Long Distance Specialized Freight Trucking
Industry Profile Report
Dive Deep into the industry with a 25+ page industry report (pdf format) including the following chapters
Industry Overview Current Conditions, Industry Structure, How Firms Operate, Industry Trends, Credit Underwriting & Risks, and Industry Forecast.
Call Preparation Call Prep Questions, Industry Terms, and Weblinks.
Financial Insights Working Capital, Capital Financing, Business Valuation, and Financial Benchmarks.
Industry Profile Excerpts
Industry Overview
The 10,000 long distance specialized freight trucking companies in the US offer highway hauling services for goods that are more logistically challenging to transport than standard freight. Specialized freight truckers carry cargo such as hazardous chemicals, refrigerated perishables, livestock and farm products, automobiles, bulk liquids, and refuse. Long distance truckers carry freight across state lines throughout the US and into Canada and Mexico.
High Maintenance Costs
Specialized freight trucking firms face significantly higher maintenance and repair costs than standard carriers.
Regulatory Complexity
The trucking industry is highly regulated in the areas of safety and emissions, but fast-moving technology integration is adding to the myriad of challenging legal requirements.
Industry size & Structure
The average long distance specialized trucking company has about 15 employees and generates $5 million in revenue per year.
- The long distance specialized trucking industry consists of about 10,000 companies that employ 166,800 workers, and generate $55 billion in revenue.
- The majority of companies (about 85%) are small businesses with 20 employees or less. Only about 175 companies have 500 or more employees.
- The industry is fragmented with the 20 largest firms representing 27% of industry revenue.
- About 95% of US trucking companies operate 10 or fewer trucks.
- Large companies include Landstar Systems, Schneider International, CR England, JB Hunt Transport Services, and XPO Logistics.
Industry Forecast
Long Distance Specialized Freight Trucking Industry Growth
Recent Developments
Nov 6, 2024 - Longshoremen Strike Ends Quickly
- About 50,000 workers of the International Longshoremen's Association - the labor union representing dock workers at ports along the East and Gulf coasts from Maine to Texas - briefly went on strike in October of 2024. The work stoppage choked international trade and goods transportation across the country - including long-haul specialized trucking - at an estimated cost to the US economy of $4 billion per day. The strike ended quickly when the Biden administration intervened in the talks. Workers received a 62% pay increase, but other issues, such as the use of automation, were left undecided and may be addressed in early 2025.
- Recent trends in retail and pharmaceuticals offer unique growth opportunities for specialized trucking companies, especially those in the cold chain. Reefer trucks can benefit from the 32% rise in US frozen food sales since 2019, as well as new drugs that lose effectiveness without cold storage (Covid vaccines, Ozempic weight loss meds).
- Almost half of the entire US trucking industry are workers aged 45-64 and retirements have become a key factor in the current driver, mechanic, and technician shortages nationwide. The American Trucking Association estimates that the US will need an additional 1.2 million drivers by 2034 to keep up with demand.
- Nationwide capacity for reefer trucks is almost 5 loads-to-truck. Reefer trucks see the most demand in the Northeastern states and the lowest in the Southeastern region.
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