The transportation industry has always played an important role in getting products from one point to another. While the result is the same, the industry has seen many changes as it continues to transform, innovate, and become more efficient, according to EY.com. Whether freight is moved via plane, railway, or truck, all logistics operators are looking for ways to get their freight to its destination, quickly, safely, and efficiently.
Trucking Industry Statistics:
Among the various methods of transportation widely used, trucking has been and continues to be one of the best ways to move freight. Like most other industries, the use of new technologies is helping logistics experts do their job better and at a better cost.
Those who work in trucking, transportation, or logistics, will find the following trends interesting as they chart their course towards success.
According to the American Trucking Association, here are some interesting facts about the state of the industry.
- In 2022, trucks moved over 11.46 tons of freight; generating over $900 billion in revenues.
- In 2021, over $32 billion was added to the U.S. economy because of the moving and storage industry.
- The trucking industry employed 8.4 million people in 2022, which is up from 405,000 in 2021.
- There were over 3.5 million truck drivers on the road in 2022.
- More women are getting into the industry. In 2022, 8.1% of truck drivers were women. This breaks previous records and is the seventh year in a row that female drivers increased.
Generating Tax Income:
The trucking industry is responsible for generating a lot of tax income.
- In 2021, trucks paid federal and state taxes of over $29 billion.
- As of January 2023, 33.9 cents were paid in state fuel tax, per each gallon of diesel.
- Additionally, as of January 2023, 24.4 cents per gallon of diesel fuel went to the federal fuel tax coffers; 18.4 cents per gallon was paid for regular gasoline.
Auto drivers often feel that there are more trucks on the road than ever, and that is the case. According to the U.S. Department of Transportation, there were over 750,000 U.S. motor carriers that own/lease at least one tractor/truck. Of those, nearly 95% have 10 or fewer trucks and over 99% have 100 or fewer trucks.
In 2021, over 327 billion miles were traveled on the roadways by trucks. No wonder it seems like everywhere we look, there’s a truck.
Trends in the Industry:
Here are some trends in the trucking industry that we can expect to see in the future, according to TCI Transportation.
- There will be new vehicles on the roads. In 2023, electric truck conversions are expected to rise. Tesla is developing a semi-truck, which is expected to go into production in late 2023. Other manufacturers are already releasing new electric vehicles. Kenworth’s T680 model reportedly offers 7% better fuel efficiency and added safety features.
- Logistics will continue to be of key importance. While it has always been a key industry focus, logistics will continue to focus on ways to reduce the cost of fuel, reduce maintenance costs, maximize driver mileage, and keep trucks as full as possible with freight.
- Good news! The price of used trucks is expected to fall. Freightwaves.com reports that at the end of 2022, the price of used trucks was falling and that trend is expected to continue. This is welcome news for trucking companies looking to expand their fleet in the coming months.
- Fuel prices and repair costs continue to rise. With our rising fuel costs and repair costs rising, we can expect a rise in freight transportation. Also, since COVID, there have been supply chain issues, which can keep trucks off the road if parts are unavailable. Due to these issues, many transportation companies are trying other cost-reducing measures to prepare for a possible recession in the future.
- AI will play an increasing role in transportation and logistics. It is difficult to find an industry that hasn’t been touched by artificial intelligence. The trucking industry is no different. AI is currently used by the industry to:
- Increase efficiency.
- Cut down on waste.
- Save money.
- AI will affect the supply chain. AI is being used to reduce the dependence on brick-and-mortar suppliers and increase efficiency.
- Artificial intelligence is being used in warehouses, where it helps to reduce the cost of labor.
- Planning tools help define the best, most efficient routes, based on traffic, accidents, weather, and other road conditions.
- AI is used to keep trucks full of loads to reduce costs and streamline shipping.
- AI enables better shipping times and increased accuracy of delivery times.
- Use of the internet will be at an all-time high. The Internet of Things (IoT) has led to many advantages in the trucking industry.
- Many trucking industry businesses such as truck companies are utilizing professional Websites like those developed by EZ Freight Websites, to highlight their offerings. Also, to keep their trucks full, the industry is utilizing a freight broker website to keep their trucks filled with freight.
- The Internet is increasingly used for day-to-day management duties. Maintenance schedules are being organized using technology. Weather data can be constantly monitored using the internet and up-to-the-minute traffic updates are available via the internet as well.
Is Trucking in Your Future?
The trucking industry can be a great career for those who enjoy driving and seeing the country. Many who are looking for a new career consider trucking. With the new technologies that we are expecting to see in the near future, the job of a truck driver will become easier, more efficient, and safer.
Now may be the time to make the move to the transportation industry.