It can sometimes seem like as soon as you familiarize yourself with the commercial trucking industry, something changes. You might be a seasoned professional with a fleet of trucks, but that doesn’t mean you’ll have your finger on the pulse of all things trucking industry-related.
However, that might all be about to change. Even if you have very little time to spare as a busy truck driver, you can have the answers to some of the most frequently asked questions.
How Big is the Trucking Industry?
Out of all revenue streams in the United States, the trucking industry is one of the largest. In 2020, the total revenue from this industry was $732.3 billion, with over 902,000 truck drivers employed over this period. Out of the country’s entire freight bill, trucking represented 80.4% of it.
Interestingly, as many truck drivers are employed in this lucrative industry, equating to almost 6% of the entire country’s workforce, there still aren’t enough. Many truck driving companies are facing shortages that impact their ability to provide freight services throughout the United States.
How Much Is a Semi Truck Worth?
After learning that the trucking industry is facing shortages, you might be curious about the value of a semi truck. A new truck generally costs up to $150,000 but can be more if you opt for upgrades.
You can also receive good money for your used semi truck if you decide to sell your truck in the future, especially as there is demand for used trucks in large fleets and from new drivers eager to enter the industry and start their careers in earnest.
What Trucking Industry Makes the Most Money?
When you become a truck driver for the first time, your goal might be to make enough money to support yourself and your family, with a bit left over for a few luxuries. Fortunately, that’s entirely possible if you enter the trucking industry.
While not all driving roles will be lucrative, many are. One of the highest-paying truck driving jobs is in Northern Canada, where drivers are required to navigate dangerous frozen roads during the winter months. In three months, many ice road truckers earn as much as $30,000 to $40,000.
You might also make reasonably good money in hazmat hauling, which involves the transportation of hazardous goods like corrosive substances, flammable liquids, and gases. Tanker hailing, luxury car hauling, and oversized load hauling might also allow you to earn excellent money. It might not be long until you’re selling your old truck and upgrading to a new, luxurious one to enjoy several more years of trucking.
What Industry Uses the Most Trucks?
You might know the trucking industry is a large and profitable one, but do you know which industries rely on semi trucks the most? The answer might just surprise you.
Air freight businesses tend to need them the most, with it not being uncommon for a semi truck driver to make over a dozen port trips in a single day. Chemical businesses also need specialized drivers to ensure their chemicals get to their destinations safely.
Freight businesses, grocery and supermarket chains, and the construction industry are also all heavily reliant on semi truck drivers and their big rigs.
Is Owning a Truck Profitable?
It’s only natural to ask whether owning a truck is profitable when it can cost a significant amount to buy. An owner-operator with a sound business model can easily earn upwards of $300,000 per year before operating costs.
The average base salary for a truck driver in the United States is $71,446. They might also be entitled to 401(K) funds, health and dental insurance, paid time off, retirement plans, and other lucrative benefits and perks.
The profitability of a truck driving career can depend on many things, including the truck you drive, the type of loads you haul, your money management skills, fuel prices, and whether you’re an owner-operator or truck company employee.
Sell Your Truck to TruckVin
All this talk about the commercial trucking industry might have you questioning your next move. Are you considering upgrading your fleet or leaving the industry? Sell your truck to TruckVin, and you’ve got one less thing to worry about.
We pride ourselves on direct, streamlined, and efficient service with prompt payment. Contact us today for your free quote and to find out how we can help.