It was just announced by the American Trucking Association, that the Trucking Industry generated $700 billion in revenue for the first time in history last year. The industry had not come close to generating that figure since 2008 peaking at $660.3 billion.
Taking a look back at the industry as a whole you can clearly see that it has improved dramatically. In fact, just two years ago the industry was experiencing slow growth due to low manufacturing output and business investment according to 2013 revenue reports.
Businesses and consumers alike were seen as playing it safe, not spending more than they needed. An overall reaction seen in consumer behavior after the recession.
Due to the apparent shift in consumer behavior, among other factors, the economy in the US took a hit. This resulted in slow advancements in the industry.
As displayed in the graphic UPS, FedEx, J.B. Hunt, YRC Worldwide, and Con-Way were the top 5 trucking companies according to their revenue for 2013. In 2012 the top 5 trucking were exactly the same only having a small difference in the revenue.
According to ATA’s, American Trucking Trends, the outlook for the upcoming years in the Trucking Industry looks like a positive one. If the projections are true we can expect an increase in all aspects of the industry including employment and revenue. Something we haven’t seen so far. With all the advancements made in the industry like the introduction of the self driving semi by Freightliner and generating over $700 billion in revenue last year, I wonder where the industry will stand in the next ten years.
Written by Yesenia Carrillo