Key Takeaways:While truck shipment volumes are down more than 10% compared to last year, shippers are spending more. Capacity is tightening with fleets leaving the market and equipment getting harder to secure.Trucking companies are looking to control costs by using technology to drive efficiency in their freight invoice, audit, and payment processes.As we enter 2026, the U.S. trucking industry is defined by rapid transformation, where persistent market challenges are colliding with rapid innovation. Shippers and carriers are adapting to a landscape shaped by contracting freight volumes, rising costs, and an unsettled business environment. At the same time, they are leveraging technology to unlock new efficiencies and competitive advantages.Trucking’s reality checkEach quarter, we publish the U.S. Bank Freight Payment Index. The Index measures changes in freight shipments and spend activity based on data from transactions processed through our platform, which handles more than $43 billion in freight payments annually. In the third quarter of 2025, shipment volumes fell 2.9%, erasing the gains seen earlier in the year. Compared to last year, volumes are down more than 10%, and since the 2020 peak, shipments have dropped by 40%. Key drivers of a healthy trucking industry, like manufacturing, construction, and consumer goods spending, are facing stress.Yet, shippers are paying more to move less freight. Spending rose 2% from the previous quarter and is up 3.2% over the previous two quarters. This is not just about fuel prices. A major factor is capacity, with fleets leaving the market and equipment getting harder to secure.…
