Trucking Companies
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 147,000 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 27.5% 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.
Industry size & Structure
A typical trucking company operates out of a single location, employs fewer than 10 workers and generates about $3-4 million annually.
- The trucking industry consists of 147,000 companies, employs 1.1 million workers and generates over $459 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 80% of trucking establishments employ fewer than 10 workers.
- Large companies include UPS, FedEx, DHL, YRC Worldwide, Ryder, XPO Logistics (Con-way), Penske Truck Leasing, and JB Hunt Transport Services.
Industry Forecast
Trucking Companies Industry Growth
Recent Developments
Apr 10, 2025 - US Trucking Industry Lacks Enough Parking Spaces
- A lack of parking for US truckers has long been a problem for the industry with only one parking space available for every 11 drivers, per a report from The American Transportation Research Institute (ATRI). Without adequate rest area parking, long-haul truckers are more prone to accidents due to fatigue. Per ATRI’s data, the average rest area in the US has 19 truck parking spaces. Southern states beat the national average with 25 parking spaces per rest area, while Northeastern states lag behind with an average of 15 spaces. The report also noted features drivers prefer in rest areas, including 24-hour security, walking trails, dump stations, pet areas, proper lighting, camera surveillance, and emergency call buttons, among others. Some state governments have aggressively tackled the issue, creating interactive parking information dashboards, converting state-owned land to parking facilities, and setting up emergency parking programs for times of bad weather.
- Trucking executives are increasingly optimistic that the industry will find its way out of a prolonged, post-pandemic downturn in 2025. Shipping rates and volume have consistently been down amidst increased costs as consumer behavior after Covid has shifted away from buying consumer goods and towards services such as travel and events, according to the American Trucking Association’s chief economist Bob Costello. He predicts consumer spending on goods will bounce back and increase about 3.3% in 2025, while services will fall to 2.2%, helping trucking companies slowly regain their footing. Other positive signs for trucking cited by Costello include rising inflation on services that could tip consumer habits back towards goods purchases, and a healthier housing market, which can be a boon to trucking companies with increased orders on home improvement supplies and building materials.
- Trucking cargo thefts rose across North America in 2024 - jumping 27% over the previous year to an all-time high - per trucking analytics firm Verisk CargoNet. The company’s annual analysis found 3,625 theft incidents during the year with an average estimated value of about $202,000 per incident, up from $180,000 a year ago. Texas and California reported the biggest increases in the number of thefts, up 39% and 33%, respectively. Verisk CargoNet also reported the types of cargo most targeted - consumer electronics and computer hardware, produce, raw and finished copper products, cosmetics, and vitamin supplements, among others. Break-ins and full-trailer theft was still the main tactic, although criminals are becoming more sophisticated, including hacking trucking firms’ back-end systems and forging documents and cargo manifests. Break-ins and trailer theft were most prevalent in the major markets of Atlanta, Dallas, LA, and New York City.
- Trucking industry employment has remained flat throughout 2024, while average wages for nonsupervisory employees increased nominally to an average of $30.36 an hour, according to the US Bureau of Labor Statistics (BLS). A significant driver shortage brought on by attrition through retirements and younger-employee burnout in a stressful and isolating job has been hampering the industry. Truck drivers are in high demand and paid well as a result. Going forward, the US government’s threat to soon slap heavy tariffs on Canadian and Mexican goods - two huge partners in transportation manufacturing - could drive up costs and trigger job cuts in the freight hauling industry.
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