American freight volumes to grow almost 29%

Freight volumes in North America are expected to increase 28.6% by 2026 while revenues from freight are expected to surge 75% to US$1.52 trillion in the next 11 years due mainly to continued population growth, expansion of the US energy sector and foreign trade, according to a new report from the American Trucking Associations and IHS Global Insight.

Other findings in the report, ‘US Freight Transportation Forecast to 2026’, indicate that while trucking will remain the dominant mode of freight movement, its market will drop from 68.8% in 2014 to 64.6% by 2026. The report projects the number of Class 8 trucks (exceeding 14 969 kilograms) in use will increase from the present 3.6 million to four million by 2026.

Rail freight will lose a percentage of the overall market share, dropping from 14.2% in 2015 to 12.3% in 2026.

But the report found intermodal freight will be the second fastest growing mode, increasing 4.5% annually through 2021 and 5.3% per year after that, according to the American Shipper.

In the next 11 years, pipeline volumes will increase an average of 10.6% per year and their share of freight will increase dramatically, from 10.8% in 2015 to 18.1% in 2026, due to tremendous growth in energy production in the US.

Source: Shipping Gazette