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The updated list has shown that major trucking companies in North America have faced a prolonged recession
Transport Topics publishes a list of the Top 100 leading for-hire carriers, which reports on the growth of these companies in a ranking that analyzes revenues, employee numbers, and fleet size. However, the updated list has shown that major trucking companies in North America have faced a prolonged recession with lower rates and strict cost controls while awaiting market recovery.
Companies included in the Top 100 reported declining revenues and weaker margins in 2023 due to persistent overcapacity in transportation, which kept freight prices low and strengthened shippers’ bargaining positions.
An example is UPS Inc., whose revenues fell below $91.0 billion in 2023 after surpassing $100.0 billion the previous year. The list also highlighted significant moves such as TFI International’s acquisition of Daseke Inc., and Ryder System Inc.’s expansion through the purchase of Cardinal Logistics, moving up three spots in the ranking to sixth place.
Some carriers previously listed were excluded due to lack of recent financial data, but the updated list includes notable additions. Among them, Manitoulin Group, a Canadian LTL carrier based on Manitoulin Island, Ontario, debuted at position 58, offering a full range of logistics and transportation services. New entries also include FirstFleet at 66, Bay and Bay Transportation at 82, TCI Transportation at 86, Ward Transport & Logistics at 94, Acme Truck Line at 95, CrossCountry Freight Solutions at 97, May Trucking Co. at 98, Highlight Motor Group at 99, and Spee-Dee Delivery Service.
Top 10 Leading For-Hire Carriers in North America
According to the list compiled and published by Transport Topics, here are the top 10 companies and their total revenues reported in 2023:
1. UPS Inc. – $90,958,000
2. FedEx Corp. – $87,514,000
3. J.B. Hunt Transport Services – $12,829,665
4. TFI International – $9,090,567
5. XPO – $7,744,000
6. Ryder System – $7,660,000
7. Knight-Swift Transportation Holdings – $7,141,766
8. Old Dominion Freight Line – $5,866,152
9. Schneider – $5,498,900
10. Landstar System – $5,303,322
The information shared is compiled by Transport Topics through an annual survey of companies, supplemented by financial reports and data from public sources. The distinction between for-hire carriers and external logistics providers has blurred as many asset-based transportation companies have expanded their freight brokerage operations and services within the supply chain. To qualify for the Top 100 list, companies must operate at least 500 commercial vehicles.
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