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2024 U.S. Industry Statistics & Market Forecast - Specialized Freight Trucking, Local
Market Size & Industry Statistics
The total U.S. industry market size for Specialized Freight Trucking, Local:
Industry statistics cover all companies in the United States, both public and private, ranging in size from small businesses to market leaders.
In addition to revenue, the industry market analysis shows information on employees, companies, and average firm size.
Investors, banks, and business executives use growth rates and industry trends to understand the market outlook and opportunity.
| Statistics | 2019 2020 2021 2022 2023 | |
|---|---|---|
| Market Size (Total Sales/Revenue) |
Order at top of page | |
| Total Firms | ||
| Total Employees | ||
| Average Revenue Per Firm | ||
| Average Employees Per Firm | ||
| Average Revenue Per Employee | ||
Market Forecast
Market forecasts show the long term industry outlook and future growth trends. The following extended five-year forecast projects both short-term and long-term trends.
| Forecast / Industry Outlook | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|
| Market Forecast ($ millions) | ||||||
| Projected Industry Growth Rate (%) | ||||||
Industry Insights
The Local Specialized Freight Trucking industry is undergoing several notable trends that are creating both opportunities and challenges for companies operating within it. One of the most significant trends impacting the industry is the rise of e-commerce, which is driving demand for local freight trucking services that can quickly and efficiently deliver goods to customers. As a result, many companies are investing in technology that can support real-time tracking and visibility of shipments, allowing them to improve their delivery times and increase customer satisfaction.Another trend affecting the local specialized freight trucking industry is the ongoing shortage of truck drivers, which is putting pressure on companies to compete for talent and invest in retention strategies. This has led some firms to adopt more flexible and innovative business models, such as partnering with independent contractors or using autonomous vehicles to supplement their existing fleets.
Environmental concerns are also influencing the industry, with companies increasingly focused on reducing their carbon footprints and adopting sustainable practices. This trend is driving the adoption of alternative fuels and more efficient vehicles, as well as promoting a culture of waste reduction and responsible resource management.
Finally, the industry is also facing increasing competition from new entrants, such as last-mile delivery services and on-demand logistics platforms. These companies are often more nimble and agile than traditional freight carriers, and are using technology to disrupt traditional logistics models and offer innovative solutions to customers. As a result, companies operating in the local specialized freight trucking industry will need to stay up-to-date with the latest trends and embrace innovation if they want to remain competitive in this rapidly evolving marketplace.
Product & Services Breakdown
Research products and services in the Specialized Freight Trucking, Local industry generating sales. Note that products are broken into categories with different levels of classification.| Product Description | Number of Companies | Sales ($ millions) | Percent of Total Sales |
|---|---|---|---|
Industry Total |
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Transportation Of Documents And Parcels |
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Transportation Of Bulk Liquids And Gases In Intermodal Tank Containers By Road |
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Transportation Of Bulk Liquids And Gases, Except In Intermodal Tank Containers, By Road |
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Transportation Of Dry Bulks, Except In Intermodal Tank Containers, By Road |
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Transportation Of Climate-Controlled Boxed, Palletized And Other Packed Goods, Except In Intermodal Tank Containers, By Road |
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Transportation Of Boxed, Palletized And Other Packed Goods, Not Climate-Controlled And Not In Intermodal Containers, By Road, Tr |
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Transportation Of Boxed, Palletized And Other Packed Goods, Not Climate-Controlled And Not In Intermodal Containers, By Road, Le |
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Transportation Of Other Intermodal Containers, Not Elsewhere Classified, By Road |
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Transportation Of Automobiles And Light Trucks By Road |
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Transportation Of Livestock By Road |
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Transportation Of Waste By Road |
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Transportation Of Non-Hazardous Waste By Road |
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Transportation Of Hazardous Waste By Road |
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Transportation Of Other Goods By Road |
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Drayage Services |
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Warehousing Services |
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Handling Services For Goods |
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Storage Services For Goods |
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Other Products |
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U.S. Geographic Distribution: Revenue Statistics by State
Market Size by State ($ millions) indicates how the industry's competition is distributed throughout the country. State-level information can identify areas with higher and lower industry market share than average.
Income Statement (Average Financial Metrics)
Financial metrics provide a snapshot view of a benchmark "average" company. Key business metrics show revenue and operating costs. The data collected covers both public and private companies.| Industry Average | Percent of Sales (Industry Benchmark) | |
|---|---|---|
| Total Revenue | Order at top of page |
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| Operating Revenue | ||
| Cost of Goods Sold | ||
| Gross Profit | ||
Operating Expenses | ||
| Pension, profit sharing plans, stock, annuity | ||
| Repairs | ||
| Rent paid on business property | ||
| Charitable Contributions | ||
| Depletion | ||
| Domestic production activities deduction | ||
| Advertising | ||
| Compensation of officers | ||
| Salaries and wages | ||
| Employee benefit programs | ||
| Taxes and Licenses | ||
| Bad Debts | ||
| Depreciation | ||
| Amortization | ||
| Other Operating Expenses | ||
| Total Operating Expenses | ||
| Operating Income | ||
| Non-Operating Income | ||
| EBIT (Earnings Before Interest and Taxes) | ||
| Interest Expense | ||
| Earnings Before Taxes | ||
| Income Tax | ||
| Net Profit Net Income | ||
Financial Ratio Analysis
Financial ratio information can be used to benchmark how a Specialized Freight Trucking, Local company compares to its peers. Accounting statistics are calculated from the industry-average for income statements and balance sheets.| Profitability & Valuation Ratios | Industry Average |
|---|---|
| Company valuation can be measured based on the firm's own performance, as well as in comparison against its industry competitors. These metrics show how the average company in the Specialized Freight Trucking, Local industry is performing. | |
| Profit Margin Gross Profit Margin, Operating Profit Margin, and Net Profit Margin. Show company earnings relative to revenues. |
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| Return on Equity (ROE) Return on Equity (ROE) is net income as a percentage of shareholders' equity. Shareholders' Equity is defined as the company's total assets minus total liabilities. ROE shows how much profits a company generates with the money shareholders invested (or with retained earnings). |
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| Return on Assets (ROA) Return on Assets (ROA) is net income relative to total assets. The market research on Specialized Freight Trucking, Local measures how efficiently the company leverages its assets to generate profit. ROA is calculated as Net Income divided by Total Assets. |
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| Liquidity Ratios | Industry Average |
|---|---|
| Bankers and suppliers use liquidity to determine creditworthiness and identify potential threats to a company's financial viability. | |
| Current Ratio Measures a firm's ability to pay its debts over the next 12 months. |
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| Quick Ratio (Acid Test) Calculates liquid assets relative to liabilities, excluding inventories. |
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| Efficiency Ratios - Key Performance Indicators | Industry Average |
|---|---|
| Measure how quickly products and services sell, and effectively collections policies are implemented. | |
| Receivables Turnover Ratio If this number is low in your business when compared to the industry average in the research report, it may mean your payment terms are too lenient or that you are not doing a good enough job on collections. |
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| Average Collection Period Based on the Receivables Turnover, this estimates the collection period in days. Calculated as 365 divided by the Receivables Turnover |
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| Inventory Turnover A low turnover rate may point to overstocking, obsolescence, or deficiencies in the product line or marketing effort. |
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| Fixed-Asset Turnover Generally, higher is better, since it indicates the business has less money tied up in fixed assets for each dollar of sales revenue. |
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Compensation & Salary Surveys for Employees
Compensation statistics provides an accurate assessment of industry-specific jobs and national salary averages. This information can be used to identify which positions are most common, and high, low, and average annual wages.| Title | Percent of Workforce | Bottom Quartile | Average (Median) Salary | Upper Quartile |
|---|---|---|---|---|
| Management Occupations | 4% | Order at top of page |
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| Chief Executives | 0% | |||
| General and Operations Managers | 3% | |||
| Office and Administrative Support Occupations | 11% | |||
| Transportation and Material Moving Occupations | 75% | |||
| Motor Vehicle Operators | 63% | |||
| Driver/Sales Workers and Truck Drivers | 63% | |||
| Heavy and Tractor-Trailer Truck Drivers | 58% | |||
| Material Moving Workers | 9% | |||
| Laborers and Material Movers | 8% | |||
| Laborers and Freight, Stock, and Material Movers, Hand | 7% | |||
Specialized Freight Trucking, Local Competitor Landscape & Key Companies [PREMIUM]
The most influential companies in the Specialized Freight Trucking, Local industry and adjacent industries either have large market share or are developing new business models and methods that could disrupt the status quo. We look at leading and emerging companies in the Specialized Freight Trucking, Local industry and adjacent sectors:| Market Leaders: Direct Competitors Companies with the largest market share, focused in this industry |
Market leaders: Diversified Competitors Largest companies that have diversified operations in this and other industries |
| Innovators: Direct Competitors Innovative, Emerging, and Disruptive Companies that may influence the future direction of the industry. |
Innovators: Diversified Competitors Innovators and Disruptors in adjacent industries that may also affect the Specialized Freight Trucking, Local industry. |
Source:
Innovation News
- Jan 11, 2024: First Class Services trademarks "FIRST CLASS SERVICES INC." - Freight transportation by truck; Transportation of liquid and dry bulk commodities by truck; Transportation of hazardous materials by truck
- Aug 08, 2023: Dalton Trucking trademarks "D DALTON TRUCKING INC." - Trucking services
- Feb 08, 2023: Clays Transport trademarks "CTI CLAYSTRANSPORT INC" - Trucking services
Recent Federal Contracts for Specialized Freight Trucking, Local- Apr 02, 2024: RAPID JOHNNY MOVERS LLC (Fresno, CA) awarded $3,795
- Apr 01, 2024: JOHNSTUN, JERRY A TRUCKING (Weippe, ID) awarded $549,988
- Mar 28, 2024: UNITED FREIGHT SERVICES LLC (Stuart, FL) awarded $1,479,000
- Mar 26, 2024: RICHARD WRIGHT, INC. (West Bridgewater, MA) awarded $15,440
- Mar 15, 2024: WORKSPACE INNOVATIONS, LTD (Fort Collins, CO) awarded $78,335
- Mar 04, 2024: U.S. ART CO., INC. (Randolph, MA) awarded $9,080
- Apr 02, 2024: RAPID JOHNNY MOVERS LLC (Fresno, CA) awarded $3,795
- Apr 01, 2024: JOHNSTUN, JERRY A TRUCKING (Weippe, ID) awarded $549,988
- Mar 28, 2024: UNITED FREIGHT SERVICES LLC (Stuart, FL) awarded $1,479,000
- Mar 26, 2024: RICHARD WRIGHT, INC. (West Bridgewater, MA) awarded $15,440
- Mar 15, 2024: WORKSPACE INNOVATIONS, LTD (Fort Collins, CO) awarded $78,335
- Mar 04, 2024: U.S. ART CO., INC. (Randolph, MA) awarded $9,080
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