National LTL Carriers
LTL carriers providing service across the entire United States.
Market snapshot
These figures describe Less-than-Truckload (LTL) (10.9.3), the segment that National LTL Carriers sits within — not National LTL Carriers on its own.
- Market size
- ~$66B
- Growth
- ~7.3%CAGR (2017–22, nominal)
- Companies
- ~11,200
U.S. Census Bureau 2022 CBP/Economic Census, NAICS 484122 (long-distance LTL); Yellow's 2023 collapse subsequently reshaped the competitive landscape.
Business model & economics
Revenue model
LTL freight rates through terminal networks
Key economics
- Recurring revenue
- Moderate–High
- EBITDA margin
- Higher than TL; network- and density-driven
- Capex intensity
- High
recurring B2B freight
Characteristics
- Network-based with high terminal barriers.
- Led by Old Dominion (best-in-class), XPO, Saia.
- Yellow's 2023 collapse redistributed share and terminals.
Geographic concentration
LTL carriers concentrate at the major Northeast and Midwest freight crossroads — New Jersey, Illinois, and Wisconsin — where break-bulk terminal networks converge.
U.S. Census Bureau — 2022 County Business Patterns (establishments by state), NAICS 484122. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- LTL carriers
- Network & terminal acquirers
- PE-backed platforms
What’s driving deals
- Post-Yellow share and terminal redistribution.
- Terminal-density and network advantages.
- Pricing discipline and service quality.
Find National LTL Carriers acquisition targets
Search Acquisera’s index for companies classified under National LTL Carriers (10.9.3.3) and build a targeted deal pipeline.
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