The truckload industry, characterized by shipments
of 10,000 pounds or more by the U.S. Department
of Transportation, is approximately $65 billion
in size.
Concentration within the industry is very fragmented
with approximately 50,000 carriers, and labor
tends to be predominately non-union. Truckload
carriers transport trailer-load shipments bound
for a single destination, and routes tend to be
irregular with few terminals (used primarily for
maintenance).
There are several sub-categories including dry-van,
flatbed, temperature-controlled, tanker, regional
and expedited. Operations vary depending on length
of haul, which falls into three service categories:
1. Long-haul (over 1,000 miles)
2. Medium-haul (600-1,000 miles)
3. Short-haul (less than 600 miles).
Rates (a proxy for pricing) have not kept pace
with inflation (CPI) over the last 15 years. Profitability
is defined in terms of operating ratios (one minus
operating margin) and tends to vary from 82% to
99%. Growth is usually a function of shipper-driven
consolidation and conversion of private fleets.
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