Navigating Turbulence: The Impact of Trade Instability on Leading For-Hire Carriers

The trucking industry in North America has faced significant hurdles recently, as highlighted by a recent publication from Transport Topics. the turbulent economic landscape, largely influenced by fluctuating tariffs from the previous administration, has thrown many companies into a state of uncertainty. This situation has disrupted supply chains and shifted freight patterns dramatically.

the increased import taxes were intended to support domestic manufacturing and encourage local production over time; however, they have created an ambiguous environment for businesses that are now hesitant to make major decisions untill things stabilize.

This ongoing turmoil has compounded challenges for motor carriers already grappling with a sluggish freight market that’s been dragging on for nearly three years.

The latest edition of Transport Topics’ Top 100 For-Hire Carriers list ranks the largest trucking firms based on their revenue projections for 2024. While it doesn’t fully capture this year’s trade policy impacts yet, it does reflect how weak market conditions continue to pressure profit margins across the sector.

The financial performance among these top companies was mixed; roughly half saw growth while others reported declines compared to last year—an indication that recovery remains elusive in this tough climate.

Around three-quarters of those sharing net income figures experienced downturns in profitability during 2024 versus the previous year, with some facing ample losses along the way.

LTL vs. truckload Performance

Interestingly enough, less-than-truckload (LTL) carriers generally outperformed truckload operators last year—a trend worth noting given current market dynamics.

The rankings at the top remained stable with seven companies holding onto their positions from last year; though, Estes Express made notable strides by climbing three spots to No.8 after surpassing $5.8 billion in revenue.

Mergers and acquisitions continued reshaping industry landscapes throughout last year as well:

• No.7 Knight-swift Transportation Holdings expanded it’s LTL operations through acquiring Dependable Highway Express’s regional services—previously ranked No.79 on last year’s list—further solidifying its dominance within truckload sectors;

• No.10 Schneider also made headlines with its $390 million acquisition of Cowan Systems late in 2024—a company previously ranked No63;

• A significant shift occured when DB Schenker—the parent company behind USA Truck at No76—was acquired by DSV for approximately €14 billion;

Future Developments

This year’s Top 100 list introduces several newcomers: