Question: Is The Trucking Industry Growing?

Is there really a shortage of truck drivers?

The shortage of HGV drivers in the UK has climbed to 59,000 as 64% of transport and storage businesses now face severe skills shortages, according to a recent report by FTA.

According to the report, 60% of HGV drivers are over the age of 44 and only 19% are under the age of 35..

What is a OTR driver?

OTR stands for over the road, referring to truck drivers hauling freight over long distances, spending 3-4 weeks at a time on the road. OTR drivers drive all across the United States and Canada. OTR truck drivers haul all types of items including heavy freight, machinery, construction materials, and other equipment.

Who is the biggest trucking company in the US?

Swift TransportationJOC TOP 50 TRUCKLOAD CARRIERS 2018RankCarrier name2017 Revenue1Swift Transportation$3,3442Schneider National$2,4573J.B. Hunt Transport Services$2,0974Landstar System$1,82647 more rows•Aug 13, 2019

What are the top 10 trucking companies?

The top 10 for-hire trucking companies by revenue8: Hub Group. … 7: Swift Transportation. … 6: Schneider. … 5: YRC Worldwide. … 4: J.B Hunt Transport Services. … 3: XPO Logistics. … 2: FedEx Corp. … 1: UPS Inc. UPS was founded in 1907 and currently stands as the world’s package delivery company.More items…•

What trucking company recently went out of business?

The largest ever trucking sector bankruptcy, Celadon abruptly shut down — leaving more than 3,000 drivers jobless and in many cases stranded with their rigs — amid an accounting scandal that prosecutors say cost shareholders $60 million.

Are truck drivers losing jobs?

The trucking industry has been in a recession beginning in early 2019. Truck drivers have seen job losses and pay cuts since then. In the first half of the year alone, some 640 trucking companies went out of business, according to Broughton Capital. … In total, 6,600 truck drivers lost their jobs in 2019.

Can I make 100k driving a truck?

Although you might not be able to make $100,000/year off the bat, but given the truck driver demand, and with experience, specialization, CDL training and the right company, you can make $80,000+ on a trucker salary.

Why is trucking industry so slow?

“Tariffs have been the driver in slowing down the entire global economy,” says Kenny Vieth of ACT Research. … Tariffs and a looming trade war raise the risk of an economic recession, and Vieth noted that an industrial recession is already underway in the U.S., which has led to a freight recession across all segments.

Is Truck Driving a dying industry?

The trucking industry is booming right now. There is a shortage of drivers but if you have trucks and drivers, the rates are very much in favor of the trucks (and rails). Further trucks went to on strike in Brazil in May and brought the country to its knees. So trucking is far from dying.

Is there a high demand for truck drivers?

Employment of heavy and tractor-trailer truck drivers is projected to grow 5 percent from 2018 to 2028, about as fast as the average for all occupations. As the demand for goods increases, more truck drivers will be needed to keep supply chains moving.

Are truck drivers in demand 2020?

Trucking Industry Job Growth in 2020 And Beyond Percentage Change or Growth Projected for 2018-2028 for Tractor-Trailer Drivers: Along with heavy truck operators as an occupation is expected to grow by 5%. This represents an increase of 99,700 drivers from 2018-2028.

How many truck drivers are in the US 2019?

3.5 million truck driversAs of October 2019, there are around 3.5 million truck drivers in the USA. This number, however, represents only the truck drivers, the total number of people employed in the trucking industry exceeds 8 million.

Why are so many trucking companies going out of business?

Thomas Connery, the president and chief operating officer of NEMF, told Business Insider that high labor costs and other costs of business in the trucking industry were the leading reasons for the company’s bankruptcy filing.

Is there a trucking recession?

The trucking industry has been in a recession for a while. Now—after the Covid-19 coronavirus has pummeled the sector—trucking stocks reflect that fact. But there are some glimmers of hope. … But shipping is volatile and freight goes into and out of recession about twice as often as the broader economy.

How many trucking companies closed this year?

In the first half of 2019, 640 freight companies shut down, and that number is expected to continue into 2020. On average, the companies had around 30 drivers, resulting in over 20,000 trucks being removed from the roads. In all of 2018, 310 trucking companies closed down.

Is Truck driving a growing industry?

Trucking Industry Struggles With Growing Driver Shortage More than 70 percent of goods consumed in the U.S. are moved by truck. The American Trucking Associations says the industry needs to hire almost 900,000 more drivers to meet rising demand.

Are truck drivers become obsolete?

Why join a workforce that will be obsolete in a decade? “The talk of autonomous vehicles is creating a fear of truck driver extinction,” said Story. “More truck drivers are migrating to lucrative job positions in construction or manual labor remediation, where there is no current automation threat.”

How bad is the truck driver shortage?

The U.S. trucker shortage is expected to more than double over the next decade as the industry struggles to replace aging drivers and recruit more women. The driver deficit swelled by more than 10,000 to 60,800 in 2018 from a year earlier, according to a study by the American Trucking Associations.

Is Truck Driving a stressful job?

They ranked the worst jobs in the U.S. based on job stress, satisfaction, safety, pay, future job prospects, and job security. … Driving a truck can be a difficult and stressful job. Drivers are responsible for vehicles that often weigh over 26,000 pounds and often lose sleep to meet strict delivery deadlines.

Is the trucking industry failing?

So far this year, trucking companies have failed at nearly triple the rate of 2018. According to Donald Broughton, principal and managing partner of data firm Broughton Capital, 795 companies have failed in 2019. That means almost 24,000 trucks were removed from the nation’s capacity.

Is being a truck worth it?

Investing either your time (to attend a paid CDL training school/job) or your money (to attend a private trucking school) is certainly worth your investment. Attending a well chosen truck driving school, can pay off many times over. … Truck driving can be a dream career is you are suited to it.