Those who have been in the trucking business have witnessed significant changes in the operation of trucking businesses. Like any other industry, trucking businesses have had their ups and downs which have affected the functioning and how work is received. It is essential to look closely at the current state of the industry because the trucking industry is responsible for carrying more than half of trade goods in the United States and other countries. Our Atlanta trucking consultants are dedicated to helping clients overcome their difficulties, improve efficiency, and grow the business depending on the existing state. Call for more information.
Current Trucking Industry Trends in 2021
Before now, 2019 had been a banner year for the trucking industry, as the trucking industry realized strong consumer demand, a significant rise in freight volume, new technological advancements, and an increase in revenue. 2020 was bumpy for trucking because of the coronavirus pandemic that changed different industrial sectors. Research shows that demand and current conditions may tighten up in 2021 giving carriers an advantage on pricing. Here are current trends that we are seeing in the industry thus far this year:
1. Alternative Fuels for Trucks
Fuel costs are one of the major expenses incurred by companies in the trucking industry. Higher fuel costs have become a concern to companies as fuel surpluses have gotten lower which impacts the prices. To solve the fuel price problem, trucking companies have decided to use alternatives to fuel trucks. Electric trucks are making the industry more sustainable because they are cost-effective as opposed to fuel trucks. This is starting to become more and more of a viable option and may see mainstream use over the next decade.
Just as technology plays a significant role in industrial sectors, the trucking industry also plays its role in the modernized world. The industry crosses the rural areas that are gradually changing to urban landscapes. As a result, the trucking industry is realizing more profits which will attract more investors.
3.Electronic Logging Device (ELD)
Truck drivers had to update the information in the logbooks if they wanted to make it easier to keep track of fuel consumption, driving hours, and mileage. This does not have to be the case today because of the advancing technology. Experts used hardware and software programs to create an electronic logging device, a technology that makes it easier to monitor carriers without having to keep records like before. This has increased profitability and productivity because managers can analyze fuel consumption with driving hours and make the necessary changes. Therefore, if you are planning to start your own trucking business in 2021, ensure you are using an electronic logging device.
It is impossible to improve or rectify areas in a business if you cannot accurately locate the source of the problem. This is why data analytics has become such an essential aspect in the trucking business in 2021 as it makes it easier to identify areas that can be improved to increase profitability.
Work With Suivant Consulting
Our trucking industry experts at Suivant Consulting are equipped with the best experience and skills to advise and guide you appropriately when starting and running your trucking business. To get help starting your own trucking business can check out our trucking packages that are suitable to you. Contact our offices through the website or call directly at 770-874-9951 for more information about our trucking services.