E-commerce and fuel prices continue to play some big roles in the trucking industry.
The new year is quickly approaching, as are new trends in the trucking industry. Many aspects directly influence the performance of the sector as a whole. To understand what to expect from the trucking industry in 2020, here are some trends and topics that will influence trucking companies’ successes or pitfalls in the coming year.
Technology
Technological improvements happen across several, if not all, industries over time. The trucking industry is no different. With advancements in the tools available to trucking companies and services, the fleets of trucks can fulfill their deliveries much more efficiently and safely. Route mapping and tracking plan better routes to limit potential delays. Plus, companies and consumers have come to expect to receive regular updates on the whereabouts of their goods. Automating this step with the right technology keeps trucking companies competitive.
E-Commerce
Several industries are also heavily intertwined or reliant on other industries too. This concept is especially prevalent when examining the relationship between e-commerce and the trucking and transportation industry. More and more, consumers want to make their purchases online and have their items brought to them. As a result, all goods, from clothing to groceries, are moving around at astounding rates to fulfill these orders. As we’ve seen in the past several years, the e-commerce industry continues to grow, with no signs of stopping in 2020. The growing e-commerce industry likely signals more growth and opportunities for the trucking industry.
Fuel Costs and Alternatives
The price of fuel has always been one of the most considerable expenses in trucking. Gas prices continue to rise, along with its impact on the environment. An average trucker can log more than 100,000 miles per year. Given that the U.S. has approximately 3.5 million professional truck drivers, the industry’s fuel consumption is only a growing concern. While some have begun to explore alternative fuel or electric trucks to cut fuel costs in the long run, investing in these new vehicles to replace their current fleet isn’t quite feasible for many small and large trucking companies alike.
Ramp Up from the Past
The trucking and transportation industry experiences fluctuations when trying to achieve a balance between truck driving supply and shipment demand. In 2019, several trucking companies were charging far less for their services because there were not enough jobs to go around for all their drivers. But, as we’ve mentioned with e-commerce earlier, a reinvigorated market should see higher driver employment and greater earning opportunities within the industry.
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