The U.S. over-the-road transportation/trucking industry is having its best growth in years and is forecast to remain strong for the next 12 to 18 months before softening, according to the 2018-2019 Vertical Market Series – Road Transportation.

Released by the Equipment Leasing & Finance Foundation, the study provides an outlook on U.S. road transportation market sector confidence, anticipated spending and key developments and trends impacting this sector over the next one to two years. It is the second release of the Foundation’s new forward-looking vertical market series designed to help readers recognize and understand key trends that may affect their businesses.

The study, commissioned by the Foundation and prepared by ORC International, comprises data from a variety of sources, including the American Trucking Associations, which reports that trucking revenues are likely to grow 5.4% annually between 2018 and 2023, reaching $1 trillion by 2024.

The study indicates that factors such as low unemployment, booming U.S. housing starts and strong online sales growth are driving freight volumes to record highs. In addition, tax reform and economic growth may provide a lift to truck equipment suppliers this year. Noteworthy obstacles examined include a growing lack of truck drivers, ongoing wrangling over the electronic logging device mandate and trade war concerns with China and other nations.

“The new Foundation road transportation study is a comprehensive resource providing a one-stop compilation of data and analysis for the industry,” said Tom Ware, Foundation Research Committee Chair. “Trucking industry participants will find this to be an invaluable tool for their business decision-making.”

In addition to ORC International’s expertise, the study also drew from outside industry experts and consultants, industry trade publications and newsletters, and reports and analyses from media sources and transportation industry research firms.