10.9.8.3Vertical

Long-Haul TL Carriers

Truckload carriers operating coast-to-coast and long-distance lanes.

Market snapshot

These figures describe Truckload (TL) Carriers (10.9.8), the segment that Long-Haul TL Carriers sits within. They are not figures for Long-Haul TL Carriers on its own.

Market size
~$227B
Growth
~9.4%CAGR (2017–22, nominal)
Companies
~99,476 firms
Firms by employee count

93.7% of firms have fewer than 20 employees: 93,207 micro-businesses, below most mandates.

The investable universe6,269 firms with 20+ employees
20–99
4,84577%
100–499
92415%
500+
5008%

The biggest and most competitive freight market there is: capacity can be added by anyone with a truck and a license, which caps returns through every up-cycle. Dedicated and contract fleets are the exception, trading spot upside for the utilization that makes the model financeable.

NAICS 484110, 484121. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Business model & economics

Revenue model

Per-mile truckload freight rates (contract and spot)

Key economics

Revenue per firm
$2,285,762
Revenue per employee
$266,394
Employees per firm
9.1
Recurring revenue
Moderate

contract and spot freight

EBITDA margin
Thin, highly cyclical with rates
Capex intensity
High

Characteristics

  • Scale-driven: payroll is only 21% of revenue, so the cost base is assets, not headcount
  • Deep strategic-buyer pool: 500 firms exceed 500 employees, so a scaled asset has trade buyers
  • Largest trucking segment; intensely fragmented.
  • Low-barrier, commoditized, freight-cycle-driven.
  • 2021–22 boom then 2023–24 recession.

NAICS 484110, 484121. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.

Geographic concentration

AlabamaAlaskaArizonaColoradoFloridaGeorgiaKansasMaineMassachusettsMinnesotaNew JerseyNorth CarolinaNorth DakotaOklahomaPennsylvaniaSouth DakotaTexasWyomingConnecticutMissouriWest VirginiaNew MexicoArkansasCaliforniaDelawareDistrict of ColumbiaHawaiiKentuckyMarylandMichiganMississippiMontanaNew HampshireNew YorkOhioOregonTennesseeUtahVirginiaWashingtonWisconsinNebraskaSouth CarolinaIdahoNevadaVermontLouisianaRhode IslandIndianaIllinoisIowa

Illinois, Indiana and Iowa: the interstate corridors radiating from Chicago, where a carrier can reach most of the eastern half of the country inside a single driving day.

IllinoisIndianaIowa

U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 484110/484121. Concentration shown by location quotient.

M&A deal context

Deal activityHigh

Who’s acquiring

  • Large TL fleets (Knight-Swift et al.)
  • PE-backed consolidators
  • Distressed & opportunistic buyers

What’s driving deals

  • Freight-recession consolidation and exits.
  • Scale, density, and technology advantages.
  • Driver retention and EV/autonomous shifts.

Find Long-Haul TL Carriers acquisition targets

Search Acquisera’s index for companies classified under Long-Haul TL Carriers (10.9.8.3) and build a targeted deal pipeline.

Search companies