NASHVILLE, Tenn. — American Trucking Associations Chief Economist Bob Costello on Oct. 14 highlighted how the freight market is set to slowly improve as equipment and demand rebalance.

Even at a time when for-hire truck capacity is readily available at com­petitive rates, many shippers have continued to invest in their own private fleets.

A timeline for a rebound in freight rates and market conditions remains muddy into the second half of 2024, according to executives and analysts.

For-hire carriers across segments saw revenues slide and margins tighten in 2023, but some industry sectors fared better than others.

Soft market conditions in 2023 placed financial strain on many of the largest for-hire trucking companies in North America. 

The largest for-hire carriers have persevered through a down market with care for their customers and close attention to controlling costs.

The trucking industry continued to bounce along the bottom of a prolonged freight recession during the first quarter of 2024.

Stubbornly weak freight market conditions have placed financial strain on 3PLs in recent years with an oversupply of truck capacity driving down rates and squeezing brokers’ margins.

Despite a softer freight environment, most of the largest trucking companies in North America continued to grow their businesses last year even as spot market rates dropped.

DALLAS — Higher operating costs, more volatile market cycles and a shift from West Coast ports are characteristics of the post-pandemic freight market, according to an industry analyst.