The 2024 Trucking Industry Outlook Report

March 20, 2024

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The trucking industry’s main difficulty still stems from a lack of qualified truck drivers to handle routes, a problem that’s been around since 2021. However, in a recent report from Transport Topics News, carriers should not see much volatility in the 2024 freight industry’s outlook. That means staying the course for carriers when planning for the coming year.

What does 2024 mean for your trucking company? Read our summary of the news as we pore over the trucking industry outlook for 2024. We’ll give you the relevant details with an economic outlook for the trucking industry from International Used Truck Center.

Factors to Watch With the Economic Outlook for the Trucking Industry

Here are the things we’re watching for the trucking industry’s outlook in 2024:

  • Diesel Prices
  • Mild Growth
  • Consolidation
  • Trucking Rates

Diesel Prices Have Gone Down

The price of diesel affects shipping prices, inflation, and overall economics. The average price of a gallon of diesel was $4.58 a gallon in early 2023 before falling to $3.91 a gallon by the end of the year, notes Transport Topics. Your logistics company will save on fuel costs in the coming year, giving you a bright spot for the trucking industry’s outlook in 2024.

Mild Growth for 2024

The trucking industry saw flat growth in 2023, with a predicted growth rate of 1.2 percent in 2024. That’s not a lot, but if your carrier can stay afloat by sticking to similar patterns that kept you stable in 2023. While this isn’t the best news for an economic outlook in the trucking industry, it’s still doing better than predicted now that the economy has averted a recession.

Consolidation in 2023

Yellow’s bankruptcy filing in 2023 didn’t help the industry. But out-of-work truckers found jobs with other carriers. Further consolidation of carriers happened with 2,574 trucking firms leaving the industry by October 2023. With fewer fish in the pond, carriers that survived should be able to stay the course if the freight industry outlook holds for 2024. Just don’t count on freight prices rising soon.

Trucking Rates Decline, But Not by as Much as Before

Trucking rates are expected to decline by 3% in 2024, but that should happen within the first six months of the year. Freight rates declined by 7% in 2023 after increasing by 13% in 2021 and 7% in 2022. So, while freight rates are still in positive territory from before the pandemic, your company may not see much growth in 2024 if the this year if the trucking industry outlook for 2024 pans out.

Enhance Your Fleet at International Used Truck Center

We hope you enjoyed our brief look at the freight industry’s outlook for 2024. Are you ready to upgrade your fleet but don’t want to spend money on a new truck? Shop our fleet of well-maintained, pre-owned trucks from day cabs and sleepers to all of your favorite brands. Visit an International Used Truck Centers locationnear you to get started today.

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