American Trucking Associations released the latest edition of U.S. Freight Forecast to 2024, which projects an overall increase in freight volumes for all modes of more than 20 percent and an increase in the amount of that freight moved by trucks.
The Forecast, a product of collaboration between ATA, IHS Global Insight and Martin Labbe Associates, lays out the current state of the freight economy where trucking strengthens its position as the leading mode of transportation.
"The trucking industry continues to dominate the freight transportation industry in terms of both tonnage and revenue," said ATA chief economist Bob Costello, noting that Forecast projects trucking's share of tonnage will rise to 70.8 percent by 2024 from 68.5 percent in 2012.
Over that same period, Forecast calculates:
- Overall freight revenue will grow by 63.6 percent to $1.3 trillion annually in 2024 and trucking will see its share of those revenue rise to 81 percent from 80.7 percent in 2012.
- Truckload volumes will grow 3.2 percent through 2018 and 1.1 percent annually between 2019 and 2024. Less-than-truckload volume should grow 3.5 percent annually through 2018 and by 2.4 percent until 2024.
- Anemic growth for rail carloads of just 1.5 percent through 2018 and 0.4 percent from 2019 through 2024 contributing to a decline in market share to 14.2 percent from 14.8 percent in 2011.
- Intermodal rail will continue to be the fastest growing freight mode, growing an average of 5.1 percent a year until 2018 then slowing moderately to 4.8 percent annual through 2024.
- Other modes of transportation, including air freight, waterborne transportation and pipelines will see moderate volume and revenue growth.
For anyone that purchases Forecast, Bob Costello will be giving a webinar on August 1 at 2pm EDT regarding the latest findings of the report. If the report is purchased after the webinar or purchasers can't make that time, the webinar will be available for viewing throughout the year.
The ATA U.S. Freight Transportation Forecast to 2024 can be purchased as a bound volume, a CD or a downloadable PDF at www.atabusinesssolutions.com or by calling 1-866-821-3468.