Freight Forecast Stays Sunny
Freight volumes are projected to increase 4.2 percent in 2018 and increase 35.6 percent by 2029, according to the latest edition of the American Trucking Associations’ Freight Forecast.
Among the report’s findings:
- Total tonnage transported will reach nearly 16 billion tons in 2018—a figure that should rise 35.6 percent to 21.7 billion tons in 2029.
- Truck volumes are expected to grow 2.3 percent per year from 2019 to 2024 and 2.2 percent annually for the next five years.
- Changes in demand for commodities—notably commodities moved by pipeline—will alter trucking’s share of freight volumes. While in 2018, trucks are projected to move 70.2 percent of total tonnage, that share is expected to sink to 65.9 percent in 2029. Nonetheless, the trucking industry will remain the single largest mover of freight.
- The transport of freight by rail, including intermodal, will account for 12.6 percent of tonnage in 2018—but that figure is expected to drop to 10 percent in 2029—again, due to strength in pipeline, not falling rail volumes.