Industry Statistics and Trends
Market size and recent performance (2015-2030)
Industry revenue has grown at a CAGR of 2.4 % over the past five years, to reach an estimated $17.2bn in 2025.
Trends and Insights
Specialized freight trucking services enable companies to survive downturns
- Post-pandemic revenue weakness forced some specialized truckers to permanently close, providing temporary relief from oversupply. Long-distance specialized freight trucking enterprises declined for the first time in a decade during 2021. Carriers unable to absorb pandemic-related losses and fuel cost spikes exited the market. This temporary reduction in capacity allowed remaining operators to raise rates and improve profit margin.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2025-2030)
Market size is projected to grow over the next five years.
Trends and Insights
Monetary easing is likely to drive demand across downstream markets
- The Bank of Canada's policy rate reductions are likely to lower borrowing costs. Lower financing costs could support manufacturing output, construction activity and retail sales, driving demand for distribution services across specialized freight transport and enabling expansion through 2030.
Biggest companies in the Long-Distance Specialized Freight Trucking in Canada
| Company | Market Share (%)
2025 | Revenue ($m)
2025 | Profit ($m)
2025 | Profit Margin (%)
2025 |
|---|---|---|---|---|
Bison Transport | N/A | N/A | N/A | |
Mullen Group Ltd. | N/A | N/A | N/A | |
TransX Group of Companies | N/A | N/A | N/A |
To view the market share and analysis for all 4 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Standard packed goods, Dry bulk and Bulk liquids and gases. Standard packed goods is the largest segment of the Long-Distance Specialized Freight Trucking in Canada.
Trends and Insights
Wholesalers and manufacturers boost demand for packed goods distribution
- While specialized freight truckers transport goods requiring climate control, carriers also move substantial volumes of oversized, standard-packed goods. These parcels are typically too large for containerized freight, so they are likely to continue to generate revenue for this segment. Large furniture, heavy industrial parts and accessories, home supplies and construction materials often require flatbed or step-deck trailers to accommodate oversized dimensions.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
The Tank and Refrigeration Trucking industry in Canada provides long-distance trucking services for atypical cargo requiring specialized transportation. Companies in this industry transport bulk liquids, frozen goods, dry bulk materials, forest products, automobiles and other specialized freight between metropolitan areas. However, this industry does not include the transport of used goods.
What's included in this industry?
Products and services covered in the Long-Distance Specialized Freight Trucking industry in Canada include Long-distance automobile carrier trucking, Long-distance bulk liquid trucking, Long-distance agricultural products trucking (including livestock), Long-distance hazardous material trucking, Long-distance gravel hauling services, Long-distance refrigerated products trucking, Long-distance garbage hauling and Long-distance tanker trucking.Companies
Companies covered in the Long-Distance Specialized Freight Trucking industry in Canada include Bison Transport, Mullen Group Ltd. and TransX Group of Companies.Purchase this report to view all 4 major companies in this industry.
Related Terms
Related terms covered in the Long-Distance Specialized Freight Trucking industry in Canada include shrinkage, intermodal, reefer, truckload (tl) and less-than-truckload (ltl).Industry Code
NAICS 48423 - Long-Distance Specialized Freight Trucking in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Trucking companies are prioritizing driver safety by investing in technology-equipped fleets. Innovations such as cargo sensors and digital dashboards have significantly redu...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2015-2024) and forecast (2025-2030)
- Employees, including historical (2015-2024) and forecast (2025-2030)
- Businesses, including historical (2015-2024) and forecast (2025-2030)
- Profit, including historical (2015-2025)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Dry bulk transport relies heavily on construction and agricultural cycles, resulting in seasonal volatility. Pneumatic trailers require rigorous cleaning between loads to pre...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2025
- Product innovation level
Charts
- Products & services segmentation in 2025
- Major market segmentation in 2025
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The population sustains demand for trucking. Warehouses and distribution centers are more often located in dense metropolitan areas, so tank and refrigeration truckers common...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2025
Tables
- Number and share of establishments in each province in 2025
- Number and share of revenue each province accounts for in 2025
- Number and share of wages each province accounts for in 2025
- Number and share of employees in each province in 2025
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Price is key to securing demand. Large companies can often leverage forward fuel purchasing contracts with wholesalers to offer lower prices than competing truckers that are ...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2020-2025
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
The industry lacks major companies. Tank and refrigeration trucking companies can't leverage economies of scale to become dominant. A growing number of owner-operators furthe...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2021 through 2025
- Major companies in the industry, including market share, revenue, profit and profit margin in 2025
- Overview of Bison Transport's performance by revenue, market share and profit margin from 2019 through 2025
- Overview of Mullen Group Ltd.'s performance by revenue, market share and profit margin from 2019 through 2025
- Overview of TransX Group of Companies's performance by revenue, market share and profit margin from 2019 through 2025
- Overview of revenue, market share and profit margin trend for one additional company
Detailed analysis
- Description and key data for Bison Transport, and factors influencing its performance in the industry
- Description and key data for Mullen Group Ltd., and factors influencing its performance in the industry
- Description and key data for TransX Group of Companies, and factors influencing its performance in the industry
- Description, key data and performance trends for one additional company
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Decarbonization regulations will accelerate zero-emission technology adoption by 2030. Clean Fuel Regulations require fuel producers to reduce the carbon intensity of their f...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2015-2030)
- Assistance historical data and forecast (2015-2030)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
The relationship-driven nature of Canadian trucking, along with surcharges, cushions the impact of rising costs on profit. This approach helps maintain profitability by allow...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2025
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2018-2023)
- Coverage Ratios (2018-2023)
- Leverage Ratios (2018-2023)
- Operating Ratios (2018-2023)
- Assets (2018-2023)
- Liabilities (2018-2023)
- Cash Flow & Debt Service Ratios (2015-2030)
- Revenue per Employee (2015-2030)
- Revenue per Enterprise (2015-2030)
- Employees per Establishment (2015-2030)
- Employees per Enterprise (2015-2030)
- Average Wage (2015-2030)
- Wages/Revenue (2015-2030)
- Establishments per Enterprise (2015-2030)
- IVA/Revenue (2015-2030)
- Imports/Demand (2015-2030)
- Exports/Revenue (2015-2030)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2015-2030)
- IVA (2015-2030)
- Establishments (2015-2030)
- Enterprises (2015-2030)
- Employment (2015-2030)
- Exports (2015-2030)
- Imports (2015-2030)
- Wages (2015-2030)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Long-Distance Specialized Freight Trucking industry in Canada in 2025?
The market size of the Long-Distance Specialized Freight Trucking industry in Canada is $17.2bn in 2025.
How many businesses are there in the Long-Distance Specialized Freight Trucking industry in Canada in 2025?
There are 12,549 businesses in the Long-Distance Specialized Freight Trucking industry in Canada, which has grown at a CAGR of 2.6 % between 2020 and 2025.
How may import tariffs affect the Long-Distance Specialized Freight Trucking industry in Canada?
The Long-Distance Specialized Freight Trucking industry in Canada is unlikely to be materially impacted by import tariffs with imports accounting for a low share of industry revenue.
How may export tariffs affect the Long-Distance Specialized Freight Trucking industry in Canada?
The Long-Distance Specialized Freight Trucking industry in Canada is unlikely to be materially impacted by export tariffs with exports accounting for a low share of industry revenue.
Has the Long-Distance Specialized Freight Trucking industry in Canada grown or declined over the past 5 years?
The market size of the Long-Distance Specialized Freight Trucking industry in Canada has been growing at a CAGR of 2.4 % between 2020 and 2025.
What is the forecast growth of the Long-Distance Specialized Freight Trucking industry in Canada over the next 5 years?
Over the next five years, the Long-Distance Specialized Freight Trucking industry in Canada is expected to grow.
What are the biggest companies in the Long-Distance Specialized Freight Trucking industry in Canada?
The biggest companies operating in the Long-Distance Specialized Freight Trucking industry in Canada are Bison Transport, Mullen Group Ltd. and TransX Group of Companies
What does the Long-Distance Specialized Freight Trucking industry in Canada include?
Long-distance automobile carrier trucking and Long-distance bulk liquid trucking are part of the Long-Distance Specialized Freight Trucking industry in Canada.
Which companies have the highest market share in the Long-Distance Specialized Freight Trucking industry in Canada?
The company holding the most market share in the Long-Distance Specialized Freight Trucking industry in Canada is Bison Transport.
How competitive is the Long-Distance Specialized Freight Trucking industry in Canada?
The level of competition is moderate and steady in the Long-Distance Specialized Freight Trucking industry in Canada.
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
