Trucking Companies and LTL Freight Rebound/Intermodal Shipments Rise

Trucks are a standard means of freight transportation around the world, and in the U.S., they serve the entire nation. Running along the vast web that is the Interstate Highway System, trucking companies about a 70% market share of freight transport, by tonnage, with railroads getting most of the rest of the market. The trucking industry in America employed 1.55 million people as of February 2024 according to the U.S. Bureau of Labor Statistics, and general trucking brought in about $555.5 billion in revenues during 2021 (latest data available), according to the Census Bureau. Meanwhile, the dependability and extremely high fuel efficiency offered by railroads means that trains are very competitive for certain types of freight, but they are unable to compete on deliveries to most final destinations. Demand for delivery by trucks is soaring along with the e-commerce boom.

This is making the usual problem with driver recruitment into a true crisis. In a similar vein, the average driver age in the U.S. is 46. The shortage of drivers in the U.S. reached a record high in 2021 of 81,258. In 2022, the shortage eased slightly, down 4% to nearly 78,000, with shortage numbers expected to fall slightly again in 2023 due to inflation-driven reductions in demand for consumer goods. However, concerns over driver shortages remain for the long term. Wages are on the rise and hiring bonuses of between $5,000 and $10,000 have become the norm. In early 2022, Walmart made headlines by offering up to $110,000 per year sting pay for truck drivers.

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