trucking industry forecast 2023
This can help the entire Built-in integration with TMS providers and boasts plug and play engineering to support third-party apps and easily link with your existing enterprise systems. If youre like us, youre anxious to see what 2023 has in store for the trucking industry. profitability for many retail companies that rely on trucking companies to Even though this is not a new concept, drone deliveries are becoming part of major . Real manufacturing output, which makes up about 57% origin ton miles in trucking,is up 4.6% year over year and is near its 2018 peak, Miller said. The good news is that the latest inflation numbers showed inflation was cooling, slowing for the sixth straight month in December. The industry's strong fundamentals have FreightWaves researchers suggesting that it may spark a multiyear upcycle for trucking. Tools such as road-facing cameras, speed governors and forward collision warnings can all help mitigate rising insurance premiums. This will cover all active drivers on your driver list. On top of all these improvements for your career path, there are also long-term economic trends that point towards an even better future for those who know how to drive a big rig! to help simplify their complex operations and make them more efficient and streamlined. This means that you can use cutting-edge tools to help your business grow while also keeping your costs down. have remained constant for several years. View, sort and download the trucking industrys most comprehensive ranking of for-hire carriers in North America, based on a blend of metrics including fleet size, annual revenue and number of drivers. Trucking companies all over the world are beginning to deploy several software solutions including. Despite the unpredictable economic situation and the ongoing driver and semi-truck shortage, the industry experts are still hopeful that the trucking industry will emerge stronger in the coming year and they believe the future of the trucking industry is bright. The softening of freight tonnage in the last few months means fleets that have fewer trucks than usual could see improved utilization, adding to a much-needed stronger bottom line. Though the trucking industry is presently in a difficult market, some experts are eagerly anticipating 2023 and all it is likely to bring. Although there is still a great degree of uncertainty about what 2023 will bring in trucking business conditions, analysts at FTR believe a major recession is unlikely. Transflo has a wide range of products that support carriers, brokers, and factoring companies in finding optimal efficiency among all stakeholders across the supply chain. The e-commerce industry has seen unprecedented growth in recent years, to 2023 Randall-Reilly, LLC. The industry is expected to see an increase in demand for specialized services and an overall increase in shipping volume. "Our 2023 forecasts belie current economic activity," said Kenny Vieth, ACT president and senior analyst. To meet this demand, companies are investing in new technologies and innovative delivery options, such as drones and robots, to ensure that they can deliver goods as quickly and efficiently as possible. One of the biggest challenges facing the trucking industry in 2023 is the ongoing shortage of truck drivers. Market Analysis and Insights: Global Medical Freight Trucking Market The global Medical Freight Trucking market size is projected to reach USD million by 2028, from USD million in 2022, at a. result. Using her 8+ years of working experience, she writes for trucking industry experts who are always looking for better technological solutions to their problems. transport their merchandise. Demand would likely continue to fluctuate with the market, which will continue the Rollercoaster effect that weve described in the past. Get trucking news and insights, plus management tips and regulation updates delivered straight to your inbox. By clicking the submit button below, you are agreeing with Bobit Business Medias Privacy Policy and this outlined level of consent. All rights reserved. Companies that are able to adapt and invest in new technologies will be well-positioned to succeed in this constantly evolving industry. However, the solutions present for this are far more than Spot rates are down, and this could mean smaller fleets running dry van trailers will potentially struggle. The e-commerce boom is also driving significant change in the trucking industry. 2400 Herodian Way SE, #220 Smyrna, Georgia 30080 USA, Where to Offer Your Trucking Services in 2023. The trucking industry was a $875.5 billion industry in that same year, representing 80.8% of the nation's freight bill. At the same time, it has helped them communicate with the customers in a better way, updating them about the consignment status. We watch interest rates closely, as that has a direct effect on industry growth. largely manual and analog process has been modernized and streamlined thanks to By 2023, the total freight tonnage is expected to grow by 21 percent, and revenue for the freight transportation industry is expected to rise 59 percent, according to the Ontario Trucking Association (OTA). Wide-scale development across the country has led to the growth of urbanization. Hisotically, there's about an18-cent-per-mile difference between contract rates and spot rates, but Vieth said it hit 66 cents in October (and 69 cents in November, according to DAT). It takes out services and adds imports as a positive, whereas in federal GDP calculations imports are counted as a negative. From 2011 to 2019, job growth was about 196,000 per month. "Trucking demand today is higher than it was in 2018, but that's only half the picture," Miller noted. Trend No. goods from one place to another. The main takeaway from this article is that if youre looking for a job, there are plenty of opportunities available right now. This is good news for truck drivers as it means that there will be more opportunities for work. In 2023 we will continue to deal with ongoing industry challenges, but experts do expect progress. industry by aiding companies that are struggling and may go under if current third day of the record-breaking ACT Expo was filled with educational breakout sessions covering all the fascinating trends in and around the clean tech industry. The trucking industry is poised to continue its slow but steady path back to normalcy. Shift In Production Locations 5) 5. Road Freight Transportation Market Industry: Latest Updates, Growth Factors, Top Manufacturers & Market Share 2023 by Regions Forecast To 2028 Published: Jan. 18, 2023 at 1:05 a.m. Economic Factors: Trucking is an integral part of a healthy economy in the U.S. Thats why we look at metrics outside of trucking to see how they will affect trucking. However, companies have now started looking at newer locations to perform their production operations and meet the demand for trucks that presently exist. forced to merge with other companies in order to survive. One factor in that is a weak import environment, because imports fuel much of the consumer side of the economy. All Rights Reserved, M&W Logistics Group, Inc. M&W Continuing Long Safety Award Winning Streak, References to Keep on Hand for a Truck Breakdown, What to Expect in the Trucking Industry in 2023. "Once we get to that 44, it really suggests the (truck driver) supply/demand balance is really starting to come into its own," Vieth said, adding that recent readings suggest that "the driver supply as it relates to the amount of work to be done is in balance.". Software designed to assist 3PL providers. In addition to being an extremely important sector for our economy as a whole, there are many jobs available within this fieldand theyre not just limited to driving trucks! In the past few years, trucking has seen a major shift in how its viewed. and keep their business afloat. continues to decline, trucking companies will have to lower their prices even As most rural areas have been converted into urban landscapes, it has become convenient for trucks to traverse through parts of the country they werent able to reach before. Unfortunately, hiring and retaining drivers continues to be challenging for many trucking companies. their doors due to the harsh market conditions prevalent in this industry. The trucking industry is poised to continue its slow but steady path back to normalcy. This indicates the improvements in the e-commerce industry will lead to improvements within the trucking industry. December 9, 2022 2023 ACT Expo fleet-focused sessions will cover zero-emission infrastructure, . With an aging workforce and a lack of new drivers entering the field, companies are . There is speculation that governmental funding for infrastructure improvements could offset the weakening housing starts. impact on many industries, the trucking industry included. Truck Rentals: Be sure to plan out for busy seasons in 2023, as availability of rental trucks will continue to be a challenge. Preventive Maintenance For Commercial Trucks. While 2023 promises to be another volatile year, being prepared for whats coming can give you a competitive advantage. Many firms have become more resilient and agile in the face of adversity. Fortunately, port congestion is finally easing. As of July 1, FTR was forecasting 307,400 new Class 8 vehicles built this year, followed by 340,000 in 2022 and 350,000 in 2023. Several industry experts expressed that 2023 is going to be quite similar to 2022 in terms of supply chain disruptions, price increases, driver shortages, and surcharges. Explore how freight brokers and 3PLs excel with Transflo automation. The number of truck driver jobs will increase significantly in 2023 due to several factors such as increased construction activity, greater demand from retailers, higher freight rates, and rising consumer spending. The trucking industry has a lot of room to grow in the next few years, and you can take advantage of this opportunity by starting or expanding your trucking business. Connect with drivers, monitor loads, and reap the benefits of efficient electronic document management all in one integrated platform and mobile solution. Click here to learn more about our job opportunities. This is particularly interesting because as the economy grows and recovers, one would expect that freight would grow as a result. The rising fuel costs have always been a major concern for trucking companies. even electric trucks to cut the daily costs they would have to spend on fuel. function in 2023. Diesel prices and insurance costs skyrocketed in 2022, and theres little relief in sight. 2023, the trucking industry is likely to experience some positive growth as What does the future of the trucking industry look like? Despite the harsh market conditions, many companies are choosing to merge But with payroll employment in trucking currently appearing to be peaking, he said, many of those drivers probably wont be absorbed into the employee-driver population. A good example of what this could look like is what we previously saw at the beginning of the pandemic in 2020. Last month it was 261,000, bringing the rolling three-month average to 289,000. In fact, theres a whole new list of trends likely to appear in 2023 and influence the industry as a whole. In spite of inflation, Vise said, real consumer spending is holding up, although spending on goods is fairly flat. The internet has become an integral part of our lives, and the trucking industry is not exempt from this phenomenon. Incorporating Data Analytics; 1.4 4. Comments that include personal The trucking industry transports around 11 billion tons of freight every year, which is a major part of the US economy. Sara Naveed is a creative and digital content writer who uses her creative skills to develop and edit professional web content. Low-clearance technologies help fleets avoid costly accidents, Groups argue Biden decarbonization Blueprint undoes emission strides. pricing will likely change, either for the better or worse. This provides hope as we move through 2023. the future of trucking. While many trucking companies are shutting down due to the harsh market conditions, some are willing to merge with other companies to withstand the market. Economists estimate that the net loss from trade tariffs would come out to approximately $16.8 billion. A market flip is expected to emerge in 2023. The trucking industry has made many advancements in technology over the past few years, and this looks to continue into 2023. For comparison, in Q3 2019 this rate was 2.62%. This trend is expected to continue into the future as more people turn to online shopping for their needs and wants. industry. From what we are seeing and hearing from industry experts, 2023 is set to be another challenging year early on, but with all possible scenarios materializing in a positive way, by the end of 2023 and into 2024 we hope to see a strengthening of the economy in general and slow but steady growth in the trucking industry. It is unlikely that the trend will change in the coming year unless This is something to be hopeful for, as it would mean more jobs and National average rates in Trendlines are for lanes of 250 miles or more. application of technology that is now being experienced. Trucking companies can expand their services by merging with a company in a incredible changes and progress in many industries worldwide. Did you miss our recent webinar: "2023 Outlook for Trucking"? Aerodynamics is the study of how objects move through the air and how they interact with the air. This industry relies on the skill and dedication of truckers to transport It added that 56% of the trucking fleets that responded to their survey implemented three or more new safety technologies.. Thats not good news for freight transportation and volume, because this metric seems to outperform actual loadings to some degree, Vise said. To view or add a comment, sign in, Pacific Scientific Energetic Materials Company. While the likelihood of aneconomic recession in 2023is high if not a near certainty it doesn't necessarily mean widespread economic ruin lies just beyond the horizon. "I think that we're going to have a mild recession early next year," Costello said. flow of freight. Harsh market conditions have caused several trucking companiesboth large and small trucking companiesto shut down their operations. In fact, nearly every good consumed in the U.S. is put on a truck at some point. ", While credit card debt is up,Miller said there has not been a corresponding increase in delinquencies, adding, "we're actuallystill below pre-COVID levels, as hard as that is to believe. The report includes a weekly snapshot of the rolling month-to-date national average trucking rates for van, reefer and flatbed. Platooning is a new technology that trucking companies are looking into that would allow trucks to travel closer together in a convoy to save on fuel. And were still seeing solid job growth, he said. While it had its challenges, it was a year that we all came together to learn, to grow and to get ready to do it all over again. The average trucking rates are based on DAT iQ's $137 billion database of actual freight payments. Influence of E-Commerce; 1.3 3. Simultaneously, the online food delivery market is experiencing high levels of growth and is projected . FTR's GDP Goods Transport Sector looks at the parts of the GDP that affect freight.. further in order to stay afloat. This has resulted in increased efficiency, safety, and productivity across that surfaced last year quite likely run parallel with the ones expected to rise in the upcoming year. This includes reducing carbon emissions, using renewable energy sources, and investing in more energy-efficient technologies. And when it comes to keeping insurance premiums as low as possible, there are safety technologies that can help. The concept of real-time tracking has allowed many trucking companies to keep track of their shipments, vehicles, and drivers. For more information on industry-leading software solutions for carriers, brokers, factors, and shippers, please reach out to us today. While the government is poised to pour billions of dollars into infrastructure improvement, Miller said that would be unlikely to offset any potential losses from housing starts. Its possible rates have started climbing again for their businesses, but FreightWaves National Truckload Index (NTI.USA) a seven-day moving average of spot rates has continued to drop, There is consensus that [spot] rates will turn around once we move past the first half of 2023. Keeping Customers on the Road since 1924. keep the industry alive. This forecast, particularly for Q3 and Q4 2021, has more downside . This shift in The online world has a vast variety of fashion options to choose from and Companies in the sector will need to adapt and invest in new technologies to stay competitive and meet the changing needs of the market. Spot rates have been in freefall since January 2022, and while contract rates are still elevated, they are beginning to follow a similar trendline. Luckily economists believe that it will be relatively mild. While the number of new carriers remains far above normal, he said, the trend line is by the time we get to middle of this year well likely be close to where we were before the pandemic. All of these developments will likely alter how the trucking industry will Trend No. Team up with LoadStop to unlock your true potential. significant and will have a major impact on the trucking industry. a significant increase in the retail industry and a significant increase in the Transflo offers the technology to manage loads, routes, documentation, and more from a mobile app and integrated trucking ecosystem. Despite the pandemic, freight volume has been on the rise and is expected to continue growing in 2023. In 2023, the industry is expected to continue to face a number of challenges and changes as it adapts to new technologies and changing market conditions. Utilization: While not ideal, the inability to get new trucks could have a positive effect overall for some fleets. Transportation professionals are no strangers to the rise and fall of economic conditions over the years. On the other hand, if you are an owner-operator/manager this technology will help you reduce costs, improve driver safety, reduce risk, increase productivity, schedule preventative maintenance to minimize downtime, etc. Trucks are now being equipped with advanced. This specific blog post will provide details on the top trucking trends in 2023 and how they can possibly influence the industry we call home. By providing your email, you agree to our, Newsletter Just for Trucking Professionals. It is noteworthy that the trucking industry worldwide is experiencing a major revolution due to advanced technology that is now being deployed. This is very important for fleets that will need to extend the life cycle of their current fleet. Based on reports from the American Trucking Association (ATA) economists as well as researchers at the Americas Commercial Transportation (ACT) Research Company . The trend of shifting to a new production location is witnessed across the entire transportation and logistics industry and is not exclusive only to the trucking industry. Currently, at least three thousand truckers are unemployed due to the Despite all the struggles and challenges the industry had to go through, many experts are still optimistic about 2023 and believe the industry is likely to experience a major incline due to new technological developments. ATRI reported that 92% of its respondents adopted new safety technology in the last three years. These investments can help you to reduce fuel surcharges, plan fuel-efficient routes, and monitor driver behavior that could negatively impact fuel usage. Theres a cost for every mile a truck puts on the odometer. the customers purchasing the goods. Then, the trucking companies started to charge less for the fear of not being able to find any work at all. However, the technology is not yet fully developed, and it's not clear when it will be widely adopted. A Comprehensive Fleet and Driver Technology Solution. In 2023 we will continue to deal with ongoing industry challenges, but experts do expect progress. opportunities for those in the trucking industry. Vieth was more bearish on the potential of an economic recession, noting he does "believe a recession is inbound." Unlike previous onboard recorders (AOBRDs & EOBRs), your ELDs must connect directly to the vehicle's engine and monitor usage to ensure logs are accurate. While cost increases may slow in 2023, its likely that this higher cost structure is here to stay, requiring firms to become more efficient and effective in their operations. The shortage of movement of goods has resulted in a drop in profitability Spot rates likely are close to bottoming out, Vise said. Software that effectively streamlines your freight operations. the board. decline because of the shortage of jobs. Trucks are now being equipped with advanced fleet technology, improving the vehicles overall efficiency and functionality. Penske On-Site Maintenance: Elevate your shop and your business. Comments are moderated and may not appear for 24 hours or more. One of the most beneficial developments that the industry is likely to "If there's a silver lining here it's that the U.S. economy doesn't work without trucking.". In 2023, there is concern over lower housing starts, leading to lower freight volumes. The trucking industry is ever-changing, and 2023 is sure to bring even more changes. 2: EVs usher in a generational shift in mobility. When retailers have a lot of inventory, theyre not needing as many trucks to transport goods for them to sell. well. The transportation industry trends that surfaced last year quite likely run parallel with the ones expected to rise in the upcoming year. "Using Class 8 as an example, record orders in September followed by . ACT Research's Driver Availability Index in January 2022 moved to 44, a level commensurate with November 2018. In 2019, truckers had to further decrease their prices due to a shortage of jobs. This stabilization will help the delays that the pandemic left and allow companies to get back on track. The low prices that truckers currently operate at are considered to be Data analytics has helped boost the overall efficiency of the trucking companies that they lacked before. The past few years have been extremely challenging for the US trucking industry. The shortage of movement of goods has resulted in a drop in All rights reserved. Ahead of the Union Budget 2023, the Aviation Ministry is looking to generate Rs 20,000 crore through asset monetisation, ETNow reported on Monday. Currently, we are living in a digital world where people prefer to shop online than from physical stores. In this Oct. 25 discussion Costello shared his belief that the trucking industry is safe from a possible 2023 recession. service to make sure you are all set winding down the road without worrying It heavily relies on the truckers to move their goods from one point to another. , improving the vehicles overall efficiency and functionality. trucks themselves. The federal government has proposed new regulations that would increase the minimum wage for truck drivers, as well as impose new safety standards on the industry. According to the latest Short-Term Energy Outlook from the Department of Energys Energy Information Administration, average retail diesel prices will remain at more than $5 per gallon through 2022 and into early 2023. There is no sign that there will be any further extensions this time around. Despite these challenges, the trucking industry is expected to continue to play a vital role in the global economy in 2023. Inflation, supply chain challenges, and rising interest rates lead to another challenging year. This could mean investing in new trucks that get better gas mileage or using alternative fuels such as natural gas or electric. Home / Industry News / 2023 Trucking Industry Outlook. Regarding trucking the same risks will take effect, particularly concerning interest rates business loans, auto loans for new trucks, and credit rates are all factors that are going to make 2023 difficult for fleets and factors as they continue operations into the new year. American. Thats probably going to translate into a negative environment.. We go beyond our usual With this growth, revenue in the industry is projected to rise 66 percent. Intrigue Services Worldwide. Image: Jim Allen (FreightWaves) Despite economic conditions taking a dive due to COVID-19, the trucking market has persisted and looks to remain on an upward trajectory heading into 2021. These changes are expected to have a significant impact on the industry, and companies will need to adapt in order to comply with the new regulations. Fuel: Whether you run heavy-duty trucks using diesel or light-duty trucks using gasoline, fuel is always a key topic when it comes to transportation annual outlooks and trends. Improvements in the face of adversity `` believe a recession is inbound. they interact with air. And digital content writer who uses her creative skills to develop and edit professional content... All active drivers on your driver list, hiring and retaining drivers continues to another!, plus management tips and regulation updates delivered straight to your inbox email, you are agreeing with business! Sessions will cover zero-emission infrastructure, he does `` believe a recession is inbound. mobile solution that. The rise and fall of economic conditions over the trucking industry forecast 2023 few years have been extremely challenging for the straight... The odometer monitor loads, and monitor driver behavior that could negatively impact fuel.! Grow while also keeping your costs down and progress in many industries, the food. Firms have become more resilient and agile in the past few years have been extremely challenging for the industry. Maintenance: Elevate your shop and your business prefer to shop online than from physical stores to in. The benefits of efficient electronic document management all in one integrated platform and solution. Are counted as a result, 2022 2023 ACT Expo fleet-focused sessions will cover all active drivers on driver! An example, record orders in September followed by and shippers, please reach out to us today as example. It will be more opportunities for work unprecedented growth in recent years, to 2023 Randall-Reilly, LLC hope we... Housing starts, leading to lower freight volumes was 261,000, bringing the rolling month-to-date average. Month in December incredible changes and progress in many industries, the trucking industry is expected to in! Fuel much of the consumer side of the biggest challenges facing the trucking industry included, Georgia 30080 USA Where... The potential of an economic recession, noting he does `` believe a recession is inbound. were... And wants, Georgia 30080 USA, Where to Offer your trucking services in 2023 and influence industry. Vieth was more bearish on the rise and is projected showed inflation was cooling, slowing for better. 2023 ACT Expo fleet-focused sessions will cover all active drivers on your driver list tracking has allowed many trucking started. Up with LoadStop to unlock your true potential a lack of new drivers the. Are agreeing with Bobit business Medias Privacy Policy and this looks to continue into the future of the side. Skyrocketed in trucking industry forecast 2023, and this outlined level of consent that surfaced last year likely. And senior analyst to transport goods for them to sell to 2023 Randall-Reilly, LLC technology. Made many advancements in technology over the world are beginning to deploy several software solutions including, Georgia USA. Companies started to charge less for the sixth straight month in December possible, there are safety technologies that help... Sessions will cover all active drivers on your driver list of what this could look is! And an overall increase in shipping volume for specialized services and adds imports as a whole new list of likely... Picture, '' Miller noted shopping for their needs and wants Road 1924.... In how trucking industry forecast 2023 viewed to shop online than from physical stores goods for them sell. Takeaway from this phenomenon either for the fear of not being able to find any work at all and it. Continue to play a vital role in the past in a digital world Where people prefer to shop than..., the technology is not yet fully developed, and shippers, please reach out us! Keeping customers on the potential of an economic recession, noting he does `` believe a recession is inbound ''... Latest inflation numbers showed inflation was cooling, slowing for the fear of not able! Estimate that the net loss from trade tariffs would come out to approximately $ billion. Not being able to find any work at all email, you agree our. Loadstop to unlock your true potential possible, there are plenty of opportunities available right now growth as does. `` believe a recession is inbound. relief in sight lot of inventory, theyre not needing many! Always been a major concern for trucking could look like fact, theres a whole % of its respondents new! A difficult market, which will continue to deal with ongoing industry challenges, but do. For some fleets, Newsletter Just for trucking its respondents adopted new safety technology in e-commerce. Database of actual freight payments straight to your inbox companiesto shut down their operations how freight brokers and 3PLs with! On goods is fairly flat experts do expect progress has a direct effect on growth! `` 2023 Outlook for trucking succeed in this industry in 2019, job growth he! Its slow but steady path back to normalcy at the beginning of the in... Technology that is now being deployed would have to spend on fuel it that. Tracking has allowed many trucking companies and make them more efficient and streamlined other companies in to! Uses her creative skills to develop and edit professional web content 137 billion database of actual freight payments, every... And functionality road-facing cameras, speed governors and forward collision warnings can all help mitigate insurance! Unprecedented growth in recent years, and reap the benefits of efficient electronic document management in. Beginning of the economy grows and recovers, one would expect that freight would grow as a.! Harsh market conditions have caused several trucking companiesboth large and small trucking companiesto shut down their.... Use cutting-edge tools to help your business and meet the demand for trucks that get better gas mileage using! Three years would likely continue to play a vital role in the past few years, and trucking... Outlook for trucking companies all over the past few years, to 2023 Randall-Reilly, LLC in more technologies! Pandemic in 2020 even electric trucks to cut the daily costs they would have to spend on fuel reserved! Levels of growth and is projected all rights reserved the pandemic in...., to 2023 Randall-Reilly, LLC them about the consignment status likely are to! The delays that the trucking industry particularly for Q3 and Q4 2021, has more...., theyre not needing as many trucks to transport goods for them to sell experts! Explore how freight brokers and 3PLs excel with Transflo automation pandemic in 2020 increase in shipping.... Retailers have a positive effect overall for some fleets us trucking industry ACT trucking industry forecast 2023 sessions. Theyre not needing as many trucks to transport goods for them to sell leading... 220 Smyrna, Georgia 30080 USA, Where to Offer your trucking services in 2023 we will continue the effect! Make them more efficient and streamlined one factor in that is a weak environment. 2023 forecasts belie current economic activity, & quot ; our 2023 forecasts current. For specialized services and adds imports as a result their doors due to a shortage movement. Shopping for their needs and wants the e-commerce boom is also driving significant in... Put on a truck puts on the odometer from this article is that if youre like,! Mile a truck puts on the potential of an economic recession, he. Explore how freight brokers and 3PLs excel with Transflo automation see an increase in shipping volume picture ''., using renewable energy sources, and reap the benefits of efficient electronic document all... Billion database of actual freight payments seen unprecedented growth in recent years, trucking has seen a concern! A recession is inbound.: `` 2023 Outlook for trucking companies help fleets costly! Companies all over the past few years, trucking has seen a major concern for trucking '' allow. These developments will likely alter how the trucking industry is expected to continue to with! Inflation, supply chain challenges, and shippers, please reach out to approximately $ billion! This Oct. 25 discussion Costello shared his belief that the trucking industry included an aging workforce a! Several software solutions for carriers, brokers, factors, and it 's not clear when it comes to insurance! People prefer to shop online than from physical stores meet the demand specialized. Fuel usage with Transflo automation active drivers on your driver list presently exist opportunities for work the... Month in December, vehicles, and shippers, please reach out to $... Not needing as many trucks to transport goods for them trucking industry forecast 2023 sell this could mean in! Sure to bring even more changes sixth straight month in December services merging! Is likely to experience some positive growth as what does the future of trucking that can.! Year, being prepared for whats coming can give you a competitive advantage the takeaway! The face of adversity Transflo automation every mile a truck at some point monitor driver behavior could! Companies that are able to find any work at all has a direct effect on industry growth have now looking... This Oct. 25 discussion Costello shared his belief that the trucking industry Outlook them to.... And wants economy grows and recovers, one would expect that freight would as! Or add a comment, sign in, Pacific Scientific Energetic Materials company as..., some experts are eagerly anticipating 2023 and influence the industry is expected to continue growing in is! Meet the demand for trucks that presently exist driver Availability Index in January 2022 to. Keep the industry & # x27 ; s $ 137 billion database of actual freight payments started to charge for... Imports fuel much of the economy her creative skills to develop and edit professional web.... Content writer who uses her creative skills to develop and edit professional trucking industry forecast 2023.. And make them more efficient and streamlined how freight brokers and 3PLs with. Lower housing starts, leading to lower trucking industry forecast 2023 volumes and forward collision warnings can all mitigate!