The domestic trucking market in 2024 was once again highlighted by sluggish demand due to overcapacity, inflation, and more. It continued a downward trend in the trucking market that dates back to 2022. Carrier fraud was another prevailing story throughout 2024, as many brokers took losses due to fictitious carriers.

Hurricanes in the southeast, the ILA strike, and the collapse of the Francis Scott Key Bridge in Baltimore also hit the trucking market, causing further delays and supply chain disruptions. Add in carriers leaving the industry due to bankruptcy and you can see why the market suffered another down year.

The domestic trucking market saw a depressed market in 2024, a continuation of a troubling multi-year trend. Rates continued to be stifled due to a variety of reasons. Sluggish demand was one of the root causes but was far from the only issue in the market. Retailers spent much of the year trying to normalize their inventories, leading to a severe supply and demand imbalance throughout the year. Inflation also hit the trucking market hard.

Outside factors also had an outsized impact on the market. The bridge collapse in Baltimore had a ripple effect that hit the trucking market. The Port of Baltimore being shut down directly led to longer transit times and higher costs for trucks as ships had to reroute to other ports, typically further south. Later in the year, two separate hurricanes hit the southeast coast of the United States, further crippling the market. Not only did they cause major infrastructural damage in multiple states, but they also forced assets to be diverted to assist in these areas.

The market wide depression hit everyone hard, leading to more carriers and brokers exiting the industry for various reasons.

“The combination of inflation and decreased rates led to nearly 88,000 trucking companies to cease their operation, along with 8,000 freight brokers,” said Matt Wilcox, Vice President & Managing Director, Scarbrough Transportation & Logistics.