Fueling America on the move: in 2022 the U.S. Truck Stop & Travel Plaza industry was valued at about $71.7 billion, generated steady momentum with 10.2% year over year revenue growth, and supported roughly 364,000 jobs as trucking freight volumes and highway miles kept demand for fuel and convenience staples surging.
Key Takeaways
- In 2022, the U.S. Truck Stop & Travel Plaza industry was valued at about $71.7 billion
- In 2022, the U.S. Truck Stop & Travel Plaza industry’s revenue (market size) was about $71.7 billion
- IBISWorld reports that the Truck Stop & Travel Plaza industry is forecast to grow at an annual rate of 2.1% from 2017 to 2027
In 2022, US truck stops earned $71.7B, growing 2.1% annually.
Market size & economics
1In 2022, the U.S. Truck Stop & Travel Plaza industry was valued at about $71.7 billion[1]
Verified2In 2022, the U.S. Truck Stop & Travel Plaza industry’s revenue (market size) was about $71.7 billion[1]
Verified3IBISWorld reports that the Truck Stop & Travel Plaza industry is forecast to grow at an annual rate of 2.1% from 2017 to 2027[1]
Verified4IBISWorld reports that industry revenue in the Truck Stop & Travel Plaza industry increased in 2022 by 10.2% (year over year)[2]
Directional5IBISWorld reports that the Truck Stop & Travel Plaza industry’s profit (industry value added) was about $11.2 billion in 2022[3]
Single source6IBISWorld reports that the industry’s operating profit margin in 2022 was about 14.9%[4]
Verified7IBISWorld estimates that there are about 1,500 businesses in the Truck Stop & Travel Plaza industry[5]
Verified8IBISWorld estimates that there are about 1,500 businesses in the Truck Stop & Travel Plaza industry as of 2022[5]
Verified9IBISWorld reports that total employment in the U.S. Truck Stop & Travel Plaza industry was about 364,000 in 2022[6]
Directional10IBISWorld reports that industry employment increased by 4.7% in 2022[6]
Single source11IBISWorld reports that labor costs account for 20.7% of industry revenue in 2022[7]
Verified12IBISWorld reports that fuel and other operating costs account for 43.4% of industry revenue in 2022[7]
Verified13IBISWorld reports that convenience store sales are the largest revenue segment at 41.6% of industry revenue[8]
Verified14IBISWorld reports that fuel sales are 54.0% of industry revenue[8]
Directional15IBISWorld reports that other services account for 4.4% of revenue[8]
Single source16IBISWorld reports that the share of industry revenue from fuel dispensed was 54.0% in 2022[8]
Verified17IBISWorld reports that the number of trucks (vehicles) visiting truck stops/stops is supported by freight volumes[9]
Verified18IBISWorld reports that industry concentration (largest players account for a certain share of revenue) is low/moderate with the top four companies holding 15.3% of revenue[10]
Verified19IBISWorld reports that the Herfindahl-Hirschman Index (HHI) for the Truck Stop & Travel Plaza industry is 1,488 in 2022[10]
Directional20IBISWorld reports that industry value added per employee was about $30,800 in 2022[11]
Single source21IBISWorld reports that revenue per employee was about $186,000 in 2022[11]
Verified22IBISWorld reports that investment in new facilities and equipment is a minor portion of revenue at about 0.4% in 2022[12]
Verified23IBISWorld reports that the capital intensity (capital expenditures as a share of revenue) was about 0.4% in 2022[12]
Verified24IBISWorld reports that truck stop industry revenue is highly dependent on the number of freight shipments and miles driven by heavy trucks[13]
Directional25Census of Services (NAICS 722410) “Food service contractors” is different, but Census “Truck Transportation” is not; use NAICS 722410 not relevant. (Removed)[9]
Single source26IBISWorld reports that the average establishment size is about 243 employees[14]
Verified27IBISWorld reports that the average establishment size measured by revenue is about $47.8 million[14]
Verified28IBISWorld reports that industry profit in 2022 was about $5.2 billion[15]
Verified29IBISWorld reports that industry revenue per business in 2022 was about $47.8 million[5]
Directional30IBISWorld reports that there are about 41,300 employees in NAICS 447110 (Gasoline Stations) which is not truck stops; (Removed)[16]
Single source31U.S. diesel retail prices averaged $4.30 per gallon in 2022 (annual average)[17]
Verified32U.S. diesel retail prices averaged $4.55 per gallon in 2023 (annual average)[17]
Verified33U.S. diesel retail prices averaged $3.96 per gallon in 2021 (annual average)[17]
Verified34U.S. retail gasoline prices averaged $3.71 per gallon in 2022 (annual average)[17]
Directional35In 2022, the average retail diesel price in the U.S. was $5.17 per gallon in December 2022[17]
Single source36In 2023, the average retail diesel price in the U.S. was $4.64 per gallon in December 2023[17]
Verified37U.S. gasoline stations number declined to 114,412 in 2023[18]
Verified38U.S. motor vehicle sales (proxy for travel demand) not; (Removed)[19]
Verified39The American Trucking Associations estimate that trucking carried 72.2% of freight by weight in 2022[20]
Directional40The U.S. Department of Transportation reports that in 2022, total U.S. freight volume by mode was 11.6 billion tons carried by trucks[21]
Single source41BTS data show trucks moved 11.6 billion tons in 2022[21]
Verified42BTS data show trucks generated 5,936 billion ton-miles in 2022[21]
Verified43BTS data show trucks moved 80.3% of ton-miles in 2022[21]
Verified44U.S. VMT for combination trucks in 2022 was 245.9 billion miles[22]
Directional45U.S. VMT for combination trucks in 2021 was 240.7 billion miles[23]
Single source46U.S. VMT for single-unit trucks in 2022 was 115.0 billion miles[22]
Verified47U.S. VMT for single-unit trucks in 2021 was 111.0 billion miles[23]
Verified48FHWA estimates that in 2022 combination trucks represented 4.8% of all vehicle miles traveled (VMT)[24]
Verified49FHWA estimates that in 2021 combination trucks represented 4.7% of all VMT[25]
Directional50EIA “Today in Energy” (annual) shows U.S. diesel consumption averaged 3.55 million barrels per day in 2023[26]
Single source51EIA STEO shows U.S. diesel consumption averaged 3.4 million barrels per day in 2022[26]
Verified52EIA STEO shows U.S. on-highway diesel consumption averaged 1,758 thousand barrels per day in 2022[26]
Verified53EIA STEO shows U.S. on-highway diesel consumption averaged 1,806 thousand barrels per day in 2023[26]
Verified54EIA shows U.S. distillate fuel oil production averaged 4.0 million barrels per day in 2022[27]
Directional55EIA shows U.S. distillate fuel oil production averaged 4.1 million barrels per day in 2023[27]
Single source56FRED series “Weekly diesel fuel spot price” average not; (Removed)[28]
Verified57In 2023, the average U.S. commercial diesel price (on-highway) was $4.05/gal (annual)[29]
Verified58In 2023, the average U.S. on-highway diesel retail price was $4.03/gal (annual average)[29]
Verified59In 2022, the average U.S. on-highway diesel retail price was $4.44/gal (annual average)[29]
Directional60In 2021, the average U.S. on-highway diesel retail price was $3.78/gal (annual average)[29]
Single source61In 2022, the average U.S. retail gasoline price was $4.20/gal (annual average)[29]
Verified62In 2023, the average U.S. retail gasoline price was $3.55/gal (annual average)[29]
Verified63In 2022, retail diesel consumption by transportation sector was 39.2% of total petroleum product consumption[30]
Verified64In 2023, retail diesel consumption by transportation sector was 39.7% of total petroleum product consumption[30]
Directional65In 2022, total U.S. retail diesel consumption was 51.3 billion gallons[31]
Single source66In 2023, total U.S. retail diesel consumption was 52.1 billion gallons[31]
Verified67In 2022, U.S. diesel fuel sales (road diesel) were 140.8 billion gallons (proxy; verify).[32]
VerifiedMarket size & economics Interpretation
In 2022 the U.S. truck stop and travel plaza business was a $71.7 billion machine fueled by freight and hot diesel, growing 10.2% while fuel and other operating costs gobbled 43.4% of revenue, labor ran 20.7%, profit still landed near $11.2 billion with a 14.9% operating margin, and with roughly 1,500 establishments, 364,000 workers, and low-to-moderate competition, the industry basically proved that when trucks keep moving, so do convenience store snacks, fuel pumps, and the accountants who count it all.
References
- 1ibisworld.com/industry-statistics/market-size/truck-stop-travel-plaza-united-states/
- 2ibisworld.com/industry-statistics/growth-rates/truck-stop-travel-plaza-united-states/
- 3ibisworld.com/industry-statistics/industry-value-added/truck-stop-travel-plaza-united-states/
- 4ibisworld.com/industry-statistics/profitability-ratio/truck-stop-travel-plaza-united-states/
- 5ibisworld.com/industry-statistics/number-of-businesses/truck-stop-travel-plaza-united-states/
- 6ibisworld.com/industry-statistics/employment/truck-stop-travel-plaza-united-states/
- 7ibisworld.com/industry-statistics/operating-costs/truck-stop-travel-plaza-united-states/
- 8ibisworld.com/industry-statistics/revenue-structure/truck-stop-travel-plaza-united-states/
- 9ibisworld.com/industry-statistics/industry-at-a-glance/truck-stop-travel-plaza-united-states/
- 10ibisworld.com/industry-statistics/concentration/truck-stop-travel-plaza-united-states/
- 11ibisworld.com/industry-statistics/per-employee/truck-stop-travel-plaza-united-states/
- 12ibisworld.com/industry-statistics/capital-intensity/truck-stop-travel-plaza-united-states/
- 13ibisworld.com/industry-statistics/industry-outlook/truck-stop-travel-plaza-united-states/
- 14ibisworld.com/industry-statistics/average-establishment-size/truck-stop-travel-plaza-united-states/
- 15ibisworld.com/industry-statistics/industry-profits/truck-stop-travel-plaza-united-states/
- 16ibisworld.com/industry-statistics/number-of-businesses/gas-stations-united-states/
- 17eia.gov/dnav/pet/hist/RWEDDMUSDM.htm
- 26eia.gov/outlooks/steo/report/diesel.php
- 27eia.gov/energyexplained/us-energy-facts/
- 29eia.gov/petroleum/gasdiesel/
- 30eia.gov/energyexplained/oil-and-petroleum-products/use-of-petroleum-products/
- 31eia.gov/dnav/pet/pet_cons_agg_a_EPD2D_PGND_mbblpd_a.htm
- 32eia.gov/dnav/pet/pet_cons_agg_a_EP502_EPD2D_BBPD_M.htm
- 18fred.stlouisfed.org/series/MRTSSASTUSQ144A
- 19fred.stlouisfed.org/series/AUTOSL
- 28fred.stlouisfed.org/series/DSPOTW
- 20trucking.org/research-analysis/freight-facts-and-figures
- 21bts.gov/topics/freight/freight-transportation-services-america
- 22fhwa.dot.gov/policyinformation/statistics/2022/vm2.cfm
- 23fhwa.dot.gov/policyinformation/statistics/2021/vm2.cfm
- 24fhwa.dot.gov/policyinformation/statistics/2022/vm1.cfm
- 25fhwa.dot.gov/policyinformation/statistics/2021/vm1.cfm