US Trucking Industry 2024: Statistics, Trends, and Forecasts

Trucks are on the move, with around 72.6% of the nation's freight by weight, according to trucking industry statistics from the American Trucking Associations' professionals. That makes the goal of this blog all the more finite, as truckers pave the way for the American economy to thrive.

In this post, we're going to provide an in-depth analysis of the current trends, key statistics, and future forecasts for the US trucking industry in 2024. By the end of this Cota Systems extensive report, you'll have a better understanding of the trucking industry and its invaluable role within the US economy.

Summary

The US trucking industry is a vital backbone of the economy that is experiencing significant changes and challenges, from economic pressures and rising operational costs to technological advancements and evolving market demands. Below are some of the most important stats we'll be covering:

• Economic Contribution: The trucking industry grossed $940.8 billion in 2022, accounting for 80.7% of the nation's freight bill. (Source)
• ‍Freight Volume: Trucks moved 11.46 billion tons of freight in 2022. (Source)
• ‍Vehicle Registration: There are 13.86 million single-unit and combination trucks registered in 2021. (Source)
• ‍International Trade: Trucks transported 61.9% of the value of surface trade between the US and Canada and 83.5% of the value of surface trade between the US and Mexico in 2022. (Source)
• ‍Operational Costs: Driver wages accounted for 32% of trucking-related costs in 2022, with benefits accounting for an additional 8%. Fuel costs were the second-highest expense, representing 28% of all costs. (Source)
• ‍Taxes: Commercial trucks paid $29.12 billion in federal and state fuel taxes in 2021. (Source)
• ‍Employment: There were 3.54 million truck drivers employed in 2022, a 1.5% increase from 2021. Women make up only about 10% of the truck driving population. Additionally, 8.4 million people were employed in trucking-related jobs in 2022. (Source)
• ‍Driver Demographics: The average age of truck drivers is 47 as of 2022. Women are increasing their presence in the industry, reaching 8.1% in 2022. Minorities constitute 45.6% of truck drivers. (Source)
• ‍Carriers: There are over 750,000 active US motor carriers as of April 2023, with 95.8% operating 10 or fewer trucks and 99.7% operating 100 or fewer trucks. (Source)
• ‍Owner-Operators: About 475,371 for-hire truck carriers as of July 2023. The average age of an owner-operator is 59 years old, with most planning to retire at 69. Owner-operators drive approximately 103,000 miles annually. (Source)
• ‍E-commerce Impact: Consumer spending on online shopping was nearly $905 billion in 2022. Expectations for speedy deliveries have increased, leading to growth in last-mile and same-day delivery markets, projected to grow by 21.2% in 2024. (Source)
• ‍Mileage: Single-unit and combination trucks traveled 327.48 billion miles in 2021, with combination trucks traveling 195.62 billion miles. (Source)
• ‍Market Size: The General Freight industry reached $91.4 billion in 2022, and the Less-Than-Truckload (LTL) industry hit $229 billion in 2022. (Source)
• ‍Future Projections: The total freight tonnage is expected to increase by 28% from 2021 to 2032, growing from 15.1 billion tons to 19.3 billion tons. (Source)

The Current State of the US Trucking Industry

The trucking industry is an integral part of the American economy. It's responsible for moving large quantities of raw materials, works in process, and finished goods all over land. In 2023, there was a shift in the industry due to a decrease in the demand for freight, leading to trucking company bankruptcies, like those that we saw transpire with companies like Yellow Corp and Convoy.

Despite all these challenges, trucking industry statistics show that there's still potential for the market to bounce back in the latter half of the year 2024. Many drivers will ensure this rebound. They include stabilization of the retailer's inventory levels, and the increase in consumer confidence as the top two among them. As retailers still adjust their levels in accordance with the stock levels, the more the demand for reliable freight services will rise. When we couple this with the potential for an improvement from a current economic standpoint, this could herald in a period of growth for the US trucking industry as a whole.

Key Statistics of 2024

Industry Impact

The US trucking industry makes a significant economic contribution. It plays a key role in the US economy. Here's some statistics to consider:

• The trucking market grossed $940.8 billion in 2022. This accounts for around 80.7% of the nation's freight bills.
• Also in 2022, trucks moved 11.46 billion tons of freight.
• In 2021, there were 13.86 million single-unit and combination trucks registered. This represented 5% of the total of all registered motor vehicles.
• Trucks transported 61.9% of the value of surface trade between the US and Canada and 83.5% of the value of surface trade between the US and Mexico in 2022.

Cost Concerns

Operational Costs

‍Within the trucking industry, operational costs are a significant concern. This affects the profits and sustainability of American truckers and trucking companies. There are several areas that factor into these costs:

• Maintenance: When it comes to trucking in the United States for owner-operators, the average cost for maintenance per year is $14,000
• ‍Driver Wages & Benefits: In 2022, American truckers’ driver-wages accounted for 32% of trucking-related costs, with benefits adding another 8%. This places labor costs among the highest cost factors associated with the trucking business.
• ‍Fuel Costs: Fluctuations in fuel prices can have a big impact on overall operational costs, as it's the second-highest cost, comprising 28% of all costs.
• ‍Insurance Premiums: Insurance costs are a constant increase, with the highest increases being experienced by those trucking in the United States. Marginal costs per mile have jumped from $0.071 in 2019 to $0.088 in 2022.

Taxes

‍Taxation also plays its own part financially within the trucking industry. According to Trucking.org, in 2021, commercial trucks paid $29.12 billion in federal and state fuel taxes. Here's the breakdown of these taxes:

• As of January 2023, the Federal fuel tax is 24.4¢ per gallon of diesel and 18.4¢ per gallon of gasoline.
• State fuel tax averages around 33.9¢ per gallon of diesel and 31.6¢ per gallon of gasoline as of January 2023.

Inevitably, these taxes are part of the operational costs and affect the economic health of trucking companies.

Employment

How many truck drivers are in the US?

There are over 3.54 million American truckers employed as of 2022, which is a 1.5% uptick from 2021. Of those drivers, women make up around 8.1% of the truck driving population, according to trucking industry statistics, despite being over 50% of the total US population. Importantly, the average age of truck drivers is 47 as of 2022, as this underscores the growing challenges of an aging workforce. The industry's demographics are gradually becoming diverse, accounting for 45.6% were minorities in its pool of truck drivers: 23.3% of these are Hispanic or Latino, 18.3% are Black, and 4% are Asian.

In addition to the truck drivers, there are around 8.4 million people employed in trucking-related jobs in 2022, excluding the self-employed. This number includes logistics, maintenance, administration, and other areas of support that are important to the industry.

These employment trends provide insight into the demographic composition of the trucking workforce.

Carriers

As of April 2023, there are more than 750,000 active US motor carriers—confirmation of the wide and differentiated landscape of the trucking industry. Astonishingly, 95.8% of these carriers are operating 10 or fewer trucks, and 99.7% are operating 100 or fewer trucks. This distribution indicates the presence of a large number of small-scale operations in the US trucking industry.

A landscape such as this presents quite the opportunity for young carriers to be successful with lean operations. Small carriers like these can rely on technology and automation platforms like Cota Systems to help them effectively manage local, hub-and-spoke shipments. These tools streamline operations, reduce overhead, and increase competitiveness against larger fleets.

Owner-Operators

As of July 2023, there are about 475,371 for-hire truck carriers. Within the trucking market, this showcases a notable presence of owner-operators. According to the statistics survey provided by the Owner-Operator Independent Drivers Association (OOIDA):

• Military Service Experience: 32% of owner-operators have military service experience, reflecting a strong representation of veterans in the industry.
• ‍Operational Structure: Of these, 45% are operated with a driver leased to a motor carrier, and 44% operate under their own authority. This kind of split shows that there is a wide divergence in business preferences within the owner-operator segment.
• ‍Demographics: The average age of an owner-operator is 59 years old, and 6% are women. Such an aging driver workforce and low rate of women's participation pose a major challenge to labor force sustainability.
• ‍Retirement and Mileage: Most owner-operators expect to retire at 69 years of age and drive an average of 103,000 miles annually, 17% of which are deadhead miles, underlining the harshness of the profession and the importance of load management solutions that work.
• ‍Safety: Owner-operators experience a crash rate lower than the national average for the over-all trucking industry, suggesting greater experience and caution while driving.

Additionally, the aging workforce and underrepresentation of women and minorities for the owner-operators pose challenges in sustaining a robust workforce which is crucial for targeted recruitment and retention strategies for the future of American truckers.

Market Demand

In 2021, single-unit and combination trucks traveled a combined 327.48 billion miles, with just 195.62 billion miles of that being traveled by combination trucks alone. That mileage alone displays just how vital the US trucking industry is for moving goods across the country.

Looking at the freight industry, we see notable growth:

General Freight Industry: The general freight industry topped $91.4 billion in 2022, reflecting a 9.8% increase compared to 2021.
‍Less-Than-Truckload (LTL) Industry: The LTL industry reached $229 billion in 2022, with an average annual growth of 4.8% during the 2017 to 2022 period.

Major Trends in the Trucking Industry

Sustainability and Green Initiatives

Trends in the trucking industry seem to push towards sustainability and green initiatives. In the future, semi-trucks are said to be all-electric. This marks a notable shift from conventional diesel ones in previous years. This transition is driven by the increasing adoption of electric and hybrid trucks, an investment which ranks as top-notch in fleet decarbonization.

Carrier companies are investing in electric and hybrid trucks to decrease carbon footprints. As these new technologies mature, drivers will need to become accustomed to new maintenance and driving techniques. Working for environmentally responsible carriers will improve working conditions for drivers and reduce the impacts of their operations on the environment.

Trucking contributes 23% of the greenhouse gas emissions coming from the freight transport sector. Around the globe, governments have put in place and are embracing green trucking policies to cut on greenhouse gas emissions by the year 2050 to net-zero levels. These initiatives are crucial in order to combat climate change and air quality improvements in general.

As the trucking market continues to evolve, our trucking dispatch software aims to help carriers manage their fleets more efficiently by optimizing routes to reduce fuel consumption and emissions. We help carriers achieve their sustainability goals while providing valuable insights into CO2 emissions in quotes.

Supply Chain and Logistics Innovations

Other trucking industry trends include innovations within the supply chain and logistics that are truly changing the transportation industry as we know it. Things like the increased use of AI and machine learning are enhancing supply chain efficiency. Additionally, these technologies offer better demand forecasting, route optimization, and real-time tracking of shipments.

Another technology that is being explored is blockchain, due to its transparency and security in logistics. It's useful for tracking shipments, verifying transactions, and validating the integrity of the data. According to Deloitte, 53% of senior executives see blockchain as vital to their organization.

Moreover, IoT technologies are contributing to significant advancements in the sector. For example, predictive maintenance technology by the Internet of Things reduces downtime and operational costs. IBM reports that such predictive maintenance can cut unplanned outages by 50% in showing the substantial impact that the technologies have on operational efficiency.

Increased E-commerce Spending and Last-Mile Delivery Optimization

Another trend worth noting in the trucking industry is in terms of the e-commerce revolution. This boom has drastically increased demand for trucking services. At nearly $905 billion for total e-commerce sales in 2022, consumer spending online was at a remarkable high, and this online surge directly impacted the demand for the US trucking industry services, especially for last mile delivery.

Perhaps the latest trend in logistics is the rise of just-in-time delivery models. Companies are now coming up with innovative ways for logistics to live up to the demands of e-commerce and last-mile delivery. For example, our shipping management software, Freight Pro™, employs AI-driven insights to streamline logistics operations. This helps carriers locate the best rates to optimize freight movements, with quotes posted on our LoadBoost™ load board for vetted Cota Carriers™ to pick up. This equates to shippers enjoying more affordable costs and quicker delivery times, and American truckers avoiding deadheading.

Focus on Cybersecurity for Fleet Technology

Trucking industry trends continue to integrate more technology, this increases the risk of cyberattacks. Currently, only around 37% of professional drivers have an Electronic Logging Device (ELD). Keeping data safe and technologically resilient is becoming a major concern.

At Cota Systems, we have a strong focus on cybersecurity with our fleet technology. Both our CarrierPro™ and FreightPro™ incorporate powerful cybersecurity measures to protect sensitive data. We use the most advanced encryption technologies and perform frequent security audits to protect our system against cyber threats. In this day and age, this is necessary in order to maintain the integrity and operational trust within the trucking industry.

The Aging Workforce

The aging workforce is among the more significant trends in the trucking industry. It comes with widespread implications, as it contributes to the ongoing driver shortage. As we mentioned earlier, workers aged 45-64 in truck transportation make up almost 50% of the total group (from 16 and over) as of January 2024. This signifies a higher retirement rate within the transportation industry than compared to others.

It's not just age, either. According to OOIDA, around 22% of truck drivers are smokers, this is less than in years prior, but still carries significant weight. In the future, carriers will also need to implement health and wellness programs to help support their drivers. They need to provide them with access to medical benefits and encourage them to live healthy lifestyles

In order to attract new drivers, trucking companies will need to invest more into recruitment and training. This will involve finding candidates and providing them with extensive training programs to ensure they meet safety and regulatory standards. Efforts will continue to be made to diversify the workplace to include more women and minorities within the profession.

At Cota Systems, we’re proud to support young owner-operators with free, innovative TMS systems. These systems help them operate more efficiently. We also provide tips, guides, and more resources to help drivers and owner-operators grow their businesses. Here's some resources to help the up-and-coming American trucker:

CDL Pre-Trip Inspection Checklist
Trucking Accidents Unveiled: Truck Accident Statistics in the US & More
A Day in The Life of a Trucker & Tips for a Better Trucking Life

The Trucking Industry Outlook

Trucking Market Growth Projections:
Through 2025 and beyond, the US trucking industry is expected to thrive. The trucking market's expected size in the coming years is influenced by several key factors and potential challenges:

• Market Expansion: In 2024, the growth in last-mile and same-day delivery markets is expected to grow by 21.2%. By the second half of 2024, the demand for transportable goods is projected to rise by 17%.
• ‍E-commerce Impact: On a global scale, e-commerce sales are forecast to rise by 8.8% in 2024, the need for reliable freight services will continue to rise.

Challenges:
Even with positive growth projections, the trucking industry faces significant challenges:

• Freight Tonnage Increase: The ATA (American Trucking Association) is projecting a 28% increase in freight tonnage from 2021 to 2032, from 15.1 billion tons to 19.3 billion tons. In order to meet these demands, companies will need to be more innovative which will require an investment.
• ‍Driver Shortages: The ATA reports that retaining and recruiting drivers is a major challenge. In order to meet the growing demand, the trucking industry needs to hire around 1.1 million new drivers over the next decade (which equates to 110,000 per year).

Enhanced Cybersecurity and IoT Features

As mentioned above, within the trucking industry, the reliance on technology has become more prevalent. Protecting data and ensuring secure operations are of the utmost importance.

According to Truck News, reported attacks on the automotive sector soared by 400% between 2017 and 2022, indicating a very alarming trend that needs better cybersecurity in the trucking industry.

IoT and Real-Time Tracking: The use of Internet of Things (IoT) devices and real-time tracking has become necessary in managing the complexities of e-commerce logistics. These technologies allow visibility across the entire supply chain with real-time updates and proactive management of delays or disruptions. The increased cybersecurity robustness measures are critical in shielding these systems from cyber threats, thereby guaranteeing the integrity and reliability of logistics operations.

Potential Shortage in Equipment Supply

In 2023, the trucking market also faced a potential shortage of Class 8 trucks. According to Trucking Info, there are 142,000 units built year-to-date as of May and 195,000 units in the backlog scheduled back in 2023.

Flash forward to now, and as of April 2024, US Class 8 truck sales have dropped 13%. When we look at this decline, combined with a substantial run-up in inventory and ongoing delays in purchase decisions, this means that the supply chain is certainly navigating through some current market challenges.

Final Thoughts

As statistics and trends in the trucking industry continue to show, the trucking market is driven by increased demand for freight services, technological advancements, and sustainability initiatives. However, the industry must continuously navigate through its challenges, which include driver shortages, regulatory changes, and operational costs. By addressing these issues and leveraging the most advanced technologies, the US trucking industry can continue to thrive in its role in the American economy as it adapts to an ever-changing market demand.