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7 Must-Know Statistics Highlighting the State Of Trucking In 2024

The trucking industry plays a huge role in sustaining the economy. According to the American Trucking Association, trucks move more than 70% of freights, helping businesses run more smoothly.

This industry has undergone massive transformations in the past and may face more disruptions in 2024 to shape its operations. This guide will discuss the major changes to expect in 2024 and beyond, including statistics to prove the arguments. Read on.

1. More Technology Adoption

The transport and logistics industry has been keen to adopt technology to facilitate operations and increase efficiency and customer satisfaction. In line with this report, 74% of supply chain leaders used technology in 2023, and 90% plan to invest in tech more.

In the trucking industry, tech advancements have made it possible to track the progress of cargo, manage fleets, and facilitate payment methods. Today, drivers can keep up with trucking industry news to get updates with current news and gain more knowledge in the truck drivers by simply using their phones.

Other technological advancements that may become more prevalent in 2024 include using robots to replace human labor, invoice management, and using sensors. Proper leveraging of technology in the trucking industry can enhance communication, efficiency, and transparency between the trucking firm and the clients.

2. Industry Growth

The trucking industry was worth $2576.99 billion in 2022 and is expected to rise to $3446.00 billion by 2030, according to Fortune Business Insights.

Although COVID-19 greatly affected major truck operations, the industry is thriving again, and we can only expect more growth. Manufacturing firms are facilitating industry growth by coming up with more innovative, functional trucks.

Customers are also contributing to the growth, as they now order online more, hence the need to deliver the goods. As the truck industry grows, we can expect more employment creation opportunities, stricter regulation, and more transportation efficiency.

3. Increased Use of EV trucks

Approximately 101,499 units of EV trucks were present in 2022, and the production may increase to 1,067,985 units by 2030. Therefore, in 2024, we might see more EV trucks on our roads.

Electric vehicles have been around for a while, and they are not going away anytime soon due to the amazing benefits they offer. These trucks are environmentally friendly, easy to maintain, and have lower operating expenses than those that use fuel.

Besides, more EV manufacturers are entering the industry, creating competition for first companies like Tesla and lowering the buying price.

4. High Operation Costs

In 2023, many industries experienced a rise in operations expenses, mainly due to the high fuel prices. In 2024, crude oil prices are expected to rise to $96 per barrel, meaning there could be an overall increase in general fuel prices. Initially, fuel prices increased due to the pandemic and the ongoing wars between Ukraine and Russia.

To date, the fuel industry hasn’t fully stabilized, so the fuel rise may take some time before eventually going down. Nevertheless, the price of gas may be slightly below in 2024.

Besides fuel, truck industries may experience many costs in repairs and maintenance, driver wages, and auto insurance premiums.

5. Truck Driver Shortage

According to the American Trucking Association, there has been a decade-long shortage of drivers, and the problem may worsen in 2024. In 2023, more than 3 million truck driving positions were unfilled in 38 nations due to resignation and inability to attract new talents.

The industry will require more experienced truck drivers in the coming years to curb the issue. But why are there low truck drivers? You may ask. Harsh working conditions like long driving hours, low pay, and sleep deprivation are the main reasons behind the shortage. If these issues are solved, more drivers will join the industry and fill the gap.

6. Stricter Trucking Regulations

The trucking industry is highly regulated to improve safety and efficiency. Currently, many trucking rules govern the industry, and the industry should expect more regulations to curb the main issues affecting it. For instance, as of 18th November 2024, all truck drivers with a drug and alcohol offense may lose their driving licenses.

Similarly, in 2024, all drivers will be required to embrace electronic signatures to do away with extreme paperwork and enhance the overall efficiency of operations in the industry. Other regulations include UCR price increases and stricter inspections to improve the safety of trucks and the public. Truck drivers should keep up with the changing laws to stay compliant and avoid legal issues.

7. Better Fleet Management

Fleet management software allows truck owners to get real-time details of their truck’s location and performance at any time. In recent years, fleet managers have adopted software over manual monitoring to enhance safety and efficiency.

In 2023, the fleet management software market was worth $23.67 billion and is expected to rise to $79.82 billion by 2030. 62% of fleet management tool users have seen a positive ROI, while 42% have experienced safety incident improvements. In 2024, truck drivers will continue to embrace more fleet management software, thus promoting safety and efficiency in the industry.

Conclusion

The trucking industry plays a vital role in moving goods from one point to another. However, the sector faces a fair share of opportunities and challenges that affect its growth. The above trends are just a few of the many changes we might see in 2024 in this industry. Truck drivers should keep an eye on the changes to adjust accordingly and reap the best from the industry.

TIME BUSINESS NEWS