The freight trucking industry plays a crucial role in the global economy, transporting goods and merchandise across vast distances efficiently and effectively. By examining key statistics and trends within this industry, we can gain valuable insights into its growth, challenges, and impact on various sectors. In this blog post, we will delve into the world of freight trucking industry statistics to understand the current landscape and future prospects.
The Latest Freight Trucking Industry Statistics Explained
The global market size of the freight trucking industry was valued at USD 3,544.6 billion in 2020.
The statistic states that the total value of the global market for freight trucking industry was USD 3,544.6 billion in the year 2020. This figure represents the total revenue generated by companies involved in transporting goods by trucks on a global scale. The size of this market indicates the significant economic activity and demand for freight transportation services worldwide, highlighting the importance of the trucking industry in facilitating trade and commerce across different regions. This statistic provides valuable insights into the scale and scope of the global freight trucking sector, reflecting its substantial contribution to the global economy.
The CAGR of the freight trucking industry is expected to be 4.3% from 2021 to 2028.
The Compound Annual Growth Rate (CAGR) is a measure used to represent the annualized growth rate of an investment, industry, or other metric over a specific period of time, in this case from 2021 to 2028 for the freight trucking industry. An expected CAGR of 4.3% indicates that industry experts project the average annual growth rate of the freight trucking industry to be 4.3% over the specified timeframe. This statistic suggests that the industry is anticipated to experience steady growth during this period, which can be valuable information for stakeholders and decision-makers in the logistics and transportation sectors for planning and forecasting purposes.
The U.S. freight trucking industry employs approximately 3.5 million drivers.
The statistic that the U.S. freight trucking industry employs approximately 3.5 million drivers highlights the significant role that truck drivers play in the transportation sector. These drivers are responsible for transporting goods across the country, ensuring that products reach their destinations efficiently. This statistic also underscores the scale of the trucking industry’s workforce and its importance to the overall economy, as the movement of goods by trucks is a crucial component of supply chains and commerce. The large number of employed drivers also suggests the widespread demand for transportation services in the U.S. and the reliance on trucking to meet this demand.
The industry accounts for over 5% of all full-time jobs in America.
This statistic highlights the significant impact of the industry sector on the overall job market in the United States, indicating that more than 1 in 20 full-time jobs in the country are within this sector. The industry’s share of total employment underscores its importance in providing opportunities for American workers and contributing to the economy. This statistic suggests that the industry sector plays a substantial role in driving employment growth and sustaining livelihoods for many individuals across the nation. Understanding the magnitude of the industry’s influence on the job market can help policymakers, businesses, and job seekers make informed decisions regarding workforce planning, economic development, and career choices.
In 2019, freight trucks moved 72.5% of all domestic freight in the U.S.
In 2019, freight trucks were responsible for transporting 72.5% of all domestic freight within the United States. This statistic indicates that the majority of goods transported within the country were moved by trucks as opposed to other modes of transportation such as trains, ships, or airplanes. This high percentage highlights the significant role that freight trucks play in the U.S. transportation system, emphasizing their importance in the movement of goods across the country. It also suggests that trucking companies are a crucial component of the logistics and supply chain network, serving as the primary mode of transportation for domestic freight shipments.
The total operating revenue in the U.S. for the freight trucking industry was $719.3 billion in 2019.
The statistic indicates that the total operating revenue generated by the freight trucking industry in the United States in 2019 amounted to $719.3 billion. This figure represents the total income received by companies operating within the industry from their primary activities related to transporting goods via trucks. The statistic provides insight into the significance of the freight trucking sector within the U.S. economy, highlighting its substantial contribution in terms of revenue generation and economic activity. Analyzing this statistic can offer valuable information for understanding the scale and impact of the freight trucking industry on national and global supply chains, as well as its role in supporting various industries and facilitating trade and commerce.
Asia-Pacific region held the largest share of 46.3% in the fashion freight trucking market in 2020.
The statistic indicates that the Asia-Pacific region accounted for the highest proportion, 46.3%, of the fashion freight trucking market in 2020. This suggests that a significant portion of the fashion goods transport within the industry occurred in Asia-Pacific countries. The region’s dominance in this market segment could be attributed to factors such as the presence of major fashion production hubs, strong demand for fashion goods, and well-established trucking transportation infrastructure. Understanding this distribution of market share can be valuable for stakeholders in the fashion logistics industry looking to target specific regions for business opportunities or to tailor their services to meet the demands of the Asia-Pacific market.
Freight trucking end-use industry segment represented 38.7% of the market in 2020 and is expected to retain its dominance.
The statistic indicates that in 2020, the freight trucking end-use industry segment accounted for 38.7% of the market share within the transportation industry. This suggests that freight trucking was the most significant sector in terms of revenue and activity. Furthermore, the projection that this segment is expected to retain its dominance implies that it will continue to play a leading role in the market in the foreseeable future. This could be due to various factors such as the reliability and efficiency of trucking services, increasing demand for transporting goods, or potential barriers to entry for other modes of transportation. Overall, the data highlights the importance of the freight trucking industry and its continued influence on the transportation sector.
The U.S. freight industry was estimated to account for approximately 27% of the total fuel consumption by commercial vehicles in 2019.
In 2019, the U.S. freight industry was responsible for roughly 27% of the fuel consumption used by commercial vehicles operating within the country. This statistic highlights the significant contribution of the freight sector to the overall fuel consumption in the transportation industry. The high percentage indicates that freight transportation plays a substantial role in the utilization of fuel resources, emphasizing the industry’s importance in energy consumption and potential environmental impact. Understanding the fuel consumption patterns of the U.S. freight industry can help policymakers and stakeholders make informed decisions to promote energy efficiency and sustainability within the transportation sector.
Trailer freight accounted for 59.7% of the total weight of goods transported by the road in Europe.
The statistic that trailer freight accounted for 59.7% of the total weight of goods transported by road in Europe means that a significant majority of goods transported across Europe by road are carried in trailers. This indicates the reliance on trailers as a key method of transporting goods, showcasing the importance of the road freight industry in Europe. The high percentage suggests that trailers are a popular and efficient mode of transportation for heavy and large shipments, highlighting the scale and volume of goods being moved via road throughout the continent. This statistic can be used to assess the proportion of goods that are transported by trailers compared to other modes of transport, providing valuable insights into the road freight sector in Europe.
70% of all goods transported in the U.S. are moved via trucks.
The statistic that 70% of all goods transported in the U.S. are moved via trucks indicates that the trucking industry plays a vital role in the country’s transportation system. This high percentage underscores the significant reliance on trucks for the movement of goods across the nation. Factors contributing to this statistic may include the widespread network of roads and highways in the U.S., the flexibility and efficiency of truck transportation, and the ability to reach even remote locations. Additionally, the statistic highlights the importance of the trucking industry to the overall economy, as the efficient transport of goods is crucial for businesses to meet consumer demands and drive economic activity.
There are over 916,000 for-hire freight carriers in the U.S.
The statistic that there are over 916,000 for-hire freight carriers in the U.S. highlights the vast and diverse landscape of the transportation industry in the country. These carriers consist of various modes of transportation, including trucking companies, railroads, air cargo services, and maritime shipping providers. This large number of carriers reflects the significant role that freight transportation plays in the U.S. economy, facilitating the movement of goods and materials across the country and internationally. Additionally, the sheer magnitude of for-hire freight carriers points to the competitiveness and variety within the industry, offering businesses and consumers a wide range of options for shipping their products effectively and efficiently.
The share of road freight transport in total inland transport was 49.8 % in the EU in 2019.
The statistic indicates that out of all forms of inland transport in the European Union in 2019, nearly half (49.8%) was attributed to road freight transport. This implies that road freight transport played a significant role in transporting goods across land within the EU during that year. This statistic is important as it highlights the dominance of road freight as a preferred mode of transport for moving goods within the EU, which can have implications for infrastructure planning, environmental sustainability, and overall economic developments in the region.
The average rate for truckload carriers across all reported mileage bands increased 10 cents a mile in 2018.
The statistic indicates that the average rate charged by truckload carriers for transporting goods increased by 10 cents per mile in 2018 across all reported mileage bands. This suggests that the cost of hiring a truckload carrier to transport goods over various distances rose during that year. This increase in rates could be due to various factors such as rising fuel prices, increased demand for trucking services, changes in regulations impacting the industry, or other economic factors influencing transportation costs. The 10 cents per mile increase serves as a key indicator of changes in the truckload transportation market and has implications for businesses relying on this mode of transportation for their supply chain needs.
The largest operating expense of a trucking company is driver salary at 38% followed by fuel costs at 24%.
This statistic indicates that the biggest cost for a trucking company is the driver’s salary, accounting for 38% of the total operating expenses. This suggests that labor costs associated with hiring and compensating drivers play a significant role in the company’s overall financial expenditure. Following closely behind are fuel costs, at 24%, highlighting the substantial impact that fuel consumption has on the company’s operational budget. Understanding these key expense categories can aid in strategic decision-making and cost management efforts within the trucking industry.
Trucking accounts for about 8.7% of the GDP in the U.S.
The statistic that trucking accounts for about 8.7% of the GDP in the U.S. suggests that the industry plays a significant role in the country’s economy. This means that a substantial portion of the total economic output of the United States is directly attributable to the trucking sector. Given that the GDP represents the total value of all goods and services produced within a country in a given period, the fact that trucking contributes nearly 9% highlights its importance in facilitating the movement of goods across the nation. The statistic underscores the extent to which the trucking industry supports businesses across various sectors by transporting raw materials, finished products, and other necessities, ultimately contributing to economic growth and development.
Freight transportation by truck consumes approximately 50 billion gallons of diesel fuel each year.
The statistic that freight transportation by truck consumes approximately 50 billion gallons of diesel fuel each year highlights the substantial impact of the trucking industry on fuel consumption. Diesel fuel is a primary energy source for trucks, and the sheer volume of fuel consumed underscores the significant energy demands of trucking operations. This statistic also indicates the environmental implications of such high fuel consumption, as diesel fuel combustion is a major contributor to air pollution and carbon emissions. As a result, achieving greater fuel efficiency and exploring alternative energy sources in the trucking industry are crucial steps towards reducing environmental impact and fostering sustainability in freight transportation.
In 2016, there were approximately 33.8 million trucks registered and used for business purposes, including class 6-8 trucks.
The statistic states that in 2016, there were around 33.8 million trucks registered and utilized for business operations, encompassing class 6 to 8 trucks. This figure indicates a significant volume of trucks dedicated to supporting commercial activities, such as transporting goods and materials across various industries. The inclusion of class 6 to 8 trucks signifies a wide range of truck sizes and capacities being employed for business purposes, indicating a diverse fleet to meet the demands of different businesses. This statistic highlights the pivotal role that trucks play in facilitating the movement of goods and the functioning of businesses within the economy.
References
0. – https://www.www.eia.gov
1. – https://www.www.cerasis.com
2. – https://www.www.grandviewresearch.com
3. – https://www.ftrintel.com
4. – https://www.www.atbs.com
5. – https://www.www.bts.gov
6. – https://www.www.truckinfo.net
7. – https://www.www.trucking.org
8. – https://www.ec.europa.eu
