The trucking industry is similar to industries in that there might be many different companies, but the ones at the top earn the most and continue to grow their revenue. The Journal of Commerce recently reported on a shocking story that the 50 biggest US trucking carriers saw increases of 10% of their revenue to $117 billion in 2014. This revenue increase is the most in recent years and the revenue increase more than doubled the previous year’s increase. 25 of those 50 companies totaled 85% of the revenue for all 50 companies. There are also thousands of smaller US truckers that might have seen some growth, but not as much as the top 50.
There are many factors that caused this immense increase in revenue for US truckers. The economy grew in 2014, which caused rapid demand for companies wishing to ship freight. Meanwhile, trucking carriers also raised their trucking rates to meet the demand. The higher rates allowed for higher revenue. It also allows for more expenses for supply chains across the US.
These top 50 companies can celebrate 2014 as much as they would like, because 2015 is going to be a tough year. Capacity is a growing concern that could limit the potential for trucking companies. More importantly, companies are starting to focus on cost-savings by working with freight forwarders who can provide great service and better rates. Therefore, trucking companies, which saw tremendous growth in 2014, might have to make some changes to continue that growth in 2015.