Market Size of US Cross-Border Road Freight Transport Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Cross-Border Road Freight Transport Market Analysis
The size of the United States cross-border road freight transport market is USD 1.02 billion in the current year and is anticipated to register a CAGR of over 3.5% during the forecast period.
- Public-health measures to control the COVID-19 pandemic reduced economic activity. US GDP declined by 1.2% in the first quarter of 2020, and unemployment rose to 14.7%. With no clear timeline for the lockdown and other restrictions to end, freight companies were responding to the immediate crisis by preserving cash, creating safe workspaces, adjusting the size of the workforce to meet the demand, and providing humanitarian aid. During the crisis, demand has been volatile, spiking or plummeting by mode and customer profile.
- The United States' cross-border road freight transport market is driven by the growing technological advancement in the trucking industry and the trade agreements among the North American countries, while road congestions and high emissions drag down the market growth. Canada and Mexico are major trading partners of the US and these are the most important countries when it comes to cross-border freight transport from the US.
- U.S. relations with Mexico are strong and vital, and Mexico remains one of the United States' closest and most valued partners. The countries share a 2,000-mile border with 47 active land ports of entry. Trade between Mexico and the United States reached the historical figure of USD 779.3 billion in 2022, a growth of 17% compared to the amount registered in 2021, according to the United States Census Bureau.
- This figure was supported by an annual growth of 18.3% in merchandise imports from Mexico, which totaled USD 454.9 billion. The amount represented 14% of the total imports that the United States made in 2022. Exports from the United States to Mexico increased 17.3% compared to 2021, to register an amount of USD 324.3 billion. With this value of total trade, Mexico remained the second largest trading partner of the United States, only surpassed by Canada, which totaled USD 793.8 billion.
- The United States and Canada share the world's longest international border, 5,525 miles with 120 land ports of entry, and their bilateral relationship is one of the closest and most extensive. Nearly USD 2.6 billion a day in goods and services trade crosses between them every day. The deficit with Canada increased USD 31.6 billion to USD 81.6 billion in 2022. Exports increased USD 48.4 billion to USD 356.1 billion and imports increased USD 79.9 billion to USD 437.7 billion.
- In March 2022, the total transborder freight of US was USD 141.9 billion, moved by all modes of transportation, up 23.8% compared to March 2021. Freight between the U.S. and Canada totaled USD 72.9 billion. Freight between the U.S. and Mexico totaled USD 69.0 billion. Trucks moved USD 85.5 billion of freight, up 15.7% compared to March 2021.
