2021-11-18
Over the past five years, the Vehicle Shipping Services industry experienced increased demand until it was disrupted by the onset of the coronavirus pandemic. Industry operators use trucks, railroads, and ships to transport motor vehicles, including cars, trucks, and motorcycles. The industry encountered mixed economic conditions over the five years to 2020. Vehicle sales benefited from low-interest rates and the largely improving economy before 2019, but then low consumer confidence and high unemployment caused by the pandemic halted growth prospects.
The industry assumes that the demand for automotive transport services will remain stable through 2024. Below are the statistics on car transport over the past few years.
The total revenue of trucking business estimates is 255.5 billion. For Hire or Common Carriers, Trucking companies generated revenue estimated at 97.9 billion. More than air transportation by 18 billion. Private Fleets generated revenue estimated at 121 billion.
In 2019, about 4,500 companies in the United States participated in the auto transportation industry, and all these companies made approximately $12 billion. That is a huge increase compared to 2014 which shared almost $600 million in the industry's market share. This corresponds to an increase of 12 percent in revenue over a period of five years.
It is an estimated over 3.5 million truck drivers in the U.S. Of that, one in nine are independent, a majority of which are owner-operators. There are 3.97 million Class 8 trucks (including tractors and straight trucks) in operation in 2020, up 1.5% from 2019,
and around 5.6 million semi-trailers.
and around 5.6 million semi-trailers.
Close to 60,000 people, from truck drivers to office workers, work in the car hauling industry. While some trucks have enclosed trailers, 82% of current trailers in this business are open to the air.
Automakers use a large portion of these auto transportation services. Today you can see trucks with many brand cars on the streets. However, this wasn't always the case. In the past few decades, a manufacturer only allowed its models on a single trailer, but this turned out to be expensive, so car brands gave up, allowing multiple brands to be on the same trailer.
Truck drivers work an average of 70+ hours per week, and drivers of car haulers, earn around $21 per hour. These drivers are most of the time paid per mile and not per hour.
At this point, you may still have questions about the impact of the global epidemic on the automotive industry. In addition, the virus has, directly and indirectly, affected all aspects of American life and its economy.
The epidemic has had a profound impact on the automotive industry, some good and some bad. Obviously, this is still a rapidly evolving field. Regulations that affect the industry change from country to country every day. The virus hit the industry and its employees.
The epidemic has had a profound impact on the automotive industry, some good and some bad. Obviously, this is still a rapidly evolving field. Regulations that affect the industry change from country to country every day. The virus hit the industry and its employees.