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Local Freight Trucking

Local Freight Trucking

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Executive summary

The Local Freight Trucking industry provides general freight trucking services over short distances. Over the five years to 2022, the industry encountered predominantly positive conditions for both revenue and profitability.
Although fluctuating fuel prices limited revenue growth in 2019 and 2020, surging fuel prices enabled sharp revenue growth in the remaining years, primarily in 2021. Rising consumer spending and confidence through 2019 also boosted demand for local freight transportation. While the COVID-19 (coronavirus) pandemic hampered industry operators in 2020, the critical nature of industry activities enabled a 1.3% increase in the year. The industry's revenue growth is indicative of the crucial nature of local freight trucking services to the US economy. Following the pandemic, an economic recovery and rising fuel prices became the catalyst for revenue growth. Ultimately, industry revenue is estimated to increase at an annualized rate of 8.7% to $86.6 billion over the five years to 2022, including a 6.3% rise in 2022 alone.
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Each report includes:

industry revenue;

industry profit;

industry margin;

industry employment;

industry major players;

industry key external drivers;

industry product & structure segmentation;

industry key trends;

industry Life Cycle;

industry Geographic Breakdown;

industry Key Success Factors;

industry Key statistics for previous years;

forecast of industry Key statistics for the next 5 years;

Reference Wordlist

BARRIERS TO ENTRY
High barriers to entry mean that new companies struggle to enter an industry, while low barriers mean it is easy for new companies to enter an industry.

CAPITAL INTENSITY
Compares the amount of money spent on capital (plant, machinery and equipment) with that spent on labor.
IBISWorld uses the ratio of depreciation to wages as a proxy for capital intensity. High capital intensity is more than $0.333 of capital to $1 of labor; medium is $0.125 to $0.333 of capital to $1 of labor; low is less than $0.125 of capital for every $1 of labor.

CONSTANT PRICES
The dollar figures in the Key Statistics table, including forecasts, are adjusted for inflation using the current year (i.e. year published) as the base year. This removes the impact of changes in the purchasing power of the dollar, leaving only the "real" growth or decline in industry metrics. The inflation adjustments in IBISWorld’s reports are made using the US Bureau of Economic Analysis’ implicit GDP price deflator.

DOMESTIC DEMAND
Spending on industry goods and services within the United States, regardless of their country of origin. It is derived by adding imports to industry revenue, and then subtracting exports.

Colloquial Terminology

FUEL SURCHARGE
An additional charge introduced by transportation operators to cover the cost of fuel.

JUST-IN-TIME (JIT)
A strategy implemented to improve profitability by reducing inventory and purchasing raw materials for the immediate term only.

LESS-THAN-TRUCKLOAD (LTL)
Truck shipments between 100 and 10,000 pounds.

OWNER-OPERATOR
A person that owns and operates the business. Many truck drivers in this industry are self-employed owner-operators.

TRUCKLOAD
Truck shipments that weigh more than 10,000 pounds and are generally carried by semitrailers.

Details

Following the COVID-19 (coronavirus) pandemic, consumer confidence rebounded and the national unemployment rate dropped. Consequently, consumers were more willing to make discretionary purchases, bolstering manufacturing and retail activity. Furthermore, rising fuel prices increased surcharge revenue and contributed to growth in the industrial production index, which is estimated to rise at an annualized rate of 1.1% over the five years to 2022.

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