According to the U.S. Bureau of Labor Statistics, employment of truck drivers is projected to grow four percent by 2032. Contributing factors include U.S. retail sales up 1.8% year to date and expected economic disinflation according to Act Research.
How Much is the U.S. Trucking Industry Worth?
In 2022, the U.S. truck industry was worth $217.3 billion, and the trucking industry market size is expected to grow at a 3.0% CAGR through 2027. There are several factors this projected increase is driven by: greater demand for refrigerated trucking, technological innovations, rise in e-commerce, and changing consumer expectations.
What Contributes to the Billion-Dollar U.S. Trucking Industry?
Food, pharmaceuticals, textiles, and machinery are only a few examples of the freight hauled around America. The trucking Industry outlook of a 3.0% CAGR can be attributed to the many industries that rely on the truck industry, especially manufacturing, retail trade, hospitality, and healthcare. As these industries continue to grow, it influences the boost to trucking.
Challenges in the Truck Industry
Despite a positive outlook for the trucking industry, there will always be factors outside the industry’s control—driver shortage and insurance costs are just two.
Driver Shortage
The current population of drivers is aging, set to retire soon without a qualified applicant pool of CDL-A licensed drivers to replace them. The American Trucking Association claimed in 2021 that the trucking industry may be short 160,000 drivers by 2030 if they don’t change recruitment tactics.
Insurance Costs
A report by the American Transport Research Institute (ATRI) states that insurance premiums rose by 47% from 2009 to 2018 in response to higher litigation payouts for accidents involving transport vehicles. Small and medium fleets are feeling the effects of these increased costs the most.
Trucking Industry Trends: Green Practices
As sustainability continues to be a hot-button topic, so will the pressure on the truck industry to lower its carbon footprint. The green trucking trend focuses on alternative fuel sources for long-haul vehicles and a movement towards a completely hybrid or electric fleet of trucks. Other sustainable practices include optimizing route planning, efficient trailer design to improve aerodynamics and maximizing space utilization for cargo loading.
Be Part of the Truck Industry Growth
We’re hiring! As you’ve read, the challenge remains; we need more drivers like you. With at least one year of experience, an insurance acceptabl record and a CDL-A license, you can contribute to the positive trajectory of the trucking industry and receive guaranteed minimum pay. Apply here.
Book a Refrigerated LTL Trucking Route with Osborn
Need Service? Haul your load with Osborn, your Midwest to East Coast connection. Our bright orange trucks roll safely down the highway, protecting your cargo and delivering on time. Get a quote today.