The U.S. trucking industry continues to grapple with one of its most challenging freight markets in recent years. According to a July 1 report from the American Transportation Research Institute (ATRI), the average cost of operating a truck declined slightly by 0.4% in 2023 to $2.260 per mile. However, when factoring out lower fuel prices, non-fuel marginal costs surged by 3.6% to $1.779 per mile, marking a new high for operational expenses.
“The trucking industry is facing the most challenging freight market in years, with loads down and costs increasing,” said Greg Hodgen, CEO of Groendyke Transport. “ATRI’s Operational Costs data and benchmarking reports are more critical than ever as we navigate rising costs and shrinking margins.”
The report highlights mixed trends in operating expenses:
The ongoing freight recession continues to affect every sector of the trucking industry. Operating margins averaged below 2% across all sectors, with only less-than-truckload (LTL) carriers staying slightly above water. Truckload carriers, in particular, experienced an average margin of -2.3%.
Other critical indicators include:
Despite mounting challenges, the report acknowledges improvements in:
These indicators suggest that operational practices have improved, even in the face of adverse market conditions.
While certain sectors of the U.S. economy experienced moderate growth, they failed to offset the ongoing decline in freight volumes. Sectors such as dry van, flatbed and refrigerated trucking saw continued declines in contract and spot freight rates, further tightening margins.
“Unfortunately, in trucking and specifically in the dry van, flatbed and refrigerated sectors, nationwide contract and spot freight rates continued to slide over the year,” the report concluded.
Final Thoughts
With rising costs and reduced profitability, U.S. trucking companies must remain agile, data-driven, and financially resilient. As the industry navigates this prolonged downturn, insights from reports like ATRI’s are essential for strategic decision-making and cost management.
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