Trucking industry news has been reaching the mainstream media in recent months, especially regarding fuel prices, truck driver shortages, and the passing of new laws. Trying to keep up with the latest happenings can be overwhelming, and it’s easy for the average truck driver to miss out on important information that might impact their daily life on the road.
If you’re a truck driver who wants to be well-informed but don’t have time to scroll through every news story to reach your feed, you’re in luck. We’ve compiled information on a few of the highlights that might pique your interest.
Fuel Costs Have Increased
Many truck drivers calculate their costs on a per-mile basis, incorporating everything from wages and fuel to maintenance and repairs. According to some of the latest research, those per-mile costs were at an all-time high.
Experts believe these skyrocketing costs were directly linked to higher fuel prices. For-hire fleets had to absorb an increase of upwards of 35% in fuel costs alone, as well as an 18%+ repair and maintenance cost increase and a 10%+ driver salary increase.
Technology Usage Is On the Rise
Many small, medium, and large truck business owners have been selling their commercial trucks to purchase new ones and take advantage of some of the latest and greatest truck technology. Studies have already shown that the best technology can reduce the risk of truck accidents, and truck owners have the potential to benefit from lower insurance premiums as a result.
Many truck technologies, such as dynamic routing, forward-looking camera systems, collision mitigation systems, electronic logging devices, and electronic stability control, are taking the market by storm.
Driver Shortages
Significant driver shortages have been a hot topic in recent months. The American Trucking Association (ATA) states that at least 80,000 additional drivers are needed to meet demand.
Many factors can contribute to the driver shortage, such as too many personal sacrifices when a significant amount of time is spent on the road, often-tough working conditions, and high turnover rates. Some people will enter the industry only to exit it within a short space of time.
Growing Demand for Goods Transportation
We love shopping. The United States is the second-largest eCommerce market and contributed to the 15% worldwide growth rate. Collectively, we spent $905 billion in 2022, and we’re expected to spend approximately $1.7 trillion by 2027.
Someone has to ship the goods we’re purchasing, and the job is often left in the capable hands of truck drivers. However, if we’re expected to buy more in the years to come, there’s undoubtedly going to be a growing demand for goods transportation and, of course, drivers to operate those big rigs.
Mergers, Closures, and Bankruptcies
The sad reality is that not all businesses, companies, and enterprises will make it. Big companies will buy out smaller ones, others will close, and some business owners will declare bankruptcy. Poor administration, lapses in management, driver shortages, and unexpected increased costs can all play a part in these sad outcomes.
More Competitive Salaries
Truck drivers have to put up with a lot. Not only must they navigate busy roads with large commercial trucks, but they also face tight schedules, long hours, and nights away from home. Many truck companies are finding it hard to retain their best drivers, leading them to offer more competitive salaries and perks to keep them.
It’s not uncommon to see drivers receiving 9-11% pay increases in the space of a year when the average pay increase in other industries has been sitting at 4.8% in 2022.
Sell Your Semi Trucks to SellYourBigRig.com
Many truck drivers and truck companies take trends and changes in their stride, but not all do. If you’re ready for your life to head in a different direction, why not sell your trucks and free up your hard-earned money? SellYourBigRig.com is ready to help. We offer fast, competitive cash offers for commercial trucks located anywhere in the United States. Selling your big rig is a big deal, but we make sure it’s also not a stressful one.
