Market turn inspires owner-operators to partner up with larger fleets

Owner-operators and small carriers are known as the lifeblood of the trucking industry, and for good reason. They make up a large portion of the freight market, and without them, the industry would be severely stunted.

As of December 2020, there were 502,626 “very small” registered fleets – operations involving one to six trucks – across the country, according to the Federal Motor Carrier Safety Administration (FMCSA). At the time, this group accounted for 86% of total carriers and almost 20% of total power units in the U.S.

Of carriers that fall in the “very small” category, the Owner-Operator Independent Drivers Association estimated that approximately 350,000 to 400,000 of them are true owner-operators.

While owner-operators continue to move a significant percentage of America’s goods, many of these critical operators are beginning to feel the uncertainty that accompanies shifting market dynamics.  

With pandemic-fueled volume surges and severely strained capacity, carriers have had the market cornered for the past two years. Over the past couple months, however, there has been a distinct market turn as volumes balance out and spot rates begin to slip. At the same time, carriers continue to feel the squeeze from rising diesel prices.