Freight trucking rates in 2024

Trucking freight rates 2024 are experiencing various changes influenced by multiple factors – supply and demand, economic conditions, and global shifts. As rates fluctuate in real time, it’s crucial for companies and shippers to stay informed about trends to effectively manage their supply chains.

Below, we provide a detailed analysis of the trucking freight rates prediction for 2024.

Per-mile rates

 Shipping rates vary depending on the type of cargo and distance. Trucking freight rates chart for vans range from $2.30 to $2.86 per mile, with flatbed rates averaging $3.14 per mile. Refrigerated transport is the most expensive, averaging $3.19 per mile.

Full Truckload (FTL) and Less than Truckload (LTL) rates

The first half of 2023 saw a decrease in FTL rates due to excess capacity and weak demand. However, the second half of the year showed signs of recovery – LTL rates remained relatively stable, with some carriers implementing minor increases or offering discounts.

There is a consistent increase in FTL trucking freight rates in 2024. This is due to reduced capacity and increased demand following economic growth and the e-commerce boom.

Overall rate increases

Companies like FedEx and UPS have implemented significant overall rate increases, affecting most services. This trend reflects rising costs of labor, fuel, and technology, requiring carriers to increase rates to offset expenses.

Seasonal and adverse weather conditions have led to off-season rate increases for van and flatbed trucking freight rates. Yellow’s exit from the LTL market has led to uncertainty but caused minimal disruption due to an oversupply.

Conclusion

Thus, trucking industry freight rates in 2024 are subject to the complex interplay of market forces, global economic conditions, and specific industry changes. The dynamics of freight transportation are cyclical, so improvements in conditions for carriers can be anticipated as demand increases.