2023 Trucking Predictions

Looks like over-the-road trucking will continue to burn rubber in 2023. According to the American Trucking Associations’ 2023 forecast, the U.S. freight economy, particularly for trucking, is projected to grow significantly in the years ahead. According to the same article, “overall, total freight tonnage is expected to grow 21% by 2023, and revenue for the freight transportation industry is projected to rise 59% in that same timeframe. Trucking’s share of the tonnage market will rise over two percentage points to 69.6% by 2023, while the industry’s share of freight revenues will increase to 81.7% from 80.9%.”

The trucking industry has seen robust acquisition activity throughout the coronavirus pandemic. High freight demand, low interest rates, capacity shortages and incentives to diversify created an ideal environment for both buyers and sellers. But some of those motivating trends have reversed that course, notably rising interest rates. Spencer Tenney, CEO at M&A advisory firm Tenney Group stated in an article for Transport Topics, “shifts caused by the pandemic changed how carriers view growth, and the role acquisitions can play. For example, diversifying to better weather turbulent markets.

ATA Forecast: Trucking Will See Gains Through 2023 – Fleet Management – Trucking Info

Trucking M&A Expert Doesn’t Expect Slowdown | Transport Topics (ttnews.com)

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