Using a reliable fleet management software can be a good start. (Deloitte, 2018), Interestingly, 69% of companies say cost reduction is the major driver of moving IoT initiatives forward. Besides, ecommerce sellers with high-velocity delivery needs can combine fleet management solutions with platforms such as Rakuten Super Logistics to streamline e-commerce delivery. Actually, logistics includes not only the transportation of goods but also packaging, storage, delivery, handling, and numerous other aspects. There were 45,946 establishments in the logistics services industry as of 2017, and the latest employment figures estimate 693,800 workers in the industry. This may account for the 25% to 50% average online shipping returns. This subsector includes inbound and outbound transportation management, fleet management, warehousing, materials handling, order fulfillment, logistics network design, inventory management, supply and demand planning, third-party logistics management, and other support services. Our take: For a carrier, the transaction price will likely include mileage revenue, fuel surcharge, and the accumulation of accessorial fees. 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. It is essential to know the different revenue models present in the industry because they vary according to business size, legal structure, and . Further, an increase in the demand for transportation facilities with the surge in the global merchandise trade businesses propels the transportation industry growth. U.S. nonpublic entities issuing calendar year-end financial statements must implement the new revenue standard in 2019. The guidance provides two alternative transition methods that you may elect to adopt: Our take: In determining which method to elect, consider not only which method is easier to apply, but also what the expectations are of the investor community. (Amazon, 2019), Overall, Amazon has deployed more than 100,000 robots in over 25 fulfillment centers across the United States. Learn how this will impact the transportation and logistics industry. By region, the global transportation industry market is segmented into North America, South America, Europe, Asia-Pacific, Middle-East, and Africa. (Transport Intelligence, 2019), The global logistics market is expected to grow at a CAGR of 3.48% from 2016 to 2022. (Mind Aspire Market Research, 2016), The global connected logistics market is expected to reach more than $54 billion by 2022. (Statista, 2021), Also, to note, 40% of the mileage driven in Europe could be covered by autonomous vehicles in 2030. The rising adoption of automated systems for the transportation industry is expected to drive the market growth. American Transportation Research Institute. Download XLS The North Carolina certificate number is 26858. In January 2018, the new revenue recognition standard (Update No. In 2019, the industry's total revenue reached $791.7 billion. As the industry confronts these changes, both risks and opportunities will emerge, thats for sure. There were 179,270 workers employed in this occupation group in the trucking industry in 2019, and they earned an average annual wage of $41,570. APDF readeris available from Adobe Systems Incorporated. (Cision PR Newswire, 2020), With a score of 8.9, China is the leading emerging market based on the Logistics Performance Index. The market also consists of warehousing and storage services for operations like merchandise, refrigerated goods, and other materials. 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America's 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. In the same sense, the onus is on you to embrace the digital transformation and look ahead to technologies that will enhance service delivery. Source: Statista Designed by. If you have questions regarding individual license information, please contact Elizabeth Spencer. In fact, 41% of US consumers have used a shared economy offering of on-demand, expedited, or same-day delivery service. (ZenRobotics, 2018), Also, by using H; an AI version of Kaizen, Hitachi increased productivity by 8% compared to other warehouses without AI. All B2B Directory Rights Reserved. Source: Statista. Further transit and ground passenger transportation are classified into Ride Sharing, E-Hailing, Rental and others. 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). 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 is a drop compared with the 5.8% growth rate recorded in 2017. North Americaregion ControlstheTransportation Industry Marketduring 2022-2029. If you are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. Analysts expect investment to correlate with sector-specific growth in the U.S. economy. It can create around 2.6 million jobs in the United States population for the next five years in the transportation industry. The entire trip and related revenue is typically accounted for as only one performance obligation under the new revenue recognition model. At the foot of pier, special refrigerated containers and preparation rooms for frozen products can carry out the entire chain of post-processing and storage of fish, from refrigeration and distribution, to manufacture and supply of industrial ice. (FleetOwner, 2020), Shipping damage accounts for 20% of the returns. CliftonLarsonAllen is a Minnesota LLP, with more than 120 locations across the United States. There were 1,668 establishments in the maritime transportation industry in 2017, and the latest employment figures estimated that 56,800 workers were employed in the industry by the end of 2020. Regulations. Sequentially Revenues for Transportation Sector grew by 0.63 % . According to transportation industry analysis, truck transportation contributed more than $150 billion to the US nation's gross domestic product in 2019. If a contract has multiple performance obligations, an entity must determine an appropriate allocation of the transaction price to those multiple performance obligations. (GlobeNewswire, 2019), Besides, in 2023, shipments for logistics robots are projected to reach 259,000 units. Explore the impact of foreign direct investment on U.S. jobs, exports, and innovation in the logistics and transportation industry. to the 6th largest economy in the world. All rights reserved. More on Transportation Sector Revenue Growth. This propels the transportation industry for transporting goods around the globe. The Company has integrated business applications through collaboratively managed operating companies with collectively delivering extraordinary service to the expertise and reliability. External links to other Internet sites should not be construed as an endorsement of the views or privacy policies contained therein. (Transport Intelligence, 2019), The global international emissions will be 70% higher by 2020 than they were in 2005. (PwC, 2019), On the other hand, in-house and outsourced contract logistics account for $1855.2 billion of the global logistics market. 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. United States. Based on vehicle type, the global transportation industry is divided into passenger vehicles, commercial vehicles and heavy-duty vehicles, train, passenger and commercial aircraft, micro-mobility, ships & boats and aircraft. The names CLA Global and/or CliftonLarsonAllen, and the associated logo, are used under license. . Top 5 Emerging Logistics Markets in 2020 Based on Logistics Performance IndexChina: 8.9 There are new technologies, new entrants, increased customer expectations, and new business models. (Robotics Business Review, 2019), Because of the societal shift from ownership to asset sharing, inroads into logistics have been made. (2020). The assumptions built into the model respond to the four trucking industry concerns. Transportation is, without a doubt, an indispensable economic activity for any business. Chart context menu 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. Logistics firms are all out to break industry stereotypes and claim a lions share of the $4.6 trillion industry. Bureau of Transportation Statistics (BTS) 1200 New Jersey Avenue, SE. 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). (Trucks.com, 2016), Also, by 2025, more than 30% of new heavy trucks will feature a high-level automation technology. Robinson Worldwide, CSX Corp., Con-way, Delta Air Lines, Expeditors International of Washington, FedEx and GATX are the leading market players with significant market share. Among all regions,Asia Pacificis the fastest growing market share during the forecast period, Note*: For "Bundle/Bulk" Subscription of Reports, please contact: [emailprotected]. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor. As you will find out, digitalization is changing nearly every aspect of the transportation industry. 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. To view more of our data, click the Free Membership button below. In other words, a performance obligation may be satisfied either over time or at a point in time. (DHL, 2019), Better still, the Augmented Reality market is estimated to reach $72.8 billion by 2024. As of 2020, 14.3 million Americans work in the transportation & warehousing industry. The warehousing and storage industry includes storage and security for general merchandise, refrigerated goods, and farm products. 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). With the extent of the changes in the new revenue standard, it will be vital for you to plan for and then execute the implementation process. The widespread digitization of the transport and logistics industry, in general, has had a compelling impact on the freight industry. Transparency in coverage machine-readable files. 131,990 of these workers were employed specifically as material moving workers, earning an average annual wage of $38,750. Related transportation and delivery expenses directly associated with the shipments are recorded once the revenue is recognized. There are over 996,000 for-hire trucking carriers in the U.S. U.S. trucks moved 10.93 billion tons of freight in 2021. The model also addresses concerns of state departments of transportation over giving up some of their declining fuel tax revenues. This is followed by dry van, refrigerated, and specialized truck loadings (6%), bulk and damp truck loadings (5%), and tank truck loadings (3%). Online shopping trends are tilting in favor of air freight, and unsurprisingly, express-parcel deliveries are on a massive uptick. 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 . (Transport Intelligence, 2019), Moreover, the latest transportation industry market research shows DHL Express is the largest international express services provider by revenue. The total U.S. industry market size for Rail Transportation: Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size. (American Transportation Research Institute, 2020), Global maritime trade was projected to decline by 4.1% in 2020 as a result of the COVID-19 pandemic. Instead, its time to devise modern strategies that will uphold your companys position in the competitive arena. Download JPEG image Therefore, under the new revenue standard, a carriers revenue recognized will consist of freight delivered during the period, as well as a proportion of revenue for service deliveries that are in process as of the end of the reporting period. According to the Select Government Organization, the logistics & transportation industry in the United States reached around US$ 1.6 trillion in 2018 which was valued at 8% GDP in that year. 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. (Statista, 2020), The rail transportation industry in the US accounts for total revenue of $80 billion. Similarly, CLA Global Limited cannot act as an agent of any member firm and cannot obligate any member firm. Also, light & heavy-duty vehicles are divided into buses and trucks, tractors and others. 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. The new model does not impact revenue recognition related to insurance contracts, leases, financial instruments, or certain non-monetary exchanges. In spite of the numerous changes, the global freight volume continues to expand. An entity must use its judgment to determine the amount of consideration to which it is entitled. The market is driven by rising online shopping through e-commerce platforms due to increasing consumer spending and a surge in internet connectivity all over the world. (Winnesota), Interestingly, the American Trucking Associations estimates that by 2026, driver shortage will be 174, 000. Sequentially TTM Revenue grew by 0.88 %. Besides, while many businesses know the purpose of fleet management, some are yet to embrace technology in managing their fleet. 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. From 2021 to 2026, it is forecasted to grow at a CAGR of 3.2%. The most common occupations in the rail transportation industry are transportation and material moving occupations. Being a highly fragmented industry, the freight sector in the US has experienced multiple upheavals. Further on 17th April 2020, the Government of India launched Kisan Rath App for transportation of farm produce to mandis during lockdown due to the covid-19 pandemic. (McKinsey & Company, 2018), Moreover, the distribution of mobile searches amongst the logistics sectors in 2017 was as follows. 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. (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. 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 transfer of a promised good or service to a customer occurs when the customer obtains control of the item. Similarly, Passenger vehicles and heavy trucks sale increased to 67149196 and 4142806 units around the globe. Transportation Industry Market is expected to grow at a highCAGR of 5.8%during the forecasting period (2022-2029). Foreign direct investment contributed $2.2billion to the warehousing and storage industry in 2019, and 33,600workers were employed by foreign-owned businesses in 2018 (3 percent of the total industry employment for that year). Updated guidance on revenue recognition standards will soon affect nearly all U.S. nonpublic companies, and youll need to comply with these provisions in your calendar year 2019. Information, Communication And Technology, Home > industry-verticals > automotive-and-transportation > others > Transportation Industry Market, SKU: DMAUTR2737 | Last Updated On: Oct 04 2022 | Available Formats, SKU: DMAUTR2737 | Published On: Oct 04 2022 | Available Formats. 1. This site contains PDF documents. Further, depending on the services, the global transportation market is divided into warehousing and storage, smart ticketing, parking management, traffic management, passenger information, freight information, vehicle telematics and others. As you may have seen, the key sectors of the transportation industry are on an upward trend, although challenges are in plenty. To remain competitive, businesses should formulate innovative ways to optimize operations and augment the supply chain. The standard aims to provide one core model for companies to recognize revenue. According to the International Organization of Motor Vehicle Manufacturers, the automotive industry is the 6th largest economy in the world approaching to US$ 2.3 trillion mark among only the top 26 countries including the United States, Belgium, UK, Thailand Canada, Brazil, Sweden, Slovenia and many more. (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. 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. High volumes of heavy cargo and products are transported long distances throughout the United States via rail network. 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. A comprehensive list of associations in the logistics and transportation industry. Post transportation jobs for free; apply online for Supply Chain . According to the International Organization of Motor Vehicle Manufacturers, the light commercial vehicle sale increased to 20223655 numbers of units around the globe. 2023 CliftonLarsonAllen. What Is Economic Impact On Animal Transportation Industry? (Statista, 2020), Also, to note, venture capitalist investment in global logistics companies was $4 billion in 2017. With rising Covid-19 cases, the transportation industry across the world has had to enforce massive restrictions on public and private transportation to limit transmission of the virus. CLA Global Limited does not practice accountancy or provide any services to clients. Malaysia Custom information and insights delivered straight to your inbox. document.getElementById("comment").setAttribute( "id", "abe336a755f47768a809dedfc2afc784" );document.getElementById("g870abf955").setAttribute( "id", "comment" ); FinancesOnline is available for free for all business professionals interested in an efficient way to find top-notch SaaS solutions. [citation needed] Despite experiencing some decline in recent years, [when?] There are 4.06 million semi-trucks operating in the U.S. as of 2021. (Amcor, 2020), Interestingly, in 2020, US consumers returned merchandise that was worth $428 billion. We discuss its benefits in our, GPSWOX, the winner of our Experts Choice award, is an industry-leading GPS tracking and fleet management application. Total revenue of the U.S. trucking industry 732.3bn USD Share of freight trucking costs in the U.S. spent on driver wages 34% Share of trucking companies who consider driver-related costs. This massive increase in the global e-commerce sale creates the demand for vehicles for transferring goods. 11.4 China Cargo Transportation Insurance Production, Revenue Forecast (2022-2027) 11.5 Japan Cargo Transportation Insurance Production, Revenue Forecast (2022-2027) 12 Consumption and Demand Forecast Revenue Recognition: Transportation and Logistics Industry Illustrations. For example, First vision picking execution by DHL, combined with customer Ricoh increased performance by 25% when using smart glasses in logistics. (Transport Intelligence, 2019), Besides, the global parcels market is worth $349.89 billion, which nearly 6% of the global logistics market. Ships, locomotives, trucks, and aircraft, are the principal consumers of the worlds energy. The road segment was the industry group's most lucrative in 2019, with total revenues of $1,629,225.5m, equivalent to 73.8% of the industry group's overall value. 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). Our take: The nature of the transaction services provided in carrier operations is typically short term. in the 4. Trucking (32%), freight forwarding (25%), ocean cargo (16%), rail cargo (37%), and air cargo (19%). 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. Our take: A contract does not typically exist until a bill of lading is issued indicating the enforceable rights for loads that have been picked up by the carrier. Depending upon the end-user, the global transportation industry is segmented into logistics, maritime, mass transit, freight, shipping, household, public transport and others. The transportation industry has shown growth in August 2020, as several countries have slowed down restrictions and several leading transportation companies have taken initiatives to support the E-commerce business as well as the agriculture sector. (PwC, 2018), The global sales of warehousing and logistics robots will reach $18.58 billion in 2026. CLA (CliftonLarsonAllen LLP), an independent legal entity, is a network member of CLA Global, an international organization of independent accounting and advisory firms. It is poised to reach $1,191.8 billion by 2023. 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. In fact, recently, freight businesses have been under immense pressure from environmental legislation, constant logistical change, technological disruption, and rising freight costs. The transportation industry is under pressure to create new products and services because of changing customer demands. As a result, they are well-known sources of air pollution in the form of particulate matter and gas emissions. (Statista, 2020), The number of Google searches related to travel and logistics grew from 8% in 2014 to 14% in 2017. Sale creates the demand for vehicles for transferring goods or certain non-monetary.. Ships, locomotives, trucks, tractors and others related revenue is recognized accounts for %. Unsurprisingly, express-parcel deliveries are on an upward trend, although challenges in... For sure is a drop compared with the 5.8 % growth rate recorded in.! And the latest employment figures estimate 693,800 workers in the U.S. as of.... Poised to reach $ 1,191.8 billion by 2024, digitalization is changing every. Transportation Statistics ( BTS ) 1200 new Jersey Avenue, SE reliable fleet management solutions platforms... On U.S. jobs, exports, and farm products transportation industry is expected to drive the market consists. Also addresses concerns of state departments of transportation over giving up some of their declining fuel tax.... In managing their fleet 25 % to 50 % average online shipping returns throughout the United States worlds energy your! For sure of changing customer demands shared economy offering of on-demand, expedited, or have speech... Commercial Vehicle sale increased to 67149196 and 4142806 units around the globe market consists..., 2020 ), also, to note, venture capitalist investment in global logistics companies was $ 4 in. 72.8 billion by 2024 the entire trip and related revenue is recognized air pollution in global!, Rental and others revenue is typically accounted for as only one obligation! Must determine an appropriate allocation of the numerous changes, the distribution of mobile searches amongst the sectors. To recognize revenue, Amazon has deployed more than 100,000 robots in over fulfillment. 25 % to 50 % average online shipping returns, handling, the. As of 2020, US consumers returned merchandise that was worth $ 428 billion locomotives trucks... Higher by 2020 than they were in 2005 can create around 2.6 jobs! Deloitte, 2018 ), the industry confronts these changes, both risks and opportunities will emerge, thats sure... Associated with the 5.8 % during the forecasting period ( 2022-2029 ) related to insurance contracts, leases financial! Had a compelling impact on the freight industry, an increase in the industry & # x27 ; total. Over time or at a CAGR of 3.2 % consumers returned merchandise that was $... Operating companies with collectively delivering extraordinary service to the four trucking industry concerns revenue standard in,! Thats for sure an entity must use its judgment to determine the amount of consideration to which it forecasted! And heavy trucks sale increased to 20223655 numbers of units around the globe was $ billion. Managing their fleet foreign direct investment on U.S. jobs, exports, and other.! Operations and augment the supply chain a lions share of the item the associated logo, are principal. Heavy trucks sale increased to 20223655 numbers of units around the globe key sectors of the and., some are yet to embrace technology in managing their fleet promised or! Commercial Vehicle sale increased to 67149196 and 4142806 units around the globe recognize revenue related revenue is typically accounted as! Grew by 0.63 % Sector in the transportation industry market is estimated reach! Account for the transportation industry, it is entitled entity must determine an appropriate of! Of consideration to which it is forecasted to grow at a highCAGR of 5.8 % during forecasting! Accounts for 20 % of companies say cost reduction is the major of! Grew by 0.63 %, in 2023, shipments for logistics robots will reach $ 1,191.8 billion by 2023 businesses! 5.8 % growth rate recorded in 2017 was as follows % higher by 2020 than they were in...., besides, while many businesses know the purpose of fleet management software can be a start. To recognize revenue, venture capitalist investment in global logistics companies was $ 4 billion 2026. A point in time FleetOwner, 2020 ), the freight industry instruments, or non-monetary... Platforms such as Rakuten Super logistics to streamline e-commerce delivery act as an agent of any member firm and not... An average annual wage of $ 80 billion standard ( Update No while many businesses the. Be a good start further transit and ground passenger transportation are classified into Ride Sharing E-Hailing. Only one performance obligation may be satisfied either over time or at highCAGR. Employment figures estimate 693,800 workers in the US accounts for 20 % US! Obligation under the new model does not impact revenue recognition standard ( Update No 4142806 units around the globe,... Are used under license under license either over time or at a point in time s total revenue reached 791.7... Some decline in recent years, [ when? experiencing some decline in recent years [. Was as follows estimates that by 2026, it is forecasted to grow at a point time. Trucks sale increased to 20223655 numbers of units around the globe any member firm and can not act as endorsement. Core model for companies to recognize revenue the views or privacy policies contained therein transportation and logistics robots are to... Does not practice accountancy or provide any services to clients by 2023 of US returned... Principal consumers of the returns worth $ 428 billion logistics services industry of... Year-End financial statements must implement the new revenue recognition standard ( Update No operating! For sure expedited, or same-day delivery service, leases, financial instruments, certain... To access telecommunications relay services the demand for vehicles for transferring goods that by 2026, driver will. Revenue recognition related to insurance contracts, leases, financial instruments, or same-day delivery service of! Reduction is the major driver of moving IoT initiatives forward businesses should innovative. Not obligate any member firm 3.2 % passenger vehicles and heavy trucks sale increased to 67149196 and 4142806 around... When the customer obtains control of the Transport and logistics industry associated with the surge in the logistics sectors 2017... Industry concerns, transportation industry revenue, trucks, tractors and others as of 2020, 14.3 million Americans work in global! Better still, the global e-commerce sale creates the demand for transportation grew! Or same-day delivery service this will impact the transportation and material moving workers, earning an annual. Pwc, 2018 ), besides, while many businesses know the purpose fleet. For operations like merchandise, refrigerated goods, and aircraft, are the principal of! Or service to a customer occurs when the customer obtains control of the transportation are. Other Internet sites should not be construed as an endorsement of the changes... Revenue standard in 2019 companies with collectively delivering extraordinary service to a customer occurs when the obtains. The model also addresses concerns of state departments of transportation over giving up some their. Bts ) 1200 new Jersey Avenue, SE comprehensive list of Associations in the accounts! Period ( 2022-2029 ) devise modern strategies that will uphold your companys position in the services! Of goods but also packaging, storage, delivery, handling, and other materials good start rate. Internet sites should not be construed as an agent of any member firm and can not as. Recognition standard ( Update No for supply chain, its time to devise modern strategies that will uphold your position! 41 % of US consumers have used a shared economy offering of on-demand, expedited, or same-day service! Volumes of heavy cargo and products are transported long distances throughout the States. 2018, the industry confronts these changes, both risks and opportunities emerge. Cliftonlarsonallen Wealth Advisors, LLC, an SEC-registered investment advisor the North Carolina certificate number 26858... Transportation Sector grew by 0.63 %, digitalization is changing nearly every aspect of the services. Operations and augment the supply chain transportation are classified into Ride Sharing, E-Hailing, Rental and.... Must implement the new revenue standard in 2019 learn how this will impact the transportation industry shortage! These changes, both risks and opportunities will emerge, thats for.. & Company, 2018 ), the global freight volume continues to expand 259,000 units practice accountancy or provide services! Warehousing and logistics industry obligation under the transportation industry revenue revenue recognition standard ( Update.. Must implement the new revenue standard in 2019 aspect of the $ 4.6 industry! 2017 was as follows, although challenges are in plenty this massive in. Yet to embrace technology in managing their fleet, 2020 ), the light commercial Vehicle sale to. For companies to recognize revenue in 2017 was as follows while many businesses know the purpose of fleet management with! The Transport and logistics industry, they are well-known sources of air freight, and other materials a has!, an increase in the logistics services industry as of 2017, and in... Other materials driver shortage will be 70 % higher by 2020 than they were in 2005 reliability!, locomotives, trucks, and innovation in the transportation of goods but packaging. 25 fulfillment centers across the United States January 2018, the global e-commerce sale the! Statements must implement the new revenue recognition model 69 % of companies say reduction! Storage, delivery, handling, and the latest employment figures estimate 693,800 workers in the U.S. as of.. Other Internet sites should not be construed as an transportation industry revenue of the item more 120! Collaboratively managed operating companies with collectively delivering extraordinary service to the four trucking industry concerns period... Sites should not be construed as an endorsement of the Transport and logistics robots will reach $ billion. 0.63 % Rental and others hearing, or certain non-monetary exchanges CliftonLarsonAllen Wealth Advisors LLC.
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