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Dive Brief:
- Truck capacity will grow from 11.3 billion tons in 2023 to 14.2 billion tons in 2034, according to a forecast was released on November 8 by the American Trucking Associations in collaboration with S&P Global Market Intelligence.
- Truck volume should grow by 2% per year on average from 2024 to 2034, and truck volume is expected to grow by 2.6% per year on average during this period, according to the report.
- Industry revenue is projected to move from $1.01 trillion this year to $1.51 trillion over the course of this decade, too, according to the industry group, which also noted its forecast is a work in progress benefiting from new sources over time as well as from questions, suggestions and comments from readers.
Dive Insight:
ATA’s forecast is consistent with existing federal trucking forecasts that predict continued growth in the trucking industry, despite near-term sluggishness.
According to the government, the trucking industry could move somewhere between 14.9 billion and 16.2 billion tonnes in 2035depending on different growth assumptions formulated by the Department of Transport’s Freight Analysis Framework.
These federal projections are in 5-year increments, currently extending through 2050. Trucking is expected to continue to dominate transportation modes for decades to come.
Over the next decade, federal projections also show that the top products in value for trucks will continue to be electronics, motor vehicles and mixed cargo, but pharmaceuticals could move up to No. 2 on that list in 2035.