Trucking Companies

The 157,072 trucking companies in the US provide transportation services for a wide variety of goods. The majority of truck loads are full Truck Loads (TL), meaning a single customer fills the entire trailer. About 25% of loads are Less Than Full Truck Loads (LTL), where freight from multiple customers is consolidated into one trailer.

High Failure Rate

Small trucking start-ups have a high failure rate, with an estimated 85% failing before their second year of operation, according to the National Association of Small Trucking Companies.

Limited Driver Hours

The federal Hours of Service (HOS) rules dictate how long a driver can be on duty and behind the wheel.

Aug 11, 2026 - Shippers Turn to Mini-Bids as Tariffs Disrupt Freight Market

• Tariff-related freight volatility is adding to the pressure on US shippers, which are increasingly using short-term “mini-bid” contracts as tightening truck capacity, rising rates, and failing routing guides make annual freight contracts less dependable. Shifting trade flows and tariff-driven swings in import volumes have made freight demand harder to predict, while available trucking capacity continues to shrink. Rather than rebidding entire networks, shippers are targeting specific regions or lanes to quickly secure dependable capacity, with Knight-Swift, Werner, and J.B. Hunt reporting increased mini-bid activity. JOC’s Truckload Capacity Index fell 1.1 percentage points to 78.7 in the second quarter as large carriers limited fleet expansion. Unlike recent years, when off-cycle bids often sought lower prices, today’s mini-bids are primarily about securing trucks, and FTR expects contract rates to continue rising through the third quarter of 2027.
• Truckload carriers are entering their strongest pricing environment since the freight downturn began in 2022 as shrinking capacity, rather than surging freight demand, pushes rates higher. S&P Global’s DAT Freight & Analytics' Spot Premium Ratio - a leading indicator of contract pricing - has climbed to about 30%, a level historically associated with some of the industry's strongest pricing cycles. New dry-van contract rates in routing guides are already averaging 11% higher than a year ago, while the Bureau of Labor Statistics' long-distance truckload Producer Price Index rose 21.4% year over year in June. DAT chief scientist Chris Caplice expects favorable pricing to continue through at least mid-2027 as several years of fleet reductions, combined with higher borrowing costs, insurance premiums, tighter lending standards, and stronger regulatory enforcement, keep capacity constrained and give carriers greater leverage in contract negotiations.
• The trucking industry's financial pressures intensified in 2025 as operating costs climbed to a record $2.336 per mile, up 3.4% from a year earlier, according to the American Transportation Research Institute's (ATRI) 2026 Analysis of the Operational Costs of Trucking. Excluding fuel, costs rose 4.2% to $1.854 per mile, driven by sharp increases in tolls (13.2%), repair and maintenance (8.6%), driver benefits (6.6%), and tires (6.4%). In response to weak freight demand and stagnant rates, carriers cut capacity by 2.4%, left 10% of trucks unseated on average, and reduced non-driver staffing by 7.8%, yet profitability remained strained. Operating margins for truckload and refrigerated carriers stayed below 1%, while flatbed carriers posted an average operating loss. ATRI said first-quarter 2026 data indicate these cost pressures have largely continued, even as freight rates begin to improve.
• Rising trucking rates, higher diesel prices, and tighter truck capacity are driving more US retailers and manufacturers to shift freight from highways back to rail. According to the Association of American Railroads, North American intermodal traffic rose 6% year over year in May, the strongest increase since March 2025, as shippers sought lower transportation costs. While rail shipments take longer and require truck transfers for final delivery, intermodal service can reduce shipping costs by 10% to 20%, according to Redwood Logistics, and remains far cheaper than long-haul trucking. Investments by railroads and logistics providers have also improved reliability and transit times, making intermodal a more attractive long-term option rather than just a temporary cost-saving measure. The shift is especially pronounced on US-Mexico freight lanes, where immigration enforcement has tightened truck capacity and further increased demand for rail alternatives.

Industry size & Structure

A typical trucking company operates out of a single location, employs more than 10 workers and generates about $2-3 million annually.

• The trucking industry consists of 157,072 companies, employs 1.7 million workers and generates over $423 billion in annual revenue.
• 88% of trucking companies operate out of a single location.
• One in 4 drivers is an independent owner-operator who owns their truck and contracts out services to trucking companies.
• About 92% of trucking firms employ 20 or fewer workers.
• Small fleets dominate the trucking industry with 91% of companies operating 10 trucks or fewer.
• Large companies include UPS, FedEx, DHL, YRC Worldwide, Ryder, XPO Logistics (Con-way), Penske Truck Leasing, and JB Hunt Transport Services.