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CarrierDirect releases Semi-Annual Freight Market Report
CarrierDirect, a hub for innovation in the transportation and logistics industry, has released their semi-annual freight market perspective on the state of the domestic freight industry and trends for the rest of the year. Jett McCandless, Founder and President of CarrierDirect, presented the compiled data at the Stifel Capital Markets conference call on July 10, discussing the topics with freight and logistics executives and how it may affect their businesses.
The year began below what many companies had expected, though economic growth, the aftermath of winter storms and new housing starts made for a fairly strong Q2. In fact, many of the up-and-coming freight brokerages reported banner months in Q2 as their strategies took market share from competitors and they grew the overall size of the brokerage market.
CarrierDirect forecasts the 5 biggest themes that will affect the freight markets this year being:
GDP growth and limited truck purchases will push pricing power back to carriersRe-Shoring/Nearshoring and changes in global demand will begin to move OTR freight patterns and density from certain entry points into the U.S. to other key corridorsGiants from overseas will look to the U.S. to carve out more market shareInterline partnerships between super-regional and regional carriers, as well as new entrants in the asset-light space will bring more competition to national carriersSmaller players in the brokerage space will begin to get squeezed out of the market“We’ve certainly noticed a rapid uptick in the rate that the domestic freight marketplace is innovating,” said Joel Clum, Co-Founder and Vice President of CarrierDirect, “and many of our clients are searching for new ways to continue the growth trends that they’ve become accustomed to. There is a degree of ‘cautious optimism’ about where the freight market is heading for the rest of the year, and the more progressive companies are investing in advanced tools to optimize their business,grow new sales verticals and acquire market share.”
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