Truckers face numerous challenges entering into 2023, all of which can be conquered.
The last few years have shown us that it is hard to predict the future. Covid surprised the world. Then, there were massive supply chain disruptions and unexpected increases in fuel costs. However, gathering as much insight as possible for the next few months is necessary to prepare and be flexible.
Looking ahead to 2023 helps identify a list of connected challenges facing truckers that will continue to create uncertainty in the trucking industry. Below are some challenges facing truckers in 2023.
A Recession
According to Transport Topics News, some economists predict a 50-50 chance of the U.S. economy sliding into a recession in the first half of 2023. American Trucking Associations’ Management Conference & Exhibition’s panel of experts urges that trucking companies prepare now by maintaining robust cash flow levels and not panicking if a recession takes hold.
Why shouldn’t you panic? The U.S. has survived 12 recessionary periods since WWII, and experts see a recession necessary to reset the economy and rebalance the current inflation and global economic stresses. Additionally, while a downturn will affect overall shipping, there isn’t much concern that total freight traffic will have a significant impact because lingering shortages are now being fulfilled.
Industry Mergers
Continuous bankruptcies and acquisitions/mergers in the industry are happening because retail firms are shipping fewer goods, and the logistic chain issues are adding to this issue. As a result, several larger and many smaller trucking firms have left the industry, resulting in the loss of thousands of trucker jobs.
More consolidations might come in the following months, and the severity depends on overall market conditions. If you’ve been thinking about being an owner-operator, it’s best to wait until the spring of 2023 to see how the market does.
Changes in Sustainability and Safety
Various countries have made sustainability claims, and organizations have the same expectations. Many businesses have committed to reducing their carbon net emissions in the next few years, and plans to keep that promise are happening now and will continue to occur in 2023.
What does this have to do with the commercial trucking industry or the challenges facing truckers? The shift to renewable models and tilt toward the electric vehicle (EV) trend is a significant change in the trucking industry.
While this process is slow, it will challenge current freight owners and trucking firms, as the move could be substantial. Also, many organizations will reshift their safety practices by including sensors, cloud cameras, and trackers.
If you want to stay ahead of the curve, your trucking fleet will always need upgrades. While there are a few challenges facing truckers in 2023, truck driving will always be rewarding. Truck driving offers job stability, excellent benefits, and high morale because, without truck drivers, the world wouldn’t have the goods it needs.
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