Across 15 years, total U.S. rail volume stayed in a narrow band — but what rides the rails changed completely. Coal collapsed; intermodal containers took over.
Total tonnage barely moved, but the mix flipped. Two trend lines tell the whole story.
Rail is moving up the value chain — from raw bulk toward containerized, higher-margin freight.
Coal's decline from over 40% to 11% is the single biggest reason total volume rose and fell over the period.
Volume peaked at 28.1M units in 2014 and bottomed at 24.2M in 2020 as the pandemic hit — the lowest point in 15 years.
Intermodal rose from 44% to 55% of volume — rail is shifting toward high-value containerized freight.
Coal fell from 40%+ to 11% of volume by 2024 — the core source of total-volume volatility.
Rail recovered quickly, holding a steady 25.5–26.5M unit range from 2021 to 2025 — a sign of industry stability.
Source: Association of American Railroads (AAR) rail traffic data, 2011–2025. Units = carloads + intermodal units.