The American Trucking Associations recently released its latest Freight Transportation Forecast: 2019 to 2030, an annual projection of the state of the freight economy, showing continued growth in the industry.
“America’s trucking industry, and the overall freight transportation industry, are poised to experience strong growth over the next decade as the country’s economy and population grow,” said ATA Chief Economist Bob Costello. “Our annual Freight Forecast is a valuable look at where we are headed so leaders in business and government can make important decisions about investments and policy.”
Among the findings in this year’s Forecast:
- Overall freight tonnage will grow to 20.6 billion tons in 2030, up 25.6% from 2019’s projection of 16.4 billion tons.
- Freight industry revenues will increase 53.8% to $1.601 trillion over the next decade.
- Trucking’s share of total freight tonnage will dip to 68.8% in 2030 from 71.1% this year, even as tonnage grows to 14.2 billion tons in 2030 from 11.7 billion tons.
- Trucking and total rail transportation will lose relative marketshare, even as revenues and tonnage grows, while intermodal rail, air and domestic waterborne transportation will show modest growth and pipeline transportation will experience explosive growth – surging 17.1% in tonnage and 8.6% in revenue over the next decade.
“Freight Forecast clearly lays out why meeting challenges like infrastructure and workforce development are so critical to our industry’s success,” said ATA President and CEO Chris Spear. “It belongs on the desk of every decision maker in our industry and in the supply chain.”
ATA’s Freight Transportation Forecast: 2019 to 2030 is available for sale now at ATA Business Solutions. To purchase a copy, click here.