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20+ US Trucking Market Statistics to know

1. Market Size: The US trucking market is valued at over $800 billion, representing a significant share of the nation's economy.


2. Annual Growth: The industry has been experiencing a steady annual growth rate of approximately 3-4% over the past few years.


3. Employment: Trucking provides employment to over 7 million people, including truck drivers, dispatchers, mechanics, and administrative staff.


4. Freight Volume: The total annual freight volume transported by trucks in the US exceeds 11 billion tons, serving various industries. This represents 75% of all America’s freight by weight.




5. E-commerce Influence: E-commerce accounts for nearly 15% of all retail sales, driving the demand for trucking services for last-mile delivery.


6. Driver Shortage: The US trucking industry faces a shortage of over 60,000 drivers, leading to increased competition for skilled drivers.


7. Average Driver Age: The average age of a commercial truck driver in the US is 55 years, indicating an aging workforce that requires workforce replenishment.


8. Technology Adoption: Over 80% of trucking companies in the US have adopted telematics and fleet management systems to optimize operations.


9. Fuel Efficiency: Trucks in the US have made significant strides in fuel efficiency, achieving an average of 7.5 miles per gallon (MPG) compared to 5.5 MPG a decade ago.


10. Emissions Reduction: The trucking industry has successfully reduced carbon emissions, achieving a 31% decrease since 2005.


11. Truck Types: Class 8 trucks dominate the US market, accounting for nearly 70% of all commercial trucks on the roads.




12. Longest Hauls: The average length of a haul in the US trucking industry is around 500 miles.


13. Truck Registrations: The total number of registered commercial trucks in the US has surpassed 15 million.


14. State-to-State Trade: California and Texas are the top states for state-to-state truck freight movements.


15. Cyclicality: The trucking market has been very cyclical during the year and over the period. Every 3 years there has been a crisis in the market and an upturn followed by it.




16. Fragmentation: Entry barriers to the industry are so low that trucking has been a very fragmented market. Top 10 companies manage only 12% market share while 95.8% of all trucking companies ( over 750K according to ATA) operate 10 or fewer trucks.


17. Industry Operating Profit:: The average industry operating ratio is 90%, meaning that 10% of operating profit is left to the company owners. Besides, the standard deviation of that 10% is 10-20% and is considered higher. That means 10% margins can fluctuate more than other industries.


18. Necessity: Grocery stores would go out of stock in just three days if trucks stopped driving.

Not only that, but medical supplies, ATM cash, and gas would be in short supply as well. Garbage would pile up, other goods such as clothing would go undelivered, and even water treatment plants wouldn’t have the chemicals they need to make water potable.


19. Composition: Majority of the trucking volume comes to Full Truck Load type. There are many other types of freight in the US.



20. Cost Structure: 34% of freight trucking costs go toward paying drivers’ wages. Other costs include fuel, truck lease/finance payments, maintenance, insurance and others. Here are the costs breakdown by 2021 and 2022 by the ATRI:




21. Business Models: There are two main types of the business model but it can be mixed sometimes and other types can also be added. It is company driver model vs. owner operator drivers. Each one is different in terms of costs, revenue, net profit and complexities. Lease and rental driver model can also be added to the list as well.


22. Very competitive pricing: The trucking industry is extremely competitive. Because there are low barriers to entering the industry, there is no shortage of trucking companies (approximately 1.9 million), and shippers have plenty of choices in who they hire, which creates a significant amount of competition.


Conclusion:

The US trucking market remains a vital force in the nation's economic landscape, supporting various industries and facilitating the movement of goods across the country. As the industry embraces technology, seeks to address the driver shortage, and focuses on sustainability, it is poised for continued growth and innovation in the years to come.


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