Road Freight industry set for boom Stateside
Road freight is expected to grow significantly in the United States over the next few years after a significant dip during the Great Recession, and a mild economic recovery, according to American Trucking Associations’ U.S Freight Transportation Forecast to 2023.
The forecast sets out the current state of the freight economy where trucking is the leading mode of transportation and predicts an even healthier role for trucks in the future. The forecast is a product of collaboration between ATA, HIS Global Insight and Martin Labbe Associates.
In this year’s forecast, ATA Chief Economist, Bob Costello, wrote,
“The trucking industry continues to dominate the freight transportation industry in terms of both tonnage and revenue, comprising 67% of tonnage and 81% of revenue in 2011.”
In total, freight tonnage is expected to grow by 21% by 2023, and revenue for the freight transportation industry is projected to rise 59% over the same period.
Overall, trucking’s share of the tonnage market will rise by over 2 percentage points to 69.6% by 2023, while the industry’s share of freight revenues will increase to 81.7% from 80.9%.
In addition, rail’s overall share of tonnage will fall to 15% in 2023 from 15.7% in the baseline year of 2011.
However, intermodal tonnage will continue to rise by 6.2% a year between 2012 and 2017, and then 5.4% annually through 2023.
Domestic waterborne tonnage will show some signs of growth, although only modest, between now and 2023, growing 1% annually through 2023. Domestic airfreight is also predicted to grow by over 4% over the course of the forecast period.
OSE provide a complete range of transport and logistics services including UK Sameday, UK and European Express, Economy European Freight, International Air and Sea Freight and UK and European Warehousing. Find out more here.