Freight volume for all modes is expected to rise more than 20 percent by 2024, with trucking strengthening its position as the leading mode, holding 70.8 percent of the market by 2024, compared with 68.5 percent in 2012, according to the latest edition of “U.S. Freight Forecast to 2024” released by American Trucking Associations in collaboration with IHS Global Insight and Martin Labbe Associates.
The report also predicted that freight revenue will rise by 63.6 percent to $1.3 trillion annually in 2024, with trucking seeing its share of that revenue inch up to 81.0 percent, compared with 80.7 percent in 2012.
“The trucking industry continues to dominate the freight transportation industry in terms of both tonnage and revenue,” said Bob Costello, ATA’s chief economist, in a written statement.
Truckload volume is anticipated to improve 3.2 percent through 2018 and 1.1 percent annually between 2019 and 2024, according to the forecast. Meanwhile, gains for rail carloads will move up 1.5 percent through 2018 and 0.4 percent from 2019 through 2024, contributing to a decline in market share to 14.2 percent, versus 14.8 percent in 2011. Intermodal rail will continue to be the fastest growing freight mode, increasing an average of 5.1 percent a year until 2018 and then slowing to 4.8 percent annually through 2024, the report said.
Additionally, other modes of transportation, including air freight, water-borne transportation and pipelines will report “moderate” volume and revenue growth during that period.