The U.S. domestic truckload freight market in 2021 was approximately $732 billion, according to Statista.
In the same period, the Mexican domestic freight market was estimated at approximately $45 billion.
Likewise, the U.S.-Mexico cross-border freight market grew to $461 billion in 2021, while Mexico’s trade with the U.S. increased at a compound annual growth rate of approximately 7.5% between 2011 and 2021.
Fr8App expects the market to continue to grow at rates at least equal to historical rates.
A major contributor to the growth of North American cross-border freight markets has been the increased level of trade between the United States, Mexico and Canada.
As of July 1, 2020, the three countries signed a new free trade agreement, the Treaty between Mexico, the United States and Canada (USMCA), which replaced the North American Free Trade Agreement (NAFTA) in place since January 1994.
Fr8App believes that the replacement of USMCA with NAFTA creates a stable and attractive environment for multinational companies that see Mexico as a market from which to export to both the United States and Canada.
According to an October 2020 article entitled «Trends Transforming the Trucking Industry Outlook in 2021,» published by Linchpin, the following are the factors affecting the outlook for the U.S. trucking industry:
Increased contribution to GDP
The United States currently ranks first in terms of the trucking industry’s contribution to GDP.
Percentage of jobs
More than 5.8% of U.S. jobs are related to the trucking industry.
Total freight transported
Trucks transported approximately 10.8 billion tons of freight across the country each year.
Major products traded between the United States and Mexico
Computers and parts ($151 billion), electrical machinery ($124 billion), motor vehicles and parts ($120 billion).
Preferred form of transportation
Nearly 70% of goods transported in the U.S. are moved by truck from state to state.
Dependence on grocery stores
Grocery stores rely heavily on truck drivers to carry supplies to multiple locations. Most grocery stores would run out of transportation options within three days if truck drivers were to disrupt grocery deliveries.
Shortage of truck drivers
Experts believe the trucking industry needs to hire at least 900,000 more drivers to meet growing demand.
Miles per year
On average, a truck driver logged more than 100,000 miles during the past year.