Can We Look Forward To Growth in the Trucking Industry in 2022?

Despite supply chain issues, driver shortages, and unprecedented challenges, the trucking industry ended 2021 with record numbers. While the pandemic was challenging for both shoppers and business owners, one thing became glaringly clear for everyone — the trucking industry is responsible for ensuring our shelves are stocked and packages land on our doorsteps.Now that the second quarter of 2022 is in full swing, analysts are looking at what’s ahead for the trucking industry. The sector reported a $13 million increase in revenue this first quarter, a 12.6% increase over 2021’s first quarter.

While the country is still facing many of the same challenges, the future forecast looks bright. This is largely in part due to changes and innovations in the way the industry functions. Today, we’re going to look at a few of the changes in the trucking industry and their impacts moving forward.

Increase in Freight Volume

According to the American Trucking Association, freight tonnage is expected to increase by 24% this year. As a result, the freight transport industry’s revenue is expected to increase by 67%. The trucking segment will continue to dominate the industry, accounting for 70% of all freight transport.

Fluctuating Fuel Costs

Diesel fuel prices have fluctuated throughout the pandemic. Russia’s invasion of Ukraine caused further disruption, inflating diesel prices to over five dollars, an increase of .06 dollars day-over-day. Fortunately, the national average is expected to peak in June of 2022.

Increased Demand for Short Hauls

Truck drivers prefer short hauls because it gives them more time at home and provides safer work conditions. As a result, the number of long-haul trips have decreased significantly over the last five years. This trend is expected to continue in 2022.

A Focus on Labor Retention

A shortage in truck drivers first came into focus in 2015, when the American Trucking Association reported a shortfall of 20,000 truckers. The trucking sector continues to dominate freight transportation, placing retention efforts at the forefront.

To manage this labor shortage, carriers and logistics companies are making big changes, including:

  • Better pay, enhanced benefits, and bonus programs
  • Enhanced driver training
  • Expanded driver demographic pool
  • Improved work conditions

Businesses are streamlining their processes with new and innovative tools to improve driving conditions and reduce operating expenses. For example, detention issues have continued to rise, wasting an average of 40% of a truck driver’s day and causing delays in cargo deliveries. Technologies that monitor detention and book loads will not only attract more drivers, but they’ll also result in industry-wide improvements.

Trucking Industry Growth in 2022

The trucking segment of freight transport is poised for further growth and expansion in 2022. With that demand, however, comes a myriad of challenges.

Double Tap Transportation LLC continues to face these demands with ease. In fact, we specialized in urgent transportation and challenging freight jobs long before the pandemic. Our team knows what it takes to get your cargo to its final destination quickly and safely. There’s a reason why we are the leading logistics services company in Ohio.