Trucking Industry Statistics By Operating Cost And Regions
Updated · Dec 16, 2024
WHAT WE HAVE ON THIS PAGE
Introduction
Trucking Industry Statistics: The trucking industry has been the backbone of the world’s supply chain, and it has provided a smooth transfer of goods from one nation to another. In 2024, this sector will continue to prosper in impressive numbers regarding growth, economic impact, and challenges, as below. A detailed trucking industry statistics update is provided as follows.
Editor’s Choice
- According to trucking industry statistics, For companies that have EBITDA of US$5 million to US$10 million, hazardous materials lead again at 9.5x, with refrigerated transport close behind at 8.9x.
- Autonomous driving technologies are expected to save a lot of money in the trucking industry. By 2025, total reductions in costs could be around 15% for fleet owners and, after that, about 28%. There will be a 30% drop in one major component of savings, that is, driver-related costs. But it could also cause a loss per year of 300,000 jobs by 2050.
- The most precious freight type transported over the roads is mixed freight, with a value of US$1,554,227, followed by motorized vehicles at US$1,296,606. Electronics, machinery, and plastics are many high-value commodities that are moved by trucks. Pharmaceuticals and other goods like foodstuffs also represent high-value items moved by trucks.
- Trucking industry statistics reveal that The shortage of truck drivers is mainly a result of a lack of skill among drivers (59%) and a poor image of the industry (29%). Other reasons include difficulty in attracting women (21%) and the younger generation (49%), difficult working conditions (26%), and others.
- In 2020, the U.S. trucking market was valued at US$732.3 billion, with over 902,000 drivers. It comprises sectors known as full truckload (FTL), less-than-truckload (LTL), and couriers.
- Old Dominion, J.B. Hunt, FedEx Freight, and UPS are the key players in the US. In India, the truck market forecasts 345,700 transits by selling in the year 2024, with an annual growth rate of 2.59%, before heading for its 403,000-unit target by 2030. The movement leads toward electric vehicles becoming government-driven as well as environmental considerations.
- The NAFTA truck market will reach a projected 520,000 units by 2024 and have a compound annual growth rate (CAGR) of 2.41%, reaching 600,000 units by 2030. Significant growth opportunities are visible in the region.
- Trucking industry statistics show that The average truck driver in the United States is aging: 8% of truck drivers are aged 16 to 24; 17% are aged 25 to 34; 21% are aged 35 to 44; 26% are aged 45 to 54; 21% are aged 55 to 64; and 7% are aged 65 and older.
- Preliminary estimates show trucks hauling 11.18 billion tons of freight in 2023, down from 11.46 billion tons in the prior year.
- Preliminary estimates show growth in revenues for the industry to US$987 billion from US$940.8 billion in 2022.
- Trucking industry statistics indicate that Trucking accounted for 8.5 million jobs in industry-related employment, including 3.55 million professional driver jobs, by 2023.
- Yet the industry is still very much a small business, with 95.5% of carriers operating at or below ten trucks and 99.6% operating with less than 100 power units.
- Trade is also a good freight source for motor carriers: it sorted out the 66.5% surface trade between the US and Canada and the 84.5% flow of goods across the Mexican border, achieved in 2023.
Trucking Companies EBITDA
| Company Type | EBITDA Range | ||
| US$500k-1M | US$1-5M | US$5-10M | |
| Auto Transport | 5.4x | 6.8x | 7.9x |
| Bulk Transport | 4.9x | 6.1x | 7.2x |
| Final Mile | 5x | 6.3x | 7x |
| Food & Beverage | 6.6x | 8.1x | 8.8x |
| Hazardous Materials | 6.7x | 8.5x | 9.5x |
| Livestock Hauling | 5.8x | 7.1x | 7.7x |
| Oil & Gas | 6.1x | 7.4x | 8.3x |
| Refrigerated | 6.2x | 7.7x | 8.9x |
(Source: firstpagesage.com)
- Such trucking industry statistics show that the EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) multiples are used by different types of trucking companies for different earnings ranges.
- Generally, there are about 500000 to 1 million EBITDA companies, which are valued at multiples of 4.9x to 6.7x.
- Leading this range is hazardous materials transport, with a multiple of 6.7, and sitting at the lower end is bulk transport at 4.9.
- The numbers generally go on to increase from US$1 million to US$5 million, wherein bulk transport sits at 6.1x and hazardous materials at 8.5x.
- Close behind comes food and beverage transport at 8.1x, signifying strong average valuation metrics.
- In contrast, moving up the income ladder, at the EBITDA level of US$5 to US$10 million, hazardous materials again brought in the highest multiple at 9.5x.
- Refrigerated transport companies also pulled off a top number latched onto an 8.9x multiple that showed great performance.
- However, single final mile travel has the lowest at 7x, but it is still considered on such a side in comparison with smaller ranges of EBITDA values.
- The trend is that larger EBITDA trucking companies have better multiples, with a continued high value being assigned to certain types of trucking, like hazardous materials and refrigerated, across all ranges.
Trucking Annual Operating Cost
(Reference: statista.com)
- Autonomous driving technologies are shaping the future of the trucking industry. While real-world testing of self-driving trucks is already underway, the complete removal of drivers remains a distant goal.
- According to trucking industry statistics from the specialist magazine Lastauto Omnibus and a study by PricewaterhouseCoopers, fleet owners could see a 15% reduction in total costs by 2025 compared to 2016 levels, with further savings reaching 28% in the years beyond.
- These projections are based on the current EUR115,600 annual operating cost for an average long-haul truck.
- While fixed costs, such as fuel and variable costs, including taxes, cleaning, communication, and testing, are expected to decrease by only 7% each, the most significant savings will come from reduced driver-related expenses.
- Autonomous driving technologies could lower driver-related costs by 30% annually by 2025, offering a compelling advantage for freight companies.
- According to Goldman Sachs, advancements in self-driving technology could result in the elimination of 25,000 driver jobs per month, or 300,000 annually, over the next 25 years.
Commodities Moved By Truck
(Reference: altline.sobanco.com)
- Trucking is a way to transport varied types of goods associated with a very significant economic value, in which several categories are ranked.
- Trucking industry statistics state that the leading category in this respect is mixed freight, which adds up to a total value of US$1,554,227, thereby making it the most important category of goods moved by truck.
- Second comes motorized vehicles, which cost US$1,296,606, which reflects the significant role that trucks play in the automotive supply chain. Electronics and machinery are worth US$1,242,815 and US$1,025,542, respectively. Their contribution has established a significant role in the trucking sector to ensure technology and manufacturing support.
- In addition, it majorly serves other high-value categories like Plastics and Rubber: US$754,099; Pharmaceuticals: US$728,960, demonstrating the role of the industry in delivering essential goods.
- Other different foodstuffs worth US$685,720 would also demonstrate an important dependence on trucks for food distribution.
- Other commodities include miscellaneous manufactured products (US$642,815), textiles and leather (US$540,169), and gasoline (US$465,227), revealing the breadth of trucking’s effects across varied industries. These figures would speak to the economic weight of the trucking sector in trade and daily life.
Trucking Industry Concerns
(Reference: altline.sobanco.com)
- Trucking industry statistics state that the economy takes center stage as the most paramount issue in trucking concerning all the others and has attained a perfect score of 100.
- Truck parking follows with a score of 94, showing the urgency of the infrastructure improvement.
- Fuel prices will burden these industries thanks to fluctuating costs, making a dent in profitability, scoring 87.7 on the list.
- Next in line is the driver shortage, with an 81.8 mark, which portrays the arduous task of filling exams for the most important roles in the industry.
- The next most important reason for driver shortfall is money, with a score of 76.1, meaning that money has a significant role in attracting people to the industry or employees failing to retain them.
- Lawsuit abuse reform has also grabbed the attention of many people, with a score of 67.5, due to the financial risks and operations affected by the legal proceedings.
- Driver distraction, at 59.4, and driver retention, at 58.9, show the significance attached to safety and the stability of the workforce over time.
- Detention and delays scored at 53.5, point out the inefficiencies of the customer facilities in regard to their delivery process. Zero-emission vehicles are quite some concerns, given that they are going to be a sustainable industry, scoring 53.0.
- Driver training standards are being rated at 51.1, pointing towards the need for even greater or better preparation and development of skills.
- Further adding to the difficulties of trucking companies are insurance costs and availability at 49.8, whereas diesel technician shortage at 44.5 points to a need for people with skills to maintain fleets.
Reasons For Shortage Of Truck Drives
(Reference: coolest-gadgets.com)
- This deficiency in truck drivers within the industry stems primarily from various factors as of 2024.
- Trucking industry statistics show that the lack of qualified drivers was signaled by 59 % of respondents as the leading reason for driver scarcity.
- Potential workforces reported 29 % under a negative trucking industry image, making it less attractive to new hires.
- The difficulty in attracting women was pointed out by 21%. Also, nearly 49% found it very challenging to engage the younger generations, and in that regard, recruitment problems grew.
- In addition, 26% highlighted the additional requirement as the biggest deterrent caused by harsh working conditions.
- 24 % indicated other causes that contributed to the driver shortage.
Trucking Industry By Regions
United States
- Trucking industry statistics reveal that in the United States, trucking continues to be the biggest mode of overland freight transportation, valued at US$732.3 billion by the market in 2020.
- An industry that employed over 902,000 truck drivers at the time still faced a shortage, making driver costs one of the biggest hindrances. As such, the trucking industry in the U.S. constitutes three main sectors: full truckload (FTL), less-than-truckload (LTL), and couriers.
- For-hire carriers often deliver other services, intermodal transport being one of them. Regarding the market by value, Old Dominion was FTL’s largest in 2020, with US$4 billion in total operating revenue.
- Other key players include J.B. Hunt, with US$9.6 billion in revenue and Knight-Swift, which generated US$4.5 billion in 2020.
- For LTL, at US$7.1 billion in 2020 from LTL shipments, FedEx Freight leads. Other major carriers like Old Dominion, XPO Logistics, and YRC Freight posted revenues between US$3.5 billion and nearly US$4 billion.
- The courier sector, in which the U.S. Postal Service, FedEx, and UPS play dominant roles, is even more highly revenue earning.
- FedEx Express reported package delivery revenues amounting to almost US$32.5 billion for its 2021 fiscal year, while UPS reported US$53.5 billion in revenues due to domestic package deliveries in 2020. All this does not specify the portion related to the trucking segment of the courier business.
India
- The truck market in India is anticipated to reach 345,700 vehicles sold in 2024.
- Between 2024 and 2030, the market is expected to grow at a compound annual growth rate (CAGR) of 2.59 percent and is estimated to reach about 403,000 vehicle units by the year 2030.
- In addition, vehicle production in India is expected to cross 3,741,000 units by 2030, which signifies possible market growth.
- In 2023, China is expected to top the world’s sales in trucks, with sales of about 3,741,000 units.
- Meanwhile, in India, the truck market has shifted toward electric vehicles, and the government cannot escape the measures and use of greening advocates.
NAFTA
- The truck market in NAFTA is estimated to achieve sales of 520,000 units as early as 2024.
- Further on, what is seen is the expected growth of the market at a CAGR of 2.41% between 2024 and 2030 to reach a projected 600,000 unit volume by 2030.
- The growth opportunities of the trucking industry of that region speak volumes.
- By global standards, in North America, this growing demand for freight services is tipped to work in favour of the expansion of the truck market in the NAFTA region.
Age Range Of Truck Drivers
| Age Range | Percentage |
| 16-24 | 8% |
| 25-34 | 17% |
| 35-44 | 21% |
| 45-54 | 26% |
| 55-64 | 21% |
| 65+ | 7% |
(Source: enterpriseappstoday.com)
- Trucking industry statistics show that the trucking industry has a diverse workforce with broad representation among different age groups. % of truck drivers fall in the youngest group between the ages of 16 and 24 years, which is an indication of fewer younger entrants in the industry.
- For the 25 to 34 years age group, the contribution would be 17%, thus indicating a considerable presence of young adults. About 21% of drivers fall within the 35 to 44 years age range.
- The 45 to 54 years category shows the most prominent percentage with values of 26%, indicating that this group is the main workforce in the trucking business.
- Another 21% of truck drivers are in the age category between 55-64 years, which, as a consideration, suggests that these are important numbers of highly experienced professionals in the sector who are approaching retirement.
- Only 7% of the truckers are aged 65 years and older; thus, it is shown that even after a traditional retirement age, some tend to remain in employment and continue to drive.
Conclusion
Indeed, trucking is a major component of the economy, and continued growth and challenges will not escape it. According to trucking industry statistics, the trucking market is anticipated to grow by 9.2% between now and 2026. It has great prospects for further development. Innovations such as Blockchain, Electronic Logging Devices, and self-driving trucks make it much more efficient and sustainable for the sector in general.
With increasing demand for freight transport, it is up to the trucking industry to accommodate all the new technologies that will support its continued growth in the future. Thus, this article has imparted insights into the current state of the trucking industry.
Sources
FAQ.
Increased freight activity, especially cross-border freight, plus ongoing steps towards autonomous driving technology, make the trucking business something continuously growing. Also, customers’ need for high-value products like mixed freight, motorised vehicles, electronics, and pharmaceuticals force companies to adapt the way they move freight. The industry has shared some concerns, such as driver shortage and rising operational costs, with respect to prompt attention in order to grow further.
Economy, availability of parking for truckers, changes in fuel prices, and a driver shortage are possibly among the biggest concerns for trucking companies. Lawsuit abuse, driver retention, and adapting to zero-emission vehicles also become essential issues, while legal and insurance costs remain burdens on the industry.
The truck driver shortage today can be attributed to an inadequate number of qualified drivers, negative perceptions of the industry, and adverse working conditions. While this is a real challenge for attracting younger drivers as well as a larger proportion of women, it also has a considerably negative effect in terms of overall retention with regard to experienced drivers. This is compounded by a crucial factor of an ageing workforce, with a high percentage of truck drivers nearly of retirement age.
The introduction of autonomous driving technologies is anticipated to lower costs in the trucking industry by as much as 15% by 2025 and cut further costs by about 28% in the subsequent years to fleet owners. The highest savings are expected from the reduction of driver-related expenditures, possibly by more than 30%. However, on the downside, the automation of trucks might lead to the loss of around 300,000 trucking jobs per year by the year 2050.
In 2024 and beyond, significant growth will also be seen in the trucking sector in North America (NAFTA), India, and the U.S. market. The largest truck market in the world, still 2020 valued at US$732.3 billion, is the U.S. India’s truck sales are expected to reach 345,700 units by 2024 and achieve the maximum growth rate by 2030. The NAFTA region would grow with a CAGR of 2.41% to reach 600,000 units by 2030, with the demand for freight services increasing.
Maitrayee, after completing her graduation in Electrical Engineering, transitioned into the world of writing following a series of technical roles. She specializes in technology and Artificial Intelligence, bringing her experience as an Academic Research Analyst and Freelance Writer, with a focus on education and healthcare under the Australian system. From an early age, writing and painting have been her passions, leading her to pursue a full-time career in writing. In addition to her professional endeavors, Maitrayee also manages a YouTube channel dedicated to cooking.
