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How Do Trucking Companies Make Money?
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Today, there are roughly 600,000 trucking companies in America.
During the pandemic, the number of companies jumped by 100,000 as demand for goods accelerated. Compared to rail, trucking is typically faster and more direct for transporting goods. Trucks hauled almost 73% of freight by weight across the country in 2022.
This graphic shows how these firms make money, based on J.P. Morgan analysis featured in a 2024 report from Global X.
Under the Hood
On average, trucks earn $1.98 per pile. Here’s how their expenses break down:
Expense | $ Per Mile | Share of Expenses |
Fuel | -$0.43 | 24% |
Truck Payments | -$0.27 | 15% |
Repairs | -$0.17 | 9% |
Insurance Premiums | -$0.08 | 4% |
Permits & Licenses | -$0.02 | 1% |
Tires | -$0.04 | 2% |
Tolls | -$0.03 | 2% |
Driver Wage | -$0.60 | 33% |
Driver Benefits | -$0.18 | 10% |
Total Expenses | -$1.82 | 100% |
The average carrier earns an operating profit of 16 cents per mile.
Amid steadily increasing wages, 43% of expenses are driver-related, which includes salaries and benefits. In 2022, over 3.5 million truck drivers worked in America.
Fuel is another major cost, accounting for almost a quarter of total expenses.
The Rise of Autonomous Truck Companies
In 2024, Aurora Innovation is anticipating to see driverless trucks on Texas highways.
This comes after several years of testing, where trucks are guided by sensors and software that include radar and lidar.
They are joined by startups Kodiak Robotics, Gatik AI, and TuSimple that have collectively driven for companies spanning from Walmart to FedEx.
Given the high costs of labor, these companies may see higher margins and longer drive times, which are currently capped at 11 hours. However, safety concerns still remain, and autonomous truck driving regulations are largely determined at the state level.
Despite these factors, investor interest appears strong. In 2023, Aurora raised $850 million in an overall dismal funding environment for startups.