In 2024, the average cost of operating a truck was $2.26 per mile, a 0.4 percent decline compared to 2023, according to a recently released American Transportation Research Institute (ATRI) report.
The figure changes to a record $1.779 per mile, a 3.6 percent increase, when lower fuel costs were excluded.
“The trucking industry is facing the most challenging freight market in years, with loads down and costs increasing,” Greg Hodgen, Groendyke Transport president and CEO, said. “ATRI’s operational costs data and the customized benchmarking report that compares us to similar fleets are more critical than ever as we navigate rising costs and decreasing margins in this adverse environment.”
The report includes the operational impacts caused by the ongoing freight recession. Findings include:
With the exception of less-than-truckload, average operating margins in every sector were below 2 percent. The average operating margin in the truckload sector was -2.3 percent.
Carriers have sold trucks, dropping truck capacity by 2.2 percent.
Empty miles increased to an average of 16.7 percent.
Fuel, repair and maintenance expenses, and driver wages increased 2.4 percent.
ATRI is a not-for-profit research organization engaged in research relating to freight transportation’s role in maintaining a safe and efficient transportation system.