Freight rates and volumes declined in the first quarter, but most carriers expect conditions to improve later this year, according to a new survey.

Data from the Bloomberg–Truckstop carrier survey found nearly 40% of respondents reported year-over-year rate declines in Q1 2026, while more than a quarter said freight volumes also fell.

More than half said demand was softer than in the fourth quarter, with many pointing to falling rates and rising costs as a difficult combination for independent operators.

Despite the weak start to the year, sentiment is shifting. About 70% of carriers expect demand to increase over the next three to six months, while 65% anticipate higher rates and 58% expect improved revenues.

Broker-related issues ranked as the top challenge facing carriers, followed by fuel prices and rising insurance costs.

The survey also suggests capacity will remain constrained. Sixty per cent of respondents said they have no plans to add or replace trucks in the near term, citing weak demand and high equipment costs.

The quarterly survey included feedback from more than 600 carriers, most of them owner-operators or small fleets.