Mergers and acquisitions activity across the trucking industry and the broader transportation sector is expected to accelerate in 2026, according to analysts at PwC.
Lower financing costs — driven by expectations of additional interest rate cuts — are likely to reopen transactions that were previously postponed, while also easing corporate spending constraints that had been tightened by a prolonged freight rate downturn and economic uncertainty.
The Federal Reserve closed out 2025 with its third straight monthly interest rate cut and raised its forecast for U.S. gross domestic product growth in 2026 by 0.5 percentage points to 2.3%. From September 2024 through December, the Fed implemented six reductions to its benchmark rate.
As borrowing becomes more affordable, PwC analysts cautioned that competition for logistics, transportation and infrastructure assets could intensify.
At the same time, clearer tariff structures and more predictable trade policies are strengthening confidence in nearshoring strategies, regional supply chain integration, and cross-border operating models. With fewer geopolitical unknowns, buyers can better evaluate long-term returns, the analysts noted.
Certain freight segments are expected to be particularly attractive acquisition targets in 2026, including pharmaceutical logistics, temperature-controlled transportation, and reverse logistics.
These specialized sectors align with evolving consumer behavior and demographic shifts, while also offering stable demand, durable customer relationships, and defensible market positions, PwC said.
The outlook builds on trends seen in 2025, when acquirers already gravitated toward subsectors characterized by strong growth prospects, operational efficiency, and high barriers to entry.
Deal activity has remained robust in pharmaceutical and health care logistics, cold-chain transportation, dedicated carriage and reverse logistics — segments supported by recurring freight volumes and mission-critical supply chains.
One notable transaction occurred in November, when UPS agreed to acquire Andlauer Healthcare Group for $1.6 billion. Andlauer is a Vaughan, Ontario-based specialist in cold-chain health care logistics.
UPS ranks No. 1 on the Transport Topics Top 100 list of the largest for-hire carriers in North America, No. 5 on the TT Top 100 list of the largest logistics companies, and No. 3 on the TT Top 50 list of the largest global freight carriers.
Another prominent cold-chain deal was Hub Group’s $51.8 million purchase of Marten Transport’s intermodal division.
Oak Brook, Illinois-based Hub Group ranks No. 2 among intermodal carriers and No. 14 on the for-hire TT100. Marten Transport ranks No. 5 among refrigerated carriers, No. 17 among intermodal carriers and No. 46 on the for-hire TT100.
A major temperature-controlled transaction that did not materialize involved US Foods and Performance Food Group. PFG ranks No. 4 on the TT Top 100 list of the largest private carriers in North America and operates five of the top 21 foodservice carrier brands. US Foods ranks No. 5 on the private TT100 and No. 2 among foodservice carriers.
If completed, the merger would have vaulted the combined company past Sysco Corp. to become the largest foodservice carrier, serving customers such as restaurants, office campuses, convenience stores, gas stations and truck stops.
PFG and US Foods entered into an information-sharing agreement on Sept. 16 but mutually agreed to end merger discussions on Nov. 24.
Meanwhile, dealmaking in the dedicated carrier segment was more subdued in 2025, with mostly smaller transactions following Schneider’s $390 million acquisition of Cowan Systems the previous year.
