Freight Volumes Expected to Grow 36% Between 2020 and 2031
Arlington, Virginia – Today, the Ǻ released its latest Ǻ Freight Transportation Forecast: 2020 to 2031, which is conducted annually by IHS Markit, showing that despite contraction in 2020, the long-term trend for both trucking and overall freight shipments is still positive.
“The COVID-19 pandemic has had an unprecedented impact on many parts of the economy and trucking is no exception,” said Ǻ Chief Economist Bob Costello. “However, despite significant contractions in 2020, the forecast makes it clear that the long-term trend for trucking, as well as for the overall freight economy is positive.”
Among the findings in this year’s Forecast:
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Total freight volumes in 2020 are likely to collapse by 10.6% to 14.6 billion tons, although truck freight volumes falls a smaller 8.8%.
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Trucking volumes are expected to rebound in 2021, rising 4.9% next year and then growing 3.2% per year on average through 2026.
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Overall freight revenues in 2020 will total $879 billion, rising to $1.435 trillion in 2031.
“Freight Forecast provides a roadmap for where our industry, as well as all modes of freight transportation, are going – which is why you can find it on the desks of industry executives and policymakers around the world,” Costello said.
Ǻ Freight Transportation Forecast: 2020 to 2031 is available for sale now at .