Dive Brief:
- Truck tonnage will increase from 11.3 billion tons in 2023 to 14.2 billion tons in 2034, according to a forecast released Nov. 8 by the American Trucking Associations in collaboration with S&P Global Market Intelligence.
- Truckload volume should grow 2% per year on average from 2024 to 2034, and less-than-truckload is projected to grow 2.6% annually on average during that time, according to the report.
- The industry’s revenues are projected to move from $1.01 trillion this year to $1.51 trillion during that decade-long period, too, per the industry group, which also noted its forecast is a work in progress that benefits from new sources over time as well as questions, suggestions and feedback from readers.
Dive Insight:
ATA’s forecast is in line with existing federal freight projections which anticipate continued trucking industry growth, despite near-term sluggishness.
According to the government, the trucking industry could move somewhere between 14.9 billion and 16.2 billion tons in 2035, depending on different growth assumptions modeled by the Department of Transportation’s Freight Analysis Framework.
Those federal forecasts are in 5-year increments, currently extending through 2050. Trucking is slated to continue dominating transportation modes throughout the upcoming decades.
Over the next decade, federal forecasts also suggest the top commodities by value for trucking will continue to be electronics, motorized vehicles and mixed freight, but pharmaceuticals could rise to the No. 2 spot on that list in 2035.
