A recent Bloomberg Intelligence | Truckstop survey found that polled owner-operators and small fleets, carriers who have faced challenges with weak demand and low rates, are now seeing signs of improvement ahead, though some are still considering a shift in their careers.
“Despite greater optimism over the outlook, more carriers expressed an intent to leave the business than in our prior survey,” commented Lee Klaskow, the Senior Freight Transportation and Logistics Analyst at Bloomberg Intelligence. “An acceleration in carrier exits could speed up the market’s return to equilibrium and provide a better backdrop for rates next year.”
The Bloomberg | Truckstop 3Q24 Truckload Survey shows:
- Rates may bounce back soon: Spot rates remained suppressed in Q3, falling 17 percent on average excluding fuel, according to respondents, but more see the view brightening. An increase over the next three to six months was expected by 29 percent of carriers, six percentage points higher than the survey three months ago. There are indications that the market is moving closer to equilibrium. Truckstop’s Market Demand Index for the North American trucking market increased 13 percent on average in Q3 from 2023, the third consecutive quarter of year-over-year gains.
- Demand may gradually increase: Sentiment going forward appears to be more optimistic, even though carriers continued to see lower volume in Q3, with 56 percent of respondents noting weaker demand compared with last year. Higher volume over the next three to six months is expected by 40 percent, seven percentage points better than seen in the Q2 survey. An improved demand outlook could also lead to more carriers buying equipment, with 24 percent saying they might make a purchase in the next three to six months, which is three percentage points better than the Q2 responses. Weak demand was cited by 34 percent as the main reason for not buying.
- Carriers face uncertainty about their futures: More carriers see themselves exiting the industry, with 15 percent saying they believe they’ll be out of trucking in six months, six percentage points higher than the Q2 survey. Excess capacity has been slow to leave the market, and any acceleration could help spot rates move higher, setting up a better 2025.
“Carriers are optimistic that the toughest times are now behind them,” noted Kendra Tucker, Truckstop’s Chief Executive Officer. “Truckstop continues to be a trusted partner, empowering carriers to thrive in a dynamic market with innovative solutions designed to help them to manage, safeguard, and expand their businesses.”
The Bloomberg | Truckstop survey of owner-operators and small fleets provides timely channel checks into the health of the spot market. The sample size was 171, consisting of dry-van, flatbed, temperature-controlled and specialized/diversified, hot-shot, and step-deck carriers. Of the respondents, 53 percent said they operate just one tractor.
The complete survey is available to Bloomberg Terminal subscribers via BI.
About Truckstop
Truckstop is a trusted partner for carriers, brokers, and shippers, empowering the freight community through a platform of innovative solutions for the entire freight lifecycle to increase efficiency, automate processes, and accelerate growth. As one of the industry’s largest neutral freight marketplaces, Truckstop provides customer service as well as a scale of quality loads and trucks to give customers of all sizes, whether on the road or in the office, the transparency and freedom to build lasting relationships and grow their businesses. To learn how Truckstop is helping move the freight community forward, visit www.truckstop.com.
About Bloomberg Intelligence
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