The American Trucking Association (ATA) issued a report (1) showing that the trucking industry continues to dominate freight transportation. The purpose of this report is to outline the current state of the freight transportation industry and deliver an outlook for all modes of transportation in the next decade.
Here are the forecast calculations:
- Trucking’s share of tonnage will rise to 70.8% by 2024 from 68.5% in 2012.
- Overall freight revenue will grow by 63.6% to $1.3 trillion annually in 2024 and trucking will see its share of those revenue rise to 81% in 2012.
- Truckload volumes will grow 3.2% through 2018 and 1.1% annually between 2019 and 2024.
- Anemic growth for rail carloads of just 1.5% through 2018 and o.4% from 2019 through 2024 contributing to a decline in market share to 14.2% from 14.8% in 2011.
- Intermodal rail will continue to be the fastest growing freight mode, growing an average of 5.1% a year until 2018 then slowing moderately to 4.8% annual through 2024.
ATA Chief Economist Bob Costello noted, “The trucking industry continues to dominate the freight transportation industry in terms of both tonnage and revenue.” It’s no surprise that the trucking industry is dominating freight transportation. However, some may find the margin of dominance to be astonishing.
This report displays just how important the trucking industry is to the economy. Without it, businesses would not be able to function.
(1) ” ATA.” ATA. N.p., n.d. Web. 10 Sept. 2013. <http://www.truckline.com/article.aspx?uid=41434598-4c60-444d-bc83-38f06ded539d>.