How big is the freight market?
In one word: HUGE!
The United States truckload freight market alone is worth over $212 billion. And that’s just the US. Add in the Canadian market and it’s over $225 billion.
The chart below from Statista shows the trend over the last 4 years. The growth was fairly significant from 2018-2019, but then COVID interrupted that growth trend in 2020. The good news is, the industry rebounded quickly and made up most of the ground it lost in 2021.
All of this means different things to different groups of people.
For all of us at PGT, it means our growth potential is endless. There’s plenty of freight that needs moved which presents many opportunities for us to jump in and save companies money. We won’t go into all that again (you can catch that in our previous blog about how a 3PL can save you money).
More importantly, for our carrier partners, there’s a good chance that no matter where you end up, we will have freight to take you somewhere else. The $200+ billion dollar industry isn’t localized to a few spots- it’s nationwide! With endless freight opportunities, we can build a long-lasting relationship. It does mean, however, that we are going to need new drivers to enter the transportation industry to keep the freight moving. Afterall, there’s no doubt truck drivers are the backbone of the industry- they take on over 70% of the freight!
For our customers, it’s simple. The endless amount of freight just means it is likely you will need someone to help balance it all. Keeping track of every shipment you have going in and out of your facilities is only one piece of the puzzle. Scheduling and rescheduling appointments, tracking and tracing drivers, handling unforeseeable problems, and everything in between should be left in the hands of someone that specializes in those tasks. That someone? PREMIER GLOBAL TRANSPORTATION!