Trucking Sector Faces Divergent Outcomes in 2024
Poor freight market conditions created a tough landscape for many of North America’s major motor carriers in 2024. (Old Dominion Freight Line)
Teh trucking industry faced significant hurdles last year as unfavorable freight market dynamics persisted.
Truckload/Dedicated
The trucking sector experienced another challenging year, with most of North America’s leading truckload and dedicated contract carriers reporting decreased revenues compared to the previous year due to ongoing weak market conditions.
An exception was Knight-Swift Transportation, which maintained it’s position as the largest truckload carrier in North America. The company saw its annual revenue from truckload operations rise by approximately 7%, surpassing $5 billion.
A notable player from Canada, TFI International, climbed five spots to become the third-largest in this segment after achieving $2.9 billion in revenue from its truckload operations last year.
Ryder System also reported growth within its dedicated fleet operations—ranking fifth—with revenues exceeding $2.4 billion thanks to its acquisition of Cardinal Logistics earlier in February 2024.
Cautious Optimism Amid Uncertainty
This year’s outlook began with cautious optimism among trucking companies hoping for an improvement in freight conditions; however,uncertainty loomed over the first half of 2025 due to fluctuating tariffs and international trade tensions affecting shipping patterns.
– Seth Clevenger
Less-Than-Truckload (LTL)
The LTL segment showed mixed results last year; some carriers thrived while others struggled with declining revenues.
The largest LTL carrier, FedEx Freight generated $8.9 billion in revenue for 2024—a slight dip compared to the previous year. Looking ahead, FedEx Corp plans to spin off this division into a standalone publicly traded entity by mid-2026.
Simultaneously occurring, Old Dominion Freight Line—the second-largest LTL provider—also experienced a minor decline with annual revenue dropping to $5.8 billion.
However,Estes Express Lines emerged as a standout performer among LTL carriers with nearly $5 billion generated—a remarkable increase exceeding 18% from the prior year!
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