United States Freight and Logistics Market Trends

Statistics for the 2023 & 2024 United States Freight and Logistics market trends, created by Mordor Intelligence™ Industry Reports. United States Freight and Logistics trend report includes a market forecast to 2030 and historical overview. Get a sample of this industry trends analysis as a free report PDF download.

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Market Trends of united states freight and logistics Industry

The US dominates with 86% of regional GDP contribution, fueled by an infrastructure program that boosts ports and supply chains

  • In the United States, the transportation sector's GDP reached USD 738.50 billion in Q4 2023, up from USD 736.10 billion in Q3 2023. This sector has seen consistent growth, averaging USD 540.81 billion from 2005 to 2023, with a low of USD 429.30 billion in Q1 2005 and a peak of USD 738.50 billion in Q4 2023. Previously, in Q3 2022, transportation GDP increased from USD 536.40 billion in Q2 to USD 550.40 billion, driven by heightened international trade. The US government strategically allocated federal spending to transportation and infrastructure, with 39% on highways, 28% on rail/mass transit, 22% on air travel, and 9% on water transportation.
  • In 2022, the US Department of Transportation revealed the Port Infrastructure Development Program by the Maritime Administration, securing over USD 703 million dedicated to bolstering 41 projects spanning 22 states and a territory. The primary goal of these initiatives is to amplify the capabilities of port facilities. The allocated funds are poised to enhance the dependability of supply chains by amplifying port capacity and durability, optimizing operational processes, reducing emissions originating from ports, and generating fresh job prospects within coastal seaports, Great Lakes ports, and inland river ports.
  • Infrastructure development and the rise of e-commerce are anticipated to boost employment in the transportation and storage sector. According to the Bureau of Labor Statistics (BLS), this sector is projected to grow at a rate of 0.8% annually from 2022 to 2032, resulting in the addition of nearly 570,000 jobs during that timeframe. The couriers and messengers industry, along with warehousing and storage, are expected to contribute significantly to about 80% of the sector's projected job growth.
United States Freight and Logistics Market

The United States remained a net crude oil importer in 2022, importing about 6.28 million bpd of crude oil from 80 countries

  • In 2023, US retail gasoline prices dropped by USD 0.43/gallon (gal) YoY, mainly due to lower crude oil prices and increased gasoline inventories in H2 2023. The average price was USD 3.52/gal, hitting a high of USD 3.88/gal in mid-September 2023 and USD 3.05/gal by 2023 year end. This decline was a result of lower crude oil prices in 2023 compared to 2022. Gasoline prices surged after Russia's invasion of Ukraine in February 2022, but they dropped in late 2023 due to increased refinery production and higher inventories. Refinery maintenance and low inventories had caused higher prices in August and September 2023.
  • In 2022, US gasoline prices decreased by 2.4% YoY to USD 0.878 USD/liter. The country continued to be a net petroleum exporter for the third consecutive year, with total exports exceeding imports. However, the US still imported crude oil and petroleum products to meet domestic demand and international market needs. In 2022, the US imported 6.28 million b/d of crude oil from 80 countries, refining it domestically into various petroleum products like gasoline, heating oil, diesel fuel, and jet fuel.
  • According to US Energy Information Administration (EIA), crude oil prices will stay steady in 2024 compared to 2023, then decrease in 2025. The US' introduction of new refining capacities in 2023 will boost its operable capacity, alleviating price strain on oil products in 2024 and 2025. Furthermore, the Middle East, particularly Kuwait, will add new international refining capacities, which will help ease global price pressure on gasoline and diesel. Also, it is expected, narrowing crack spreads in 2024 are likely to lead to lower average US retail fuel prices in both 2024 and 2025. Gasoline prices are projected to USD 3.36/gal in 2024 and USD 3.24/gal in 2025.
United States Freight and Logistics Market

OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT

  • US e-commerce grew and reached USD 925.40 billion in 2023, fueled by population growth and urban shift
  • The overall retail industry in the United States is anticipated to register a CAGR of 3.5% by 2025
  • The number of e-commerce users in the United States is expected to reach 289.9 million by 2027 from 264.5 million in 2021
  • The United States is projected to become the world's fifth-largest rice exporter, with 3.1 million tons by 2031-32
  • The trucking industry is expected to recruit nearly 1.2 million drivers over the next ten years to replace drivers leaving
  • US boosts highway investment by 55% to improve infrastructure, targeting supply chain efficiency by 2026
  • Rising government efforts to support land (road and rail) mode of transport, with rising infrastructure investments
  • US amongst top 5 global shipping networks, supported by port infrastructure development of USD 450 million
  • Growing demand for freight services leading to growing air cargo rates and truck driver wages in the United States
  • The US government plans to invest USD 550 billion in repairing existing infrastructure till 2026
  • Retail sales in the United States expanded by 3.2% YoY in 2023 supported by consumer spending
  • Residue impact of economic shutdown on global supply chains led to an increase in food and energy prices
  • Small- and medium-sized manufacturers (SMMs) comprise 98% of the US manufacturing firms as of 2023
  • US imports from Mexico reached USD 475.6 billion in 2023, up 5% from 2022
  • Over 12,000 medium- and heavy-duty electric trucks were put into service across the US between 2019 and 2023
  • Commercial truck sales in the United States increased by 3.8% in 2022, up from 2021, totaling 476,000 units
  • Oil tankers and container ships expected increasing capacity due to rising imports and exports
  • Port volumes witnessing a rise supported by Government investments towards port infrastructure development
  • Rising freight volumes supported by USD 550 billion investment by US Government from 2022 till 2026

US Freight and Logistics Market Report Snapshots

United States Freight and Logistics Market SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS UP TO 2030