Trucking Industry Statistics By Challenges, Reasons, Revenue, Transportation, Demographics and Facts

Introduction

Trucking Industry Statistics: The trucking industry is a vital part of transportation, and its numbers are impressive. In the US, there are over 10.77 million registered trucks on the roads, helping move goods worth about $791 billion every year. The trucking industry is just as important globally, valued at about $3.7 trillion.

Most often, these trucks move products from factories to retail centers, but they are also used for things like delivering building materials or hauling waste in construction. At that time, over 902,000 truck drivers were employed, though this number still needs to be higher than what’s needed. The need for more drivers is a major challenge for the industry, making the cost of hiring drivers one of its biggest concerns. This article will shed more light on Trucking Industry Statistics.

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• In 2023, trucking made up 80.7% of the total freight costs in the US, generating $940.8 billion in revenue.
• Trucks transported 61.9% of goods between the US and Canada and 83.5% of goods traded with Mexico, totaling $948 billion in trade within North America.
• The trucking sector added 405,000 jobs in 2022, bringing the total number of people working in trucking-related jobs to 8.4 million.
• There were 3.54 million truck drivers in the US as of 2023, as per Trucking Industry Statistics.
• In 2023, about 170.6 million trucks, including public, private, and commercial trucks, were registered in the US.
• As of July 2023, the US federal tax on diesel fuel was $0.24 per gallon.
• The General Freight Trucking (Truckload) industry made $91.4 billion in 2022, a 9.8% increase from 2023.
• Top Trucking Concerns (2023):

#1. The economy is the biggest concern for truckers.

#2. Fuel prices are the third-highest concern.

#3. Lack of truck parking is the second-biggest issue for truckers in 2023, up from third in 2022.

• The total amount of freight moved is expected to grow by 28% from 2021 to 2032, rising from 15.1 billion tons to 19.3 billion tons.
• Trucking insurance premiums increased from $0.071 per mile in 2019 to $0.088 per mile in 2022.
• By July 2023, there were 475,371 for-hire trucking companies in the US.

Trucking Industry Forecast Statistics 2024

• The trucking industry is slowly recovering after a tough time. Demand for goods is starting to improve, especially at major ports like Los Angeles and Long Beach, where imports have increased by 31%, which is a good sign for the market.
• Looking at the balance between supply and demand, the backlog for US Class 8 trucks has dropped to under six months, which is 38% lower than last year.
• Lower demand is expected to turn the current surplus of trucks into a shortage by Q2 2024. As demand grows again in Q2 2024, truck rates might go up.
• If the driver shortage continues, as it did in October 2023, truck rates could improve. Slowly increasing shipments and fewer available trucks are also good signs for higher rates. However, truck rates are still low due to ongoing challenges in the industry.

(Source: truckinfo.net)

• Before 2023, the trucking industry was expected to grow steadily by 6% from 2020 to 2030. However, after a challenging 2023, the growth outlook for 2024 is more cautious.
• A major change in 2024 will be new labor laws, such as California’s Assembly Bill 5, which redefines independent contractors, meaning truck drivers will now be considered employees. This change will likely affect trucking practices across the country and force companies to adapt to new labor rules.
• The American Transport Research Institute (ATRI) reports that trucking insurance premiums rose 47% from 2009 to 2018.
• This increase is mainly due to higher accident payouts. Smaller fleets will feel the impact most. Rising costs for labor, repairs, and lawsuits will continue to push insurance premiums up.
• The American Trucking Association (ATA) predicts a shortage of 160,000 truck drivers by 2030, and this shortage is expected to get worse in 2024. As the demand for goods grows and older drivers retire, companies are increasing pay to attract new drivers.
• A major issue for truckers in 2024 is the need for designated parking spots. There needs to be more spaces for trucks, leading to inefficiencies and safety concerns. The lack of action from local and federal governments has made the problem worse.

(Source: skyquestt.com)

• Fuel prices are expected to go up in 2024, with crude oil projected to reach $96 per barrel.
• While gasoline and diesel prices might go down slightly, the trucking industry will still be affected by fluctuating fuel prices.
• This will impact the operating costs of trucking companies, especially independent drivers. Rising costs for tyres, maintenance, and insurance will also add to the pressure on the industry.
• The trucking industry is moving away from paper-based invoicing and turning to digital solutions. Using technologies like blockchain, AI, and cloud computing, companies can improve their logistics and financial management, making it easier for fleet managers to run their operations.
• In 2024, more trucking companies are focusing on green practices to reduce their environmental impact. This includes using alternative fuels, electric trucks, and renewable energy to lower emissions, cut fuel costs, and improve air quality.
• Shared freight is a growing trend where multiple companies share warehouse space, truck routes, and distribution centers.
• This approach uses real-time tracking and smart algorithms to improve logistics, save money, reduce risks, and speed up delivery times.

General Trucking Industry Statistics

• The trucking industry is predicted to grow by 9.2% by 2026, reaching a total market value of $1.21 trillion.
• Top Truck Border Ports: The busiest truck border ports in the US are:

#1. Laredo, TX ($20 billion in trade)

#2. Detroit, MI ($10.7 billion)

#3. Port Huron, MI ($6.9 billion)

• Over 200,000 women work as truck drivers in the US.
• Small trucking businesses drive an average of 115,000 to 125,000 km per year.
• Truck drivers spend about 240 nights away from home each year.
• In the US, 90% of food is transported by refrigerated trucks.
• Trucking Industry Statistics stated that almost 72.5% of freight in the US is moved by weight. Using new technology could save the transportation and logistics industry about $168 billion each year.
• In 2023, trucking made up 80.7% of US freight costs, totaling $940.8 billion.
• The trucking industry added 405,000 jobs in 2022, bringing the total number of trucking-related jobs to 8.4 million.
• As of 2022, there were 3.54 million professional truck drivers in the US.
• In 2024, there were around 178.6 million registered trucks in the US.
• As of July 2023, the federal tax on diesel fuel is $0.24 per gallon.
• The General Freight Trucking (Truckload) industry made $91.4 billion in 2022, an increase of 9.8% from 2021.

(Reference: cnbc.com)

• Driver wages accounted for 32% of all trucking-related costs in 2024, and fuel costs made up 28% of trucking expenses.
• The lack of available truck parking was the second-biggest issue for truck drivers in 2023.
• The total freight tonnage moved in the US is expected to grow by 28% between 2021 and 2032.
• Insurance premiums for trucking companies went up from $0.071 to $0.088 per mile between 2019 and 2023.
• As of July 2023, there were 475,371 for-hire truck carriers in the US. Trucks carry 72.5% of the freight in the US by weight.
• The US trucking industry earned $875.5 billion in 2023, and about 3.5 million truck drivers were working in the US as of 2023.
• There were 1.1 million for-hire trucking companies in the US, as per Trucking Industry Statistics.

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Challenges In The Trucking Industry Statistics 2024

Truck drivers face many challenges every day, from high insurance costs to a shortage of drivers and a need for more available parking. The trucking industry is always changing, and drivers need to deal with new issues constantly. Here are some key facts that show what truckers are dealing with:

(Reference: sobanco.com)

• Trucking Industry Statistics stated that around 21% of owner-operators need help finding loads to carry.
• 61% of people who use freight brokers or third parties say there are fewer good loads available now.
• Over the past year, 77% of owner-operators have taken shorter routes because of rising costs, and 65% have booked fewer loads overall.
• The economy was seen as the biggest concern in 2023, followed by problems with truck parking and fuel prices.
• In 2024, 74% of US truck drivers were worried about having to work longer hours because of the driver shortage.
• 68% of US truck drivers found it hard to keep up with changes in insurance requirements and industry regulations.
• 70% of truckers thought freight rates were lower in 2022 compared to the previous year.
• Only 6% of truckers believe that freight rates are currently at their highest point.
• Trucking Industry Statistics stated that nearly 67% of company drivers need help understanding how their carriers set freight rates.
• 54% of truckers always try to negotiate better rates, but 56% say their attempts result in them losing the load.

Truck Driver Shortage Reasons Statistics

(Reference: enterpriseappstoday.com)

• As of 2024, the main reasons for the shortage of truck drivers in the industry were:

#1. 59% of people said the shortage is due to a lack of skilled drivers.

#2. 29% said the trucking industry has a negative image, which makes it harder to attract workers.

#3. 21% pointed out that it takes more work to bring more women into the profession.

#4. Trucking Industry Statistics stated that almost 49% said the industry struggles to attract younger people.

#5. 26% mentioned that tough working conditions are a big reason.

#6. 24% gave other reasons for the shortage.

Truck Drivers Revenue Statistics

Let’s break down how much truck drivers typically make, keeping in mind that pay can differ based on factors like experience, type of truck, and job responsibilities.

• According to the US Bureau of Labor Statistics, the median salary for heavy and tractor-trailer truck drivers was about $48,310 per year in 2021. This is the middle range, so half of the drivers earn more, and half earn less.
• Experience makes a big difference in truck driver pay:

#1. Drivers with less than one year of experience typically earn an average salary of $86,900.

#2. According to Indeed data, drivers with over 10 years of experience can earn an average of $104,502.

(Reference: scottmax.com)

• Owner-operators who own their trucks usually make more per mile. In 2022, owner-operators earned $2.94 per mile, which was a 6% increase from the previous year, according to the Owner-Operator Independent Drivers Association. This higher pay is one of the benefits of owning your truck.
• According to the same association, trucking company drivers earned an average of $0.72 per mile in 2022.
• While this is lower than what owner-operators make, company drivers typically enjoy more job security and don’t have to worry about truck ownership costs.
• In 2023, truck drivers’ salaries will continue to vary based on their role, experience, and whether they are owner-operators or company drivers.

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Role Of The Trucking Industry In Commerce And Goods Transportation

• The typical truck driver in the US earns about $45,570 per year.
• Truck drivers usually drive around 125,000 miles each year.
• Trucks are the most common way to move freight in the US, both in terms of weight and value.
• Trucking Industry Statistics stated that Trucks are 30% more fuel-efficient now than they were ten years ago.
• Truck drivers spend about 240 days on the road each year, averaging 11 hours per day.
• Trucks are involved in 60% of fatal crashes that involve large vehicles.
• The trucking industry moves around 11.84 billion tons of freight every year.
• Around 80% of US communities get their goods only through trucks.

(Source: thebusinessresearchcompany.com)

• Trucking is responsible for moving 57% of the US economy (GDP).
• Trucks handle about 70% of all freight weight in the US.
• It costs around $180,000 per year to own and operate a commercial truck in the US.
• According to trucking industry statistics, about 80% of goods are transported by trucks at some point in the supply chain.
• The trucking industry makes up more than 5% of the US GDP.

(Reference: sobanco.com)

• Trucks move 60% of all imports from Mexico and Canada to the US and about 69% of trade between the US and Mexico.
• Trucks transport over 80% of consumer goods in the US.
• The trucking industry moves 74% of all cross-border freight between the U.S., Canada, and Mexico.

Trucking Industry Demographics Statistics

• The American Trucking Association has warned that the shortage could reach 160,000 drivers by 2030 after seeing a gap of 80,000 drivers in 2023.
• The WIT Index also shows that the percentage of women with Class A commercial driver’s licenses (which allows drivers to operate trucks over 26,000 pounds) is even higher, at 14%, almost double the number from five years ago.
• About 4% of truck drivers in the US are part of the LGBTQ+ community.
• The billion-dollar trucking industry is evolving by hiring more LGBTQ+ drivers, helping to solve the ongoing driver shortage.
• Trucking Industry Statistics state that the increased hiring of LGBTQ+ individuals and women is part of the industry’s efforts to fill the driver shortage.
• While there are no official figures on the number of LGBTQ+ truck drivers, unofficial research shows that they make up about 4% of the total truck driver population. There’s also a Facebook group called LGBT Truckers with around 6,300 members.
• According to Trucking Industry Statistics, 73.2% of truck drivers in the US are white.

(Reference: truckinsurancenitic.com)

• In the trucking industry, age is less important than many might think. Most truck drivers are between 45 and 54 years old.
• While the average age of all US workers is 42, the average age of long-haul truck drivers is 46.
• Some areas of trucking even have older drivers. For example, private fleet drivers tend to be around 57 years old on average.
• To drive a big truck across state lines, a driver must be at least 21 years old. This means the trucking industry needs to catch up on drivers who are between 18 and 21, and many of these younger individuals often choose jobs in industries like construction, grocery stores, or fast food instead.

(Reference: truckinsurancenitic.com)

• Following are the Truck Drivers Wages by Degrees level:

(Source: truckinsurancenitic.com)

Conclusion

In conclusion, the trucking industry plays a key role in the global economy and continues to grow, even as it faces some challenges. The market is expected to grow by 9.2% by 2026, showing that the industry is on track for more expansion. Even with these challenges, the trucking industry remains strong, thanks to innovations like blockchain, electronic logging devices (ELDs), and self-driving trucks that help improve efficiency and sustainability. As the need for freight transport keeps growing, the industry will need to adjust and keep using new technology to drive future growth. We have shed enough light on Trucking Industry Statistics through this article.

Saisuman Revankar

Saisuman is a talented content writer with a keen interest in mobile tech, new gadgets, law, and science. She writes articles for websites and newsletters, conducting thorough research for medical professionals. Fluent in five languages, her love for reading and languages led her to a writing career. With a Master’s in Business Administration focusing on Human Resources, Saisuman has worked in HR and with a French international company. In her free time, she enjoys traveling and singing classical songs. At Coolest Gadgets, Saisuman reviews gadgets and analyzes their statistics, making complex information easy for readers to understand.

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