Top Trends Affecting the Trucking Industry
A rise in technology and shifting customer expectations have dramatically changed the landscape of the trucking industry. As a result, many of the trends driving business decisions in the trucking industry are leaving fleet managers and carriers frustrated and with fewer options. However, it isn’t all bad news as fleets learn to navigate the changes affecting their businesses. The following are leading trends influencing the trucking industry:
- The driver shortage. This has been a challenge for years and trucking companies have taken numerous steps to try to address it. Some opted to entice new talent pools such as veterans or women. Others are trying to change regulations to allow drivers under 21 to operate on interstate highways. Now, nearly two-thirds of the industry are increasing benefits, pay, and more, to try to entice qualified drivers.
- Competition undercutting prices. When polled, 66% of trucking companies reported losing contracts to unprofitably low competitor offers. Fleets need to continue to find unique ways to improve efficiency and economies of scale to lower costs.
- Confidence in expansion. Not every trend is negative for fleets. Over a third expect to expand by 11-25% despite a predicted economic slowdown for the industry.
- Reducing costs with technology. Technology has been able to save fleets money in a variety of ways. With ELDs and telematics, fleets are able to identify gas-guzzling behaviors, pinpoint unsafe drivers, and provide better maintenance. Not only does technology help fleets stay on top of preventative maintenance, but it can also provide predictive maintenance suggestions as well. For example, artificial intelligence can run detailed analytics to compare the service history of fleets and isolate moments when brakes, tires, or other components will likely need servicing or replacement to avoid blowouts and accidents.
Keeping up with the latest trends affecting the industry can be a challenge. While not all trends withstand the test of time, some have been a thorn in the industry’s side for years such as the driver shortage. Interstate Motor Carriers knows that fleets have enough things to keep track of without adding new and challenging developments to their plate. Contact us to learn how we can help your trucking business.