Ave Floor 6, Boston, MA 02116. Revenue: $875.5 billion in gross freight revenues (primary shipments only) from trucking, representing 80.8% of the nation's freight bill in 2021. Every 7 out of 10 customers request tailored reports. The transportation sector consists of several industries including air freight, logistics, marines, airlines, road & rail, and transportation infrastructure. (2020). Lately, the fast pace of technological innovation, volatile economic times, and the disruption of the COVID-19 pandemic have made it difficult for businesses in the transport and logistics industry to thrive. Transportation Industry Statistics and Market Size Overview, Business and Industry Statistics What you are seeing is just a brief peek at a portion of this statistical table. Actually, logistics includes not only the transportation of goods but also packaging, storage, delivery, handling, and numerous other aspects. in the 4. Going by the World Health Organization Statistics, these innovations can help prevent an estimated $100 billion of products from being counterfeited online. Learn how this will impact the transportation and logistics industry. These include airlines, railroads, shipping, trucking, logistics firms, and which provide transportation infrastructure. Of the 43,380 workers employed in this occupation group in 2019, the most common occupations werecaptains, mates, and pilots of water vessels (15,670 workers earning an average annual wage of $84,320); and sailors and marine oilers (12,750 workers earning an average annual wage of $43,830). (Statista, 2020), Also, to note, venture capitalist investment in global logistics companies was $4 billion in 2017. CLA Global Limited does not practice accountancy or provide any services to clients. (Statista, 2020), NexTraq is a GPS fleet management solution that can be used by companies with fleets ranging from 2 to more than 2,000 vehicles. (2 minutes) Fourth-quarter profit at trucking and logistics giant J.B. Hunt Transport Services Inc. fell 17% and revenue growth fell short of . Heartland Express Inc elevation, elevation, elevation by the Heartland Express Inc over the April to June 30 2022 time-frame. Bureau of Transportation Statistics (BTS) 1200 New Jersey Avenue, SE. All rights reserved. Learn how this will impact the transportation and logistics industry. American Transportation Research Institute. (Transport Intelligence, 2019), Besides, freight companies in Europe with less than 50 workers account for nearly two-thirds of the total European road freight market revenues. Tonnage: 10.93 billion tons of freight (primary shipments only) transported by trucks in 2021, representing 72.2% of total domestic tonnage shipped. Explore the impact of foreign direct investment on U.S. jobs, exports, and innovation in the logistics and transportation industry. (Trucks.com, 2016), Also, by 2025, more than 30% of new heavy trucks will feature a high-level automation technology. Therefore, data from 1998 onward are not directly comparable with data prior to 1998. b Sources of revenue applied to operating expenses. Custom information and insights delivered straight to your inbox. (DHL, 2019), More recently, it was discovered augmented reality also has a hand in logistics planning, process fulfillment, and transportation. Chart context menu Depending on the transportation type, the global transportation industry market is divided into conventional transportation, smart transportation, on-demand transportation and others. A senior FinancesOnline writer on SaaS and B2B topics, James Anthony passion is keeping abreast of the industrys cutting-edge practices (other than writing personal blog posts on why Firefly needs to be renewed). This revenue recognition methodology will change with the adoption of Financial Accounting Standards Board (FASB) Accounting Standards Update (ASU) No. Malaysia Analysts expect investment to correlate with sector-specific growth in the U.S. economy. In spite of the numerous changes, the global freight volume continues to expand. According to theCouncil of Supply Chain Management Professionals,United States business logistics costs reached $1.6 trillion in 2019 (almost 8 percent of GDP that year). Post transportation jobs for free; apply online for Supply Chain . The California license number is 7083. We talk about its key features in our, GPS-Server is a user-friendly GPS tracker that can monitor thousands of commodities in transit in real-time. Ships, locomotives, trucks, and aircraft, are the principal consumers of the worlds energy. 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. Posicin: Quieres aumentar tus ganancias? As of 2020, 14.3 million Americans work in the transportation & warehousing industry. Key Findings: -Transportation Support Services Industry (U.S.) to reach $247,909,557,826 million by 2029 . (United Nations Conference on Trade and Development, 2020), Interestingly, ground transportation industry statistics, road freight the dominant segment, controlling nearly one-third of the total global logistics spend ($1972.9 billion). Regulations. Whether you are an LSP or are looking to hire one, these stats will help you overcome the industry challenges. Under the old revenue recognition guidance, carriers typically recorded revenue at the time when a delivery was completed at a destination location. The entire trip and related revenue is typically accounted for as only one performance obligation under the new revenue recognition model. By Types and Service,By Vehicle Type, and By Region. CliftonLarsonAllen is a Minnesota LLP, with more than 120 locations across the United States. (Accenture, 2017), Most importantly, the global Robotic Process Automation (RPA) market will reach $1.2 billion by 2021. In the digitized, customer-centric society, the transport and logistics industry is under enormous pressure to deliver excellent customer services. In January 2018, the new revenue recognition standard (Update No. Request information and data tailored to your business needs. This massive increase in the global e-commerce sale creates the demand for vehicles for transferring goods. To expedite the adoption, businesses need to come up with strategic and adaptive frameworks. A customer has control of an item if the customer is able to both (1) direct the use of the item, and (2) obtain basically all of the remaining benefits, such as potential cash flows, from the item. Of which, 382,404 are for commercial use. The most common occupations in the trucking industry are transportation and material moving occupations. (Transport Intelligence, 2019), UPS came second with a revenue of $9.81 billion, followed by FedEx with $7.09 billion. (PwC, 2019), Also, the global Intelligent Transport System (ITS) market in roadways will reach more than $72.3 billion by 2022. Americas highly integrated supply chain network links producers and consumers through multiple transportation modes, including air and express delivery services, freight rail, maritime transport, and truck transport. Be nice. Alt Phone: 202-366-3282. Business Hours: 8:30am-5:00pm ET, M-F. (DHL, 2019), The commercial UAV market in the U.S. had an estimated volume of 2.7 million units in 2020, compared to 600,000 million units in 2016. Resulting in different Accounting for similar transactions and different disclosure requirements for an issuers financial statements must implement the revenue... Long plagued the transportation and logistics industry is confronting an era of changes... Includes not only the transportation industry statistics you should know ships,,! Accounting for similar transactions and different disclosure requirements for an issuers financial must. Drivers in the same year 6 months of launch, the transport and logistics industry, in general has! 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In general, has had a compelling impact on the freight industry a speech disability, dial... Limited transportation industry revenue not obligate any member firm well-known sources of revenue in the movement cargo! Time when a delivery was completed at a destination location an agent any..., businesses need to come up with strategic and adaptive frameworks Economic Research ( C2ER ) 2022 income... Not obligate any member firm and can be the transportation industry revenue to the adoption, need... Cargo and passengers by water % year on year creates the demand for vehicles transferring... Learning, artificial Intelligence, 2019 ), Overall, Amazon has deployed than! Commuter rail, automated guideway, urban boat, demand responsive, and transportation industry global transportation industry,..., C.H revenue transactions shipping, trucking, logistics, marines, airlines, railroads,,..., Amazon has deployed more than 120 locations across the United States ). Statistics compilation has taken you through some of the transportation industry takes hold the... Learn how it works in our, Fleetsmith is a multifunctional fleet management Software provides a soft and., 2018 ), Amazon has deployed more than 100,000 robots in over 25 fulfillment centers across United. ( ASU ) No global logistics companies was $ 4 billion in 2017 Amazon air! To expedite the adoption of financial Accounting Standards Update ( ASU ) No start and can obligate... The entire trip and related revenue is recognized whether you are an LSP or are looking to hire,... The principal consumers of the numerous changes, the global international emissions be. Of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay.... Once the revenue is recognized will take, transportation industry revenue, trucks, and which provide infrastructure... Research ( C2ER ) Accounting Software for Manufacturing & Wholesale Business, What is Monitoring... It relates to these revenue transactions related revenue is recognized to explore the impact of foreign direct on. Minutes or less using small drones the maritime transportation industry market is expected to grow aCAGR! Key areas of the numerous changes, the global commercial drone market is expected to reach $ 247,909,557,826 by! ( FAA, 2021 ), Amazon has deployed more than 100,000 robots in over 25 fulfillment across. From being counterfeited online, in 2020, US Office: 120 St James Ave Floor 6, Boston MA... Custom information and insights delivered straight to your inbox industry includes storage and security for general merchandise, refrigerated,... Commuter rail, and labor involved in the maritime transportation industry statistics you know! Must use its judgment to determine the amount of transportation industry revenue to which it is entitled items on the conveyor at! Compilation has taken you through some of the key areas of the transportation sector only one industry has higher! Overcome the industry challenges, terminals, and numerous other aspects labor involved in trucking. Directly associated with the 5.8 % growth rate recorded in 2017 a look at our list of fleet Software... 2021 ), Interestingly, the global transportation industry, handling, and which transportation. Exports, and labor involved in the form of particulate matter and gas.! Vehicle Type, and transportation industry, Northrup Grumman, Wallenius Wilhelmsen logistics, Alaska air,. Not obligate any member firm, 2018 ), Interestingly, the transport and logistics.... Logistics firms, and which provide transportation infrastructure of launch, the global emissions! $ 4 billion in 2017 14.3 million Americans work in the U.S. economy 25 fulfillment across... Common occupations in the U.S. as of 2020 robot leverages advanced AIpowered algorithms to recyclable! Freight volume continues to expand the acquisition of MXD Group for US $ 120 million these will... Actually, logistics includes not only the transportation & amp ; warehousing industry an financial... # x27 ; s 10 predictions for the U.S. as of 2020, difficult... Old revenue recognition methodology will change with the 5.8 % during the forecasting 2022-2029! Analysts expect investment to correlate with sector-specific growth in the same year, refrigerated goods, and which transportation... Warehousing industry a soft start and can transportation industry revenue the launchpad to the adoption of other innovations, they well-known..., Wialon is a drop compared with the shipments are recorded once the revenue is typically accounted as... Stationary assets tracking iOS and Mac devices excellent customer services in 2017 this created inconsistencies entities... This massive increase in the trucking industry are transportation and material moving occupations is...