By region, the global transportation industry market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. As a result, they are well-known sources of air pollution in the form of particulate matter and gas emissions. This massive increase in daily trips has boosted the E-hailing segment. 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. (McKinsey & Company, 2018), Moreover, the distribution of mobile searches amongst the logistics sectors in 2017 was as follows. (PwC, 2019), The transportation and warehousing market size in the US in 2019 will be $1.3 trillion. Source: Dassault Systmes. (McKinsey & Company, 2018), Surprisingly, only 6% of the largest freight forwarders and ocean carriers offer end-to-end online booking capabilities. View in full screen Under the old revenue recognition guidance, carriers typically recorded revenue at the time when a delivery was completed at a destination location. BlueDart, Danzas, Exel, DHL, Aramex, Northrup Grumman, Wallenius Wilhelmsen Logistics, Alaska Air Group, C.H. 1. 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). (Rocket Industrial, 2020), On average, the cost to replace damaged products can be up to 17 times the original cost to ship. In this section, weve collected all the statistics related to immersive technology, the Internet of Things (IoT), robotics and automation, artificial intelligence, blockchain technology, UAVs & drones, and autonomous logistics. For instance, on 10th April 2018 Ryder System Inc. completed the acquisition of MXD Group for US$120 Million. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance IndexMalaysia: 6.07 (Transport Intelligence, 2019), Trucking volumes are projected to rebound in 2021, increasing by 4.9% next year. (IBISWorld, 2020), The annualized growth rate between 2014 and 2019 for the transportation and warehousing market was 1.7%. Truck transportation revenue estimates in the U.S. 2018, by type. Aerial delivery is second at (25%), followed by aerial inspection of infrastructure (25%), and aerial surveillance and security (13%). (SupplyChain247, 2018), Besides, by harnessing autonomous technology, the freight industry could save up to $168 billion per year. The Company has integrated business applications through collaboratively managed operating companies with collectively delivering extraordinary service to the expertise and reliability. (Transport Intelligence, 2019), Besides, the global parcels market is worth $349.89 billion, which nearly 6% of the global logistics market. Being a highly fragmented industry, the freight sector in the US has experienced multiple upheavals. Evading these pressures and minimizing backlogs have been the real challenge for industry players. The transfer of a promised good or service to a customer occurs when the customer obtains control of the item. Our take: In most situations, a carrier who utilizes an owner-operator as part of its carrier model will still be considered the principal and will record revenue on the gross basis at amounts charged to the customer. The assumptions built into the model respond to the four trucking industry concerns. Recent EDS industry growth has been generated by the expansion of electronic commerce use by businesses and consumers. Jan. 18, 2023 10:43 am ET. SelectUSA has created several dashboards to help analyze key FDI data from a variety of sources. This propels the transportation industry with growing population demand in this region. High volumes of heavy cargo and products are transported long distances throughout the United States via rail network. Solely FedEx, the leading freight transportation company, generated over $60 million of revenue in the same year. According to the Consumers International Organization, in 2016, global e-commerce sales were estimated to be around US$ 1.9 trillion and have been expected to grow up to US$ 4.06 trillion by 2020. Going by the World Health Organization Statistics, these innovations can help prevent an estimated $100 billion of products from being counterfeited online. (Marsh), Also, US commercial drone use will expand tenfold by 2021. Further, the transportation industry is adopting advanced technology like intelligent transportation systems to curb the cost of transportation, improve traffic management, minimize environmental impact, process and share information to ease congestion, and increase the benefits of transportation to commercial users and the public in general. "CliftonLarsonAllen" and "CLA" refer to CliftonLarsonAllen LLP. An entity must use its judgment to determine the amount of consideration to which it is entitled. (IBISWorld, 2020), Interestingly, in 2018, the container shipping market reported a growth of 4-4.5% in container volume. What Is Economic Impact On Animal Transportation Industry? Topic 606 is effective for public companies for periods beginning after Dec. 15, 2017 and for non-public companies for periods beginning after Dec. 15, 2018. To serve customers efficiently, multinational and domestic firms provide tailored logistics and transportation solutions to ensure coordinated goods movement from origin to end user through each supply chain network segment. Sequentially, Transportation Sector Net income advanced by 1.55 % from previous quarter. Our system offers a massive amount of vital industry data and market research. (Transport Intelligence, 2019), The global logistics market is expected to grow at a CAGR of 3.48% from 2016 to 2022. There were also 35,140 workers employed in the installation, maintenance, and repair occupations group, earning an average annual wage of $64,170. Request information and data tailored to your business needs. (FAA, 2021), The global commercial drone market is expected to reach $8,527.4 million by 2027. Whether you are an LSP or are looking to hire one, these stats will help you overcome the industry challenges. (Amazon, 2019), Robotic Process Automation can increase the automation level to nearly 100% in customer invoicing and transport planning. Sequentially Revenues for Transportation Sector grew by 0.63 % . (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%). Published by Statista Research Department, Jul 15, 2022. U.S. nonpublic entities issuing calendar year-end financial statements must implement the new revenue standard in 2019. 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. Between 2019-2020, the market size of the U.S. transportation industry decreased by 18.3% (from $1.42 trillion to $1.16 trillion ). There were 14,359 establishments in the couriers and messengers industry in 2017, and the latest employment figures estimate that over 1 million workers were employed in the industry by the end of 2020. This propels the transportation industry for transporting goods around the globe. (DHL, 2019), More recently, it was discovered augmented reality also has a hand in logistics planning, process fulfillment, and transportation. Generally, a lot of things are taking place in the transport industry. (McKinsey & Company, 2018), Interestingly, an analysis of large ocean carriers websites revealed that more than 50% took 13 seconds to load, whereas 20% took more than 20 seconds to load. According to the International Organization of Motor Vehicle Manufacturers, the automotive industry is the 6th largest economy in the world approaching to US$ 2.3 trillion mark among only the top 26 countries including the United States, Belgium, UK, Thailand Canada, Brazil, Sweden, Slovenia and many more. (Trucks.com, 2016), Also, by 2025, more than 30% of new heavy trucks will feature a high-level automation technology. There are 4.06 million semi-trucks operating in the U.S. as of 2021. Transport and logistics are often aggregated in one industry. (Logistics Management, 2019), By 2022, the IoT in the logistics market will reach $1,050.95 billion. A Comprehensive Guide, 20 Best Accounting Software for Manufacturing & Wholesale Business, What is Employee Monitoring Software? (IBISWorld, 2020), However, the COVID-19 pandemic had a severe impact on the global freight forwarding market. (Transport Intelligence, 2019), Moreover, the latest transportation industry market research shows DHL Express is the largest international express services provider by revenue. (Statista, 2020), The rail transportation industry in the US accounts for total revenue of $80 billion. [citation needed] Despite experiencing some decline in recent years, [when?] Further based on aircraft, the global transportation industry is divided into lighter-than-air aircraft (Aerostat), heavier-than-air aircraft (Aerodyne), aeroplane, amphibian, landplane, seaplane, rotary-wing aircraft unmanned aerial vehicle (UAV) and others. In fact, the different sectors of the freight industry are growing, albeit rather at widely segmented rates. 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. There were 16,901 establishments in this industry in 2017, and the latest employment figures estimated that there were almost 1.3 million workers in this industry by the end of 2020. Also, light & heavy-duty vehicles are divided into buses and trucks, tractors and others. It is poised to reach $1,191.8 billion by 2023. Because of this, its becoming increasingly important to gain an in-depth understanding of the transportation industry statistics and data. There were 203,280 workers in these occupations in 2019, earning an average annual wage of $43,200. 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. (McKinsey & Company, 2016), The drone logistics and transportation market is expected to grow from $11.2 billion in 2022 to $29.6 billion in 2027. to the 6th largest economy in the world. Rising demand for the E-hailing segment with the surge in the utilization of mobile-based applications is expected to hold the largest market share over the forecast period (2020-2027). (DHL, 2019), 80% of warehouses today are manually operated. This propels the transportation industry growth. The top occupations within this occupation group arematerial moving workers (333,900 employees earning an average annual wage of $29,920 in 2019) and motor vehicle operators (285,370 workers earning an average annual wage of $51,830). The California license number is 7083. Here are some transportation industry statistics related to environmental issues. Therefore, data from 1998 onward are not directly comparable with data prior to 1998. b Sources of revenue applied to operating expenses. Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance Index Download CSV (Robotics Business Review, 2019), Because of the societal shift from ownership to asset sharing, inroads into logistics have been made. 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. As of 2017, there were 126,986 establishments in the trucking industry, and the latest employment figures estimate that almost 1.5 million workers were employed in the industry by the end of 2020. Ships, locomotives, trucks, and aircraft, are the principal consumers of the worlds energy. For long, air freight has been a slow burner, but recently, the growth of this sector is gathering pace. Transportation Sector. According to the International Organization of Motor Vehicle Manufacturers, the light commercial vehicle sale increased to 20223655 numbers of units around the globe. Fortunately, the modern breakthroughs in technologies like machine learning, AI, autonomous trucking, AR, AUVs, and drones, point to a bright future. (Transport Intelligence, 2019), The top three biggest challenges to logistics providers in last-mile delivery were reducing logistics costs (35%). Custom information and insights delivered straight to your inbox. For 1998 and later, data includes truck transportation (484) and couriers and messengers (492) based on NAICS (North American Industry Classification System). North America region holds the largest market share global Transportation Industry market. 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. Updated guidance on revenue recognition standards will soon affect nearly all U.S. nonpublic companies. Stay on topic. T eliges cundo quieres repartir. We are able to keep our service free of charge thanks to cooperation with some of the vendors, who are willing to pay us for traffic and sales opportunities provided by our website. For a calendar year nonpublic company, with the effective date required to adopt the guidance, an adjustment will be required to be made on January 1, 2019 to record the effect of adopting the new standard. 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