Sometimes, it might seem like shelves in supermarkets, furniture shops, restaurants, and beyond are always filled with everything you expect, almost effortlessly. But that is nothing more than one significant and dynamic movement of America's giant trucking industry. Trucking moves over 70% of all the freight in the United States of America while generating hundreds and hundreds of billions of dollars in annual revenue. The trucking industry serves as a vital bridge between producers and consumers. Here at Paul Mark Group, we believe it is more than essential to participate in aiding the trucking industry, whether helping companies find qualified drivers or vice versa. And when experts say it would only take 3 days for most stores to start running out of food if long-haul truckers stopped working, you genuinely start to realize why the trucking industry holds the significance of such importance in the US. Here are five significant reasons why the US trucking industry is king!
Table of contents:
1. Incredible Tonnage & Mileage
Almost everything you'll find and see in America's homes, supermarkets, and shops is delivered exclusively by the trucking industry, with statistics that speak volumes and are hard to match.
A stunning tonnage of around 10-12 billion freight is moved yearly by trucks in the US. The weight moved in 2020 and beyond represented more than 75% of total domestic tonnage shipped in the US, with over 25% increased cargo projected by 2030.
With freight movement of such scale comes a milage of over 100,00 miles a year for a single trucker, which results in almost 300 billion miles traveled by all registered trucks. Wow!
2. Companies & Employment in the Trucking Industry
And despite inflation and labor shortages in the truck market, the industry is still growing. In 2023, there will be around 570,921 Long-Distance Freight Trucking businesses in the US, an increase of 4.5% from 2022. And these numbers lead us straight to the employment importance of the trucking industry.
According to various labor statistics, in 2023, there were approximately 131.8 million full-time jobs in the United States of America, of which about 7.95 million were from the trucking industry.
That equals around 6% of all American full-time workers! Even Walmart started to employ its trucks and today has more than 8000 truckers!
3. Massive Revenues
The US trucking industry's revenue is massive and grows every year with considerable significance.
While the industry generated an impressive $676.2 billion in 2016, it leaped to $700.3 billion the following year. But if you thought that was a jump of the year, in 2018, the US trucking industry made $796.7 billion in revenue and a whopping $875.5 billion in revenue in 2021 - representing over 80% of the nation's freight bill.
If the US trucking industry were a nation, according to CIA Factbook, it would rank 33rd, higher than countries like Sweden, Belgium, or Austria, and just slightly less than South Africa and Colombia. How about that?
4. Flexibility & Speed
Trucks offer a level of flexibility and speed that other modes of transportation can't match yet. They can deliver goods to remote locations and respond quickly to changing market demands, making it possible for businesses to meet customer needs and stay competitive.
The US trucking market offers customized solutions for specific customer needs, such as expedited shipping, specialized equipment, or dedicated routes. This flexibility enables businesses to optimize their supply chain and meet customer requirements.
The trucking market also utilizes advanced technology to optimize routing and increase efficiency.
5. Infrastructure development
The trucking industry is crucial in infrastructure development, as highways and roads are critical for moving goods. As the industry expands, it contributes to developing and maintaining transportation infrastructure, benefiting the broader economy.
The US trucking market is a major stakeholder in developing new infrastructure projects like highways, bridges, and tunnels. The industry supports investment in these projects, which benefits the trucking industry and the broader economy by creating jobs and supporting economic growth.
Overall, the US trucking market plays a critical role in infrastructure development, ensuring the transportation network is safe, efficient, and capable of supporting the needs of businesses and consumers nationwide.