Tough Trucking Times, 10,000+ Carrier Closures
The U.S. trucking industry is grappling with one of its toughest years, as nearly 10,000 carriers closed shop in the first half of 2024. Rising operational costs, shrinking demand, and excess capacity—still 64,000 trucks above pre-pandemic levels—are forcing many companies out of business. Notable casualties include Midwest Transport and Arnold Transportation, while the South has been particularly hard-hit with a 5% contraction. Smaller carriers, which make up the majority of the market, are bearing the brunt of these closures, unable to cope with mounting costs, especially driver wages, which made up 32% of 2022 expenses. Additionally, cargo theft incidents have surged, costing the industry millions in losses and creating a heightened need for security investments.
TLC is leveraging its robust logistics network to support clients as the market transitions, ensuring secure, cost-effective solutions amid this challenging climate. Reach out today to find out how TLC is responding to the industry shakeup.
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