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On Wednesday, July 19, the American Trucking Associations (ATA) released a comprehensive report entitled “2017-2028 Freight Transportation Forecast.”
$1 Trillion Milestone in 2024
If the ATA’s projections are accurate, the American trucking industry will generate $1 trillion in revenue by 2024. By 2028, revenue is forecast to reach $1.24 trillion. According to Overdrive, the trade organization expects commercial carriers to haul 15.18 billion tons of freight in 2017. This figure is expected to grow 36.6 percent to 20.73 billion tons by 2028.
International trade, manufacturing and consumer spending will combine to drive growth projected to average about five percent per annum throughout the period. Specifically, annual growth is forecast to be 5.4 percent from 2018-2023 before slowing to 4.7 percent per annum from 2024-2028.
Breakdown by Category
Although 2016 for-hire carrier revenue fell 3.8 percent to $368 billion, the report projects that such revenue will increase to $538 billion by 2023. Five years later, in 2028, such revenue is estimated at $679 billion. By 2023, truckload carrier revenue is projected to reach $454 billion. By 2028, the ATA forecast suggests such revenue will reach $568 billion.
The ATA used data from various sources to develop its 12-year revenue and freight forecast, including:
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