The American Trucking Associations released its annual forecast of the freight economy, which shows a strong rebound and continued growth for freight demand.
Some key findings of the U.S. Freight Transportation Forecast 2021 to 2032 include:
- Total freight tonnage will grow from an estimated 15.1 billion tons in 2021 to 19.3 billion tons in 2032 – a 28% increase.
- While truck’s share of the freight tonnage will slowly decline from 72.2% in 2021 to 71% in 2032 – overall volumes will grow across all segments of the industry: truckload, less-than-truckload and private carrier. Truck tonnage should grow from 10.23 billion tons this year to 13.7 billion tons in 2023.
- The total revenue derived from primary freight shipments in the U.S. will increase from an estimated $1.083 trillion in 2021 to $1.627 trillion in 2032.
“After falling 6.8% in 2020, freight volumes are set to surge 7.4% this year – and we will see continued growth in freight demand across all modes for the foreseeable future,” said ATA Chief Economist Bob Costello.