The Top 5 Trends in Trucking
Despite the predicted slowdown of the U.S. economic growth in the first half of 2019, over half (52%) of transportation businesses report they are growing and 1 in 3 expect to continue growing their revenue by 11-25% in the next two years.
The following trends were presented during the Mid-America Trucking Show by Mary Ann Hudson of Bibby Transportation. The data was from a survey of 250 trucking businesses with between 1 and 100 trucks.
The five trends are:
- Optimistic about growth, with 38% expecting to continue growing at +11-25%.
- The driver shortage, with 64% of carriers preoccupied with finding good drivers, and many are increasing pay and benefits.
- Intensifying competition driving low prices, with 66% reporting they’ve lost a contract in the past year to a competitor offering prices so low that they are unprofitable.
- Take it or leave it, with 37% reporting they feel they must accept contracts “as is” or lose business.
- Cutting cost with technology, with 1 in 3 businesses planning to invest in predictive maintenance over the next 12-24 months to cut costs.
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