transportation industry revenue
Autonomous trucks can also help decrease the chances of driver accidents on the road. captains and pilots of water vessels were among the highest paid freight Employment Projections: National Employment Matrix. Accessed on March 29, 2022. Insider. American Trucking Associations. 4.06 million Class 8 trucks (including tractors and straight trucks) in operation in 2021, up 2.3% from 2020. We use cookies for analytics, personalized content and ads. (Source: 26% of trucking costs are spent on fuel alone with another 14% used for truck/trailer payments. Many publicly traded trucking companies perform well in the stock market, including Old Dominion Freight, Knight-Swift Transportation, and J.B. Hunt What is FTL Shipping? Washington, DC 20003, New Report Finds Trucking Industry Revenues Topped $700 Billion, ATA Truck Tonnage Index Rose 1.9% in July, Scott Woodrome Wins Bendix Grand Champion Honors at National Truck Driving Championships, Agricultural and Food Transporters Conference. 72.5% of freight transported in the U.S. in 2019 was hauled by trucks. Size of the transportation and warehousing market in the U.S. between 2019 and 2022. Accessed on August 1st, 2022. The U.S. trucking industry is big enough to earn $875.5 billion in revenue in 2021. News & Insights. Accessed on August 1st, 2022. 
WebThis is the equivalent of $1,145/week or $4,963/month. By application, the market is categorized into urban and rural. Trade barriers are the tariffs on imported goods. Freight transportation jobs are not limited to for-hire carriers. Until truckers organize into a massive force the US and Canadian government will keep going their efforts to destroy the trucking industry just as they did with the textile, steel, automotive, tool and die, and trying to do with aircraft industry already in the works. warehousing sector employment. One of the leading causes keeping the driver shortage high is the high average age of the current workforce. In 2019, many carriers experienced reduced revenue streams due to falling demand and reduced freight rates precipitated by lessened shipping volume. (, The average annual salary for light or delivery service truck drivers is $41,960. Fact Sheet: The Biden-Harris Administration Trucking Action Plan to Strengthen Americas Trucking Workforce. Accessed on March 30, 2022. In Discover gifts that provide comfort and safety for the special trucker in your life. Transportation and Warehousing: NAICS 48-49. Accessed on August 1st, 2022. Almost anyone can start their own trucking company, no matter how small, and since its vital for companies to get their logistics just right while keeping costs low, its difficult for one or two companies to fully take over the market. There also is no reason that we in the US have to pay these high fuel prices, again politics and special interests. Metro. WebThe national Long-Distance Freight Trucking industry is most heavily concentrated in Texas, California and Illinois. ATA Headquarters trillion in 2010 to more than $6.9 trillion in 2019 (current U.S. dollars). 1. Membership is open to for-hire motor carriers, private carriers, industry suppliers & allied companies, shippers, and individual professionals through our councils. Transportation emissions account for 27% of the U.S. total greenhouse gas emissions. Revenues grew strongly by 95.026 % to $ 1.38 billions from $706.91 millions in the corresponding quarter a year ago and sequentially Revenues improved from $0.00 millions. Greatest challenges for polled truckers in After a slump at the start of the pandemic in the U.S. in March, Class 8 truck orders are on this rise. (, 11% of all motor vehicle crash deaths that occurred in 2018 involved large trucks. This includes 3.6 million professional drivers; 91.3% of fleets operate six or fewer trucks and 97.4% operate 20 or fewer, meaning most carriers are small companies. Even though commercial trucks make up 13.7% of all registered vehicles, they paid $18 billion in federal highway-user taxes and $27.7 billion in state highway-user taxes in 2018. Sequentially Revenues for https://www.linkedin.com/company/fleetowner/. Grocery Stores Would Run Out of Food in Just 3 Days if Long-Haul Truckers Stopped Working. Im hoping that the industry grows for the better over the next 10-15 years. San Diego based company TuSimple has already started testing their self-driving trucks and predicts these trucks will not only have a positive impact on the industry, but the environment as well. U.S. Bureau of Labor Statistics. 7.99million people employed throughout the economy in jobs that relate to trucking activity in 2021 excluding the self-employed. American Trucking Association: Trucking Moved 11.84 Billion Tons of Freight in 2019, 2. Abby is a writer who is passionate about the power of story. services are almost entirely private, while private-sector trucks operate over According to data from FTR Transportation Intelligence, the 50,000 Class 8 truck order total for November the third-highest in history reflects the potential demand for the trucks and were driven by previous pandemic-related capacity constraints and OEM supply shortages. U.S. Bureau of Labor Statistics. Read on to find out some key trucking industry statistics regarding the current state of the industry and future projections. "23+ Trucking Industry Statistics [2023]: Surprising Facts On American Trucking" Zippia.com. Volume of Freight Moved by Trucks in the United States From 2014 to 2020. This is on pace with all other U.S. occupations, but the majority of the growth will be driven by recovery from the COVID-19 pandemic in 2020. In 2021 alone, U.S. trucks moved 10.93 billion tons of freight. WebGlobal Logistics Market Worth $12,975.64 Billion by 2027 | AMR Home Press Release Logistics Market is Expected to Reach $12,975.64 Billion by 2027 Logistics Market is Expected to Reach $12,975.64 Billion by 2027 Speak with Analyst Request Sample/TOC View Report 2022 Logistics Market P Report Code : A01612 Distribution of Costs in Freight Trucking in the United States From 2008 to 2020, by Type. Through a federation of 50 affiliated state trucking associations and industry-related conferences and councils, ATA is the voice of the industry America depends on most to move our nations freight. Overall positive. Commercial trucks paid $27.7 billion in state highway-user taxes in 2018. For-hire transportation services (, 52% of crash deaths involving large trucks occurred on major roads. And theres a reason why people across the nation rely on the transportation industry to ship not only their goods from place to place but also themselves. $48.46billion paid by commercial trucks in federal and state highway-user taxes in 2020. From 2021 to 2031, truck drivers are expected to see a job growth rate of 4%, which is on par with U.S. occupations as a whole and does account for the recovery the industry experienced after a dip in 2020. Employment in the Whether its communicating complicated topics in a clear way or helping readers connect with another person or place from the comfort of their couch. BLS. Between 2000 and 2020, output-per-hour The trucking industry is extremely competitive. 
The pandemic hit smaller fleets and owner-operators harder than their larger counterparts. Trucks moved 10.77 billion tons of freight, 70.2% of all domestic freight tonnage; The industry generated $700.1 billion in annual revenue in 2017, 79.3% of the nations freight bill; The industry moved 69.1% of all trade between the U.S. and Mexico, and 57.7% of Canada-U.S. trade; Roughly 7.7 million people were employed in jobs related to trucking activity, including 3.5 million drivers; Of those 3.5 million drivers, there were 1.7 million heavy and tractor-trailer drivers. flatbeds, tankers, or refrigerated trailers.) (, The average age of drivers in the trucking industry is 46 years old. What Do These Transportation Industry Statistics Mean for Your Business? Transportation and Warehousing in the US Number of Businesses. Accessed on August 1st, 2022. The use of IoT & AI for cargo and transport management can shorten the time necessary for waterway transport delivery. WebBLS Data Workforce Statistics Earnings and Hours Fatalities, Injuries, and Illnesses Prices Workplace Trends About the Transportation and Warehousing sector The transportation and warehousing sector is part of the trade, transportation, and utilities supersector. In addition, drivers are in high demand, which means that companies not only have to woo customers to choose them, but they also often have to woo drivers to help them fulfill their promises to their customers. By continuing to browse this site, you agree to this use. An official website of the United States government. 
Trucking in 2020 accounted for 26.4 percent of total transportation and In 2019, there were 3.6 million truck drivers employed in the U.S. (, 7.95 million people were employed in trucking related jobs in the U.S in 2019. U.S. trucks carried 10.93 billion tons of freight in 2021, the largest amount in six years. The average U.S. trucker drives between 605-650 miles per day. Thats the equivalent of driving from New York City, NY, all the way to Cincinnati, OH, in just one day. Can you outline what you find to be untrue? What is the future of the trucking industry? CareerExplorer. Join more than 37,000 ATA members representing Americas trucking industry. Occupational Outlook Handbook: Heavy and Tractor-Trailer Truck Drivers. tries to define some of the boundaries that are reasonable in today's world. 302.14billion miles traveled by all registered trucks in 2020. (, The average annual wage for heavy and tractor-trailer truck drivers is $46,370. Moreover, surge in demand for transportation of liquefied natural gas export by sea is expected to contribute to the transportation infrastructure market growth. Economics and Industry Data. Accessed on August 1st, 2022. Because there are low barriers to entering the industry, there is no shortage of trucking companies (approximately 1.9 million), and shippers have plenty of choices in who they hire, which creates a significant amount of competition. But the industry still faces an ongoing and worsening labor shortage. BLS. In addition to using for-hire WebIn 2021, the total market size of the less-than-truckload industry in the United States is expected to reach over 80 billion U.S. dollars. The average freight revenue per ton-mile compared to the Producer Price Index increased for all freight modes. David Correa While there is always a bit of uncertainty entering a new year, the overall outlook on 2022 for the trucking industry looks to be positive. EPA. includes the monetary value of all goods and services produced within the U.S. 
In 2019, there were 3.6 million truck drivers employed in the U.S. (, 7.95 million people were employed in trucking-related jobs in the U.S in 2019. In 2021 alone, the number of businesses grew by 9.9%. Jack Flynn is a writer for Zippia. This year, 15 states and Washington, D.C., signed a memorandum of understanding that calls for only zero-emission commercial vehicles to be sold by 2050. The cargo manufacturer or loader could also be responsible should there be any issues when transporting fleet. The trucking industry is responsible for transporting goods all over the nation as well as our bordering countries. Transportation Sector Unemployment Rate of 4.5% In May 2022 Is Below the May 2021 Level of 7.9% But Just Above the Pre-Pandemic May Level of 4.3% in 2019., Transportation and Warehousing: NAICS 48-49., Find Out Here How Many Miles Can a Truck Driver Drive in a Day., Global Electric Truck Market (2022 to 2027) Industry Trends, Share, Size, Growth, Opportunity and Forecasts., MaaS Market Projected to Reach $40.1 Billion by 2030.. 
Hindustan Aeronautics Limited said on Friday it has registered highest-ever revenue from operations of around Rs 26,500 crore (provisional and unaudited) for 2022-23 as against Rs 24,620 in the previous financial year, an eight per cent growth. Macrotrends. In 2019, 67.7% of goods moved between the U.S. and Canada were transported by trucks. On average, he said, each day, the transportation system in the U.S. moves about 49 tons of freight valued at more than $53 billion per day. The major players profiled in the transportation infrastructure market include ACS Group, Balfour Beatty plc, Bechtel Corporation, Bouygues Construction SA., CK Hutchison Holdings, Globalvia Inversiones SA, kiewit Corporation, laing orourke, Larsen & Toubro Ltd and Vinci SA. there were over 237,000 transportation and warehousing establishments Federal, state, Insurance premiums for trucking companies have seen a huge spike in the last few years, totaling around $12,000 to $14,000 today. Further, with new innovations like electric trucks and transportation apps, the industry will only continue to grow, employ more workers, and become an increasingly important staple of American life. By type, the transportation infrastructure market is fragmented into railway, airport, roads & bridges, and ports. email us here. Grocery Stores Would Run Out of Food in Just 3 Days if Long-Haul Truckers Stopped Working. Accessed on March 29, 2022. The worked grew by 23.9 percent over the same period. While the industry is a foundational sector of our economy, there are many different factors that are starting to change the way the industry performs. Greatest challenges for polled truckers in the trucking market are driver-related costs, insurance costs and liabilities, and finding/retaining customers. For-hire transportation The global transportation industry is expected to grow at a CAGR of 38.5% through 2027. The trucking industry earned $875.5 billion in revenue in 2021. We do not allow opaque clients, and our editors try to be careful about weeding out false and misleading content. Mar. Your help is welcome. As a user, if you see something we have missed, please do bring it to our attention. Though, during the height of the COVID-19 pandemic, unemployment in the transportation industry was only just over 7%, compared to over 13% for the nation. 80 M Street SE Suite 800 Air-cargo services in the private sector operate in public Get a real-time quote today. But fleet owners and operators, dispatchers, back-office staff, and, of course, drivers persevered and kept freight moving. 2010 to 2020, the According to the most recent report, commercial trucks paid $18 billion in federal highway-user taxes in 2018. The freight There are just over 2 million trucking carriers in the U.S. The truck driver job growth rate is projected to be 6% from 2020 to 2030. A .gov website belongs to an official government organization in the United States. Trucking WebData by Industry within Transportation Sector : Marketcap: Revenues (TTM) Net Income (TTM) Employees: Industry (Millions) (Millions) (Millions) Number In 2021, Asia-Pacific dominated the market, in terms of revenue, accounting for around 48% transportation infrastructure market share of the global market. (, Insurance premiums for trucking companies have seen a huge spike in the last few years, totaling around $12,000 to $14,000 today. Employment in Transportation: Employment in Transportation and Related Industries. Accessed on August 1st, 2022. Jack received his BS from Hampshire College. Over the years the industry has seen an increase in crashes leading to fatalities. quarters of 2000 and 2018. In 2019, 3.91 million Class 8 trucks were in operation. Minority owner-operators are around 21 percent. Characteristics of Driver/Sales Workers and Truck Drivers. Accessed on March 30, 2022. Minorities account for 40.6% of all drivers and 6.2% of truck drivers are women. By 2025, the global self-driving truck market is expected to reach $1,699 million. Yuneec Holding Limited Revenue [US$545.3 Million] Yuneec Holding Limited is a China based electric aviation products manufacturing company headquartered in Shanghai, China. 31.0 paid on average in state fuel tax for each gallon of gasoline as of January, 2022. From 2014 to 2017, the trucking industrys revenue hovered right It a sad state of affairs when they have the gall not to even hide their stupidity and incapability. Today, however, their growth can be seen in the fact that keywords like tonight and today relating to transportation searches have increased by 519% in the past five years. Web page addresses and email addresses turn into links automatically. Lone Star Transportation serves 49 states, as well as Mexico and In addition, 97.4% operate with fewer than 20 trucks, showing that the vast majority of U.S. trucking carriers arent owned by large companies. Other motor carriers are those that did not specify their segment or checked multiple segments. Government transportation revenues consist of money collected by governments from transportation user charges and taxes to finance transportation For example, in 2020, the trucking industry hauled 10.23 billion tons of freight, but that was a 13.6% decrease from 2019 when 11.84 billion tons of freight was hauled. Estimates of 41,000 to 45,000 traffic deaths occur every year within the U.S.. (, Employment for truck drivers was projected to grow by only 2 percent from 2019 to 2029. In the meantime, check out some of the highlights from each section. There are approximately 350,000 to 400,000 owner-operators, On average, the owner-operator has been driving for more than 20 years. The average age of a driver transitioning into trucking is 36, while the average age drivers currently in the industry is 57, according to FMCSA's Deputy Administrator Wiley Deck. The U.S. transportation industry is big, with market size of $1.26 trillion. The $71.3 billion in freight revenue and $74.3 billion in Though its a racially diverse industry, there was only about a two percent increase in the amount of women employed in the last 18 years, and recruiting female drivers is a problem the industry continues to face. Air transportation output-per-hour worked grew 114.8 percent (126) between 2000 and 2019 but declined sharply in 2020 (54). IBISWorld. 33.8 million trucks across all classes, 1 through 8 (i.e., light-, medium-, and heavy-trucks) (Source: Owner-Operators primarily operate Class 8 Trucks (33,001 pounds and greater). The first half of 2021 presented an unprecedented slowdown of the global supply chain in the wake of the pandemic. Revenue: $1.68 million. The global transportation infrastructure market is estimated to reach $3606.8 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031. New technology can seem scary to an industry thats been doing well for years, but embracing this change can create a safer industry and contribute to a safer environment overall. Abby attended Oral Roberts University in Tulsa, Oklahoma, where she earned a degree in writing with concentrations in journalism and business. Everything from raw materials from forests, mines, and farms must be transported by truck in a process that repeats itself all the way to the end user or consumer. (, The trucking industry lost more than 88,000 jobs in April 2020, a 5.8% drop from March 2020. WebRevenue from European transportation is projected to reach 517 billion by 2026, up from 491 billion in 2021, growing at an average rate of 0.6% year on year. The industry represents more than half of the nations freight bill, and without it, our economy would suffer. The ethnic and racial demographic breakdown of the U.S. truck driving workforce is as follows: The majority of truckers are between 45 and 54 years of age. 83.1% of cross-border trade with Mexico was moved by trucks in 2019. (, Liabilities, Accidents and Fleet Driver Safety Statistics, With this in mind, companies are starting to take driver safety more seriously to avoid any liabilities. The components of transportation fixed assets and their Yes, the trucking industry is growing. The Freight * Other motor carriers are those that did not specify their segment or checked multiple segments. However, this number dropped down in 2020 with 10.23 billion tons of freight moved by trucks that year. The increased demand and supply bottlenecks have created a strong tailwind for the trucking industry which will help offset the increased cost of operation due to factors such as increased driver compensation, regulatory fees, and rising fuel costs. (, The same survey found that 37% of small business owners believe that fleets could go fully autonomous in as little as 10 years. Hes held a range of roles within the surety industry from agent assistant to bond issuer which gives him a unique insider perspective on surety-related topics. While creating a short-term crisis for the industry, the widespread economic and supply disruption has also created an unparalleled opportunity for growth going forward. The interest of governments in the development of transportation services is universally strong given that these services are a major source of economic growth. WebTransport & Logistics Industry list of constituents, statistics expectations and revisions, sales and income. For further analysis, we broke down the data in the following ways: Demographics | Employment | Pay | Trends and Projections. shipper-owned trucks. When it comes to rating schools, we consider price, the depth of the course, and reputation. This report focuses on preferred Alternatives 2 and 6 as selected by the Texas Department Of And, for the better part of 2020, trucking companies and their drivers worked around the clock and braved the unknown to make sure essential supplies got to where they needed to be. Figuring out how to find truck loads can be difficult at first. UPS Freight has over 200 facilities in the United States, along with over 22,000 trailers and 6,700 tractors. The trade kerfuffle between China and the United States and 34% of freight trucking costs go toward paying drivers wages. By construction type, the market is divided into new construction and renovation. (, The average industry employee worked 41.2 hours per week in July 2020. 18.4 in federal fuel tax paid for each gallon of gasoline as of January, 2022. larger than any of the other transportation modes. Official websites use .gov In 2017, the trucking industry generated more than $700 billion in revenue. Of the $700b in trucking related revenue, $350b came from FTL For-hire fleets, $250b from FTL private fleets, $60b from courier & parcel, and $40b from LTL. As a result, this aids in the development of port infrastructure. (, Self-Driving Trucks and the Future of Trucking. While ZipRecruiter is seeing annual salaries as high as $125,500 and as low as $21,000, the majority of Transportation (, In a study conducted by TuSimple, they found that their self-driving trucks were 10% more fuel efficient than traditional trucks. https://www.trucking.org/news-insights/trucking-moved-1184-billion-tons-freight-2019, An Analysis of the Operational Costs of Trucking: 2020. Luckily, weve investigated all of the essential facts about American transportation, and according to our extensive research: The U.S. transportation industry is worth $1.36 trillion as of 2022. Depending on the circumstances around the incident, the driver or the company could be liable. The driver shortage problem has also been compounded by stricter drug and alcohol testing mandates, an older demographic of drivers retiring from the industry, and the fact that women and minorities still represent a small fraction of the driving force. So, as the $830 billion trucking industry prepares for what could be the first full normal year since the pandemic caused tidal waves in supply and demand cycles, As of 2022, 10.68 million Americans work in the transportation & warehousing industry. Trucks will always be needed in one form or another.. +15038946022 ext. Be the first to rate this post. U.S. assets in 2019. ATA projects that if current driver turnover trends continue, the shortage could swell to over 160,000 drivers by 2028. In comparison, 17% of those interested in becoming truck drivers are females. Commercial trucks make up 12.5 percent of all registered vehicles, but paid 36.5 percent of total highway-user taxes in 2006. More specifically, a whopping 43.3% of transit workers are over 55. Thats 25% higher than the national average of 3.6%, meaning that unemployment is noticeably more common in the U.S. transportation industry. Employment Projections: National Employment Matrix. For the December issue of the magazine, sections were broken up by overview, which includes industry segments, global and domestic trends, and freight forecasts, among others; COVID-19, which provides a glimpse as to how the pandemic has impacted the freight industry; drivers; safety; traffic; equipment; and emissions and efficiency. trucking. 430 First Street, SE, Suite 100 Between 2011 and 2014, diesel and jet fuel Cummins and Detroit diesel are the top two engines among owner-operators. (, In July 2020, the average hourly earnings for employees in the industry was $26.30.