Trucking operational costs remain top industry issue

For the second year in a row, concerns about the nation’s economy rose to the top of the American Transportation Research Institute's (ATRI) Top Industry Issues Report in October 2024. Mounting operational costs and a lingering freight recession are two of the factors causing carriers and drivers to feel uncertain about the economy.  

According to ATRI’s Operational Costs of Trucking 2024 Report, 2023 total marginal cost of operating a fleet reached a new record high at $2.270 per mile. When excluding fuel, this is a 6.6% increase compared to the previous year.  

ATRI reported that in 2023 despite the moderation of macroeconomic conditions, the fall of contract and spot rates plus a lower volume of shipments strained industry costs and operations. The top two cost increases in 2023 were tolls and truck insurance premiums.  

1. Toll costs increased 21.4% year-over-year and have increased 48% over the last 10 years. 

2. Truck insurance premiums increased 12.5% year-over-year and have increased 40% over the last 10 years. 

In the 2024 report, ATRI asked respondents for the first time to report the percent increase they experienced in Q1 2024. Leading the way were truck insurance premiums at 6.8%.  

ATRI says that potential drivers of truck insurance premium increases include more expensive equipment, litigation, inflation, and the surge in net premiums written during the freight boom of 2021 and 2022 as new fleets and capacity entered the market. 

Although the freight market is slowly showing signs of improvement, operating costs are expected to continue to increase in 2025. ATRI traditionally publishes its Operational Costs of Trucking in the summer. 

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About the Market Update

^{Schneider publishes this regular transportation market update to keep you informed of freight market conditions, supply and demand influencers, and disruptions that may impact your supply chain.}

^{This Market Review Update is intended to provide you with high-level macroeconomic and general industry data that may be relevant to your business. This update should not be used for any other purpose. This update does not state or imply anything about Schneider’s performance, results, operations, strategy, projections or plans. The purpose of this update is to relay statistical and relevant facts from various industry professionals. This update does not predict or forecast any economic or industry outcome or results. This update has been prepared on the basis of information made available by third parties; Schneider has not attempted to independently verify any such third-party information.}