According to the American Trucking Associations’ U.S. Freight Transportation Forecast to 2025, the American trucking industry will continue to grow at an impressive rate over the next 10 years. Despite continuing driver shortages and national infrastructure issues, the ATA’s chief economists have determined from their research that the increasing demand for transporting goods will keep the trucking industry growing strong.
The report states that the amount of tonnage being transported around the country will increase by 23.5 percent between now and 2025, with freight revenues predicted to grow an impressive 72 percent as a result.
With increasing disparity between regional growth patterns, technological advancements, and the evolution of manufacturing and distribution, the trucking industry is expected to become increasingly complex over the next 10 years.
The report also found that freight traveling long distances will be transported by inter-modal rail more often with trucks handling the bulk of shorter distance shipments. Trucking’s overall share of freight is predicted to slowly grow from the current 69.1 percent to 71.4 in 2025.
In addition to taking on a bigger share of the freight and raking in higher profits, trucks are expected to increase the volume of their loads. The ATA predicts that truckload volume will grow by roughly 3.5 percent per year through 2019 and then 1.2 percent annually in the next five years.
Trucking has a bright future according to the ATA and these next 10 years could be a time of tremendous change and growth in the industry. If your trucking company is looking to expand during this time of growth but could use more working capital to cover expenses, freight bill factoring is the solution. By submitting freight bills to transportation factoring companies, trucking companies receive immediate cash instead of waiting on slow-paying customers. With more working capital on hand, trucking companies can easily take on new, more lucrative loads and pay for improvements to their business. Don’t miss out on this opportunity to capitalize on the growth of the trucking industry!