LONDON--(BUSINESS WIRE)--Technavio analysts forecast the domestic freight market in the US to grow at a CAGR of close to 4% during the forecast period, according to their latest market research report.
The growing adoption of technology in the logistics industry is one of the major trends being witnessed in the domestic freight market in the US 2018-2022. The automated logistics solutions such as automated trucks, drone delivery, and automated guided vehicles are anticipated to gain traction in the domestic freight market in the US. The rising cost of fuel, maintenance, and labor have been affecting the profitability of trucking players negatively. Many logistics players are investing in automated logistic solutions to sustain in the highly competitive market.
Another major trend that is being witnessed in the market is the increasing focus on green energy solutions. Logistics companies are adopting green energy solutions such as alternative fuel options to power road freight vehicles and electric and autonomous vehicles because of the uncertainty in fuel prices, government regulations, and environmental concerns.
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According to Technavio analysts, one of the key factors contributing to the growth of the domestic freight market in the US is the growing e-commerce market in the US:
Domestic freight market in the US: Growing e-commerce market in the US
The expanding e-commerce industry is anticipated to outpace the conventional retail system during the forecast period. As a result, e-commerce companies will require to achieve a high order fulfillment rate with reduced errors and maximum efficiency. This has led to an increased requirement for efficient delivery systems, inventory management, and freight forwarding.
According to a senior analyst at Technavio for research on transportation and distribution, “Revenue generation in the e-commerce industry mainly depends on the supply side of the supply chain. The demand for logistics services is expected to increase with the expansion of the retail e-commerce market in the US. By 2022, the e-commerce retail sales share will be 16%-17% of the total retail sales in the US.”
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