One of the most important changes in trucking industry in 2018 is the electronic logging devices (ELD’s). But that’s not all, which is going to change this year. So, what’s next in trucking industry? Let’s find out the key points:
- Driver Shortages
The statistics shows that right now the trucking industry is short by 30000 to 35000 drivers and this is shortage is going to get worse. Over the next decade it may grow 5 times. This is a major problem with the trucking industry and could lead to serious and long-lasting impact. Considering 2018 the trucking industry will need to recruit nearly 100000 new drivers to keep up with the demand. This will lead to salary rise and more benefits for the drivers.
- Fuel Cost Expectations
The forecast shows that oil prices are going up. The changes on the oil market right now will lead to significantly higher prices in 2018. Diesel is up slightly from week to week and this trend will continue over the next few months. Let’s hope there won’t be any major market changes that will lead to even higher prices.
- Forecasts for Tonnage
Tonnage is a variable and is expected to fluctuate throughout 2018. This happens every year, so this is not news for the trucking industry. There are ups and downs especially with changing seasons and holidays occurring. Overall the tonnage numbers are expected to rise slightly form the previous year.
- Electric Trucks are Coming Fast
With the announcement of the new Tesla electric truck, more and more big companies are ordering these new trucks. The electric trucks are expected to be cheaper to operate than diesel powered trucks. This will lead to significant positive changes.
- Transportation Infrastructure
The U.S. interstate highway system is vital for the industry and it’s still poorly maintained and lacks sufficient capacity in certain parts of the country. There is a big need for changes in funding mechanism, new investments also, in order to support this primary logistical backbone.
- Change in Trucking Rates
Trucking rates will continue to rise. The forecast shows that there will be more loads than trucks available. This means that carriers can make profit, be selective for the loads and can raise the driver wages. This is a real opportunity for the trucking industry and can lead to solving many problems. Sadly this increase will affect the regular customer who will have to pay the price.
These changes alongside with the new restrictions on drivers’ hours will affect the revenue. Even with the fuel price shifts and the salary raises, the high demand for transportation will increase the revenue in 2018. This is good news for the trucking industry and will lead to many positive changes. Trucking companies and even owner operators will have the opportunity to develop more sustainable business, to solve problems like driver shortage, truck condition and so on. Trucking industry is essential for the U.S. economy and the good news are showing positive trends for the whole nation.