2024 freight forecast: 10 predictions from industry experts

Stay ahead in 2024: Freight predictions and expert insights that you can't afford to miss. Navigate market shifts and tech advancements smartly.

Date: December 13, 2023
Read Time: 6 min

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Key Takeaways

Last year, we compiled end-of-year freight and logistics industry predictions. Our expert contributors offered insights that proved to be quite accurate.

In 2023, the freight market faced its share of challenges. We observed a sluggish market, an uptick in acquisitions and bankruptcies, and a strong push toward more efficient operations.

Now, what's in store for 2024? The experts are ready to share their forecasts, and if history is any guide, you’ll want to pay attention.

Back with a fresh set of predictions, our panel of industry veterans is armed with years of experience and an understanding of the nuances of the supply chain.

These professionals shed light on potential technological impacts, market shifts, and emerging trends. Read on to discover the key predictions for 2024 and how they might shape the landscape of freight and logistics.

1. The next freight cycle will start with another external shock from the broader economy in late 2024 or early 2025

“The freight markets are now 22 months into the freight recession. While truck capacity is returning to balance with more normal load volumes, a truly balanced and healthy market doesn't seem to be around the corner. I don't see many green shoots in the broader economy.”

Kevin Hill - Owner of Brush Pass Research

2. Shippers will go back to the basics.

“In my business, I have never been asked what my tech stack looks like by any of my shipper customers. I truly feel that automation is a great tool to utilize as long as there is core fundamental training behind the broker using the software.”

Chris Jolly - Founder of Freight Coach

3. There will be a shift in how visibility and connection are thought of.

“In recent years, visibility has meant tracking. Connection has been transactional. Whether the connection is powering payment, tracking, or load tender and acceptance, it has been a bottoms-up transaction driven mostly by technology companies.”

Michael Caney - Chief Commercial Officer at Highway

4. Shippers will award lanes to brokerages offering customized solutions with value-adds.

“In 2024, shippers are expected to increasingly award lanes to freight brokerages that provide customized logistics solutions.”

Lexi Farris - Sr. Sales Manager at Denim

5. The truckload market will likely stay stressed until Q3 2024, but there could be a boost in Q2 due to increased demand during produce season.

“In 2023, approximately 88,000 carriers ceased operations, along with the closure of around 8,000 brokerages.”

Thomas Werdine - Founder at ThinkFreight

6. The Fed will lower rates, leading to an increase in freight volumes.

“Many analysts predict the Fed will lower interest rates around May 2024.”

Travis Vaught - Demand Generation Manager at Denim

7. Challenging freight market conditions will continue for most of 2024, increasing business risk for both Fleet and Broker businesses. However, many growth opportunities will still exist for a Smart Fleet or Broker business.

“As the freight market comes out of the doldrums, shippers may pay higher prices to ship their Freight later in 2024.”

JJ Singh - CEO of EKA Solutions, Inc.

8. In the next five years, innovation will be led by SmartBrokers, combining deep industry relationships with cutting-edge third-party technology.

“Over the past five years, venture-backed digital brokerages like Convoy and Uber have set the pace for innovation in our industry.”

Bharath Krishnamoorthy - CEO and Co-Founder at Denim

9. The surviving carriers are going to largely “chase the money” around the country to survive as shippers continue to take advantage of lower-than-normal rates.

"In light of the recent Panama Canal challenges, a stark contrast is evident: the LB/LA ports on the West Coast are witnessing historically high volumes while Houston and Atlanta experience lower volumes.”

Alex Schick - Co-Founder and COO at Alliance Logistix

10. Credit Crunch will continue for asset-lite businesses.

“We’ve seen several brokerages this past year get into trouble with Asset Based Lines of credit.”

Sean Smith - VP of Product at Denim

Facing 2024's Freight Challenges: Enhance Your Cash Flow with Flexible Factoring

Navigating 2024’s market swings will require not just foresight but also flexibility. The insights from our experts paint a picture of a sector that's continually adapting to new challenges and opportunities.