LTL logistics market to grow at 4% CAGR in 2029: Adroit research
According to Adroit Market Research, the size of the LTL logistics market is expected to be worth US$20.76 billion in 2029, growing at a CAGR of 4.3% from 2021 to 2029. In logistics parlance, LTL stands for Less Than Truckload. As per a release, smaller shipments that do not need an entire truck are frequently transported via LTL logistics, a type of shipping and transportation. LTL logistics enables the consolidation of many shipments from various shippers onto a single vehicle as opposed to allocating an entire truck to a single consignment. LTL carriers combine cargo from many shippers into a single vehicle, which improves space utilization and lowers transportation costs. Because shippers only pay for the space their products take up in the truck, LTL shipping is sometimes more affordable for smaller shipments.