Freight demand is expected to grow 7.4 percent in 2021 after dropping 6.8 percent in 2020 because of the COVID-19 pandemic, according to a American Trucking Association’s (ATA) report.
“With a focus on the supply chain this year, it is key we understand that among the many stressors on the system, the simple growth in freight demand and the economy is a significant factor,” Bob Costello, ATA chief economist, said.
Freight demand will see continued growth across all modes, Costello said.
Total revenue derived from primary freight shipments is estimated to grow from $1.083 trillion in 2021 to $1.627 trillion in 2032.
During that same period, total freight tonnage is estimated to grow from 15.1 billion tons in 2021 to 19.3 billion tons in 2032, a 28 percent increase. In 2023, truck tonnage is forecasted to reach 13.7 billion tons, up from an estimated 10.23 billion tons this year.
Truckload, less-than-truckload and private carrier segments are all expected to see an increase in their share of the freight tonnage. The truck segment will see a decrease from 72.2 percent in 2021 to 71 percent in 2032.
The report, U.S. Freight Transportation Forecast 2021 to 2032, examines the future of the freight economy.