The trucking industry is ever-evolving and it’s important to stay up to date with all of the latest changes. That’s why we’ve put together a list of some key things you should know.
Here are a few things you should be aware of:
- Growing Demand for Drivers
- Increased Operating Costs
- New Laws & Regulations
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Growing Demand for Truck Drivers
According to the American Trucking Associations, freight tonnage in the U.S. is expected to grow by 24% by the end of 2022, and revenue in the industry is projected to increase by 66%. With a growing demand for shipping goods and food delivery, more and more truck drivers are needed. However, the American Trucking Associations reported a shortage of 80,000 drivers in 2021, and that number is expected to increase to 160,000 by 2030.
This shortage is largely due to the fact that roughly 300,000 truck drivers leave the field every year, according to the U.S. Transportation Department. The COVID-19 pandemic also accelerated this shortage as many training and apprenticeship programs were either closed or had limited operations.
Increased Operating Costs:
In 2019, retail dispel prices ranged between $2.97 and $3.11 per mile. But in April of 2022, that number grew to an average of $5.10 a gallon. That equates to about $0.73 a mile, a $0.30 increase per mile. The American Trucking Associations has also found that insurance costs per mile have increased as a result. While they were $0.07 in 2019, the cost increased to $0.09 per mile in 2022. All of these costs add up and make it more difficult for the average trucking company to make steady profits. 2019 saw the highest number of trucking fleet bankruptcies in history and it’s possible for something similar to happen again if market conditions worsen.
New Laws & Regulations:
As the industry continues to grow, there are a variety of proposed laws and regulations being created to keep drivers and the environment safe. Here are some of the newest ones:
Under 21 Interstate Truck Drivers: On November 15, 2021, President Biden signed a $1 trillion infrastructure law that required transportation secretary, Pete Buttigieg, to establish an apprenticeship program by January 14, 2022. The administration considered it a success as 102 new apprenticeship programs were created within 90 days.
Cullum Owings Large Truck Safe Operating Speed Act: First introduced in 2021 and not yet enacted, this bill was created to limit a truck’s speed limit to 65 miles per hour by using speed limiter devices. While it could make drive times take longer, these devices are designed to boost safety and would be used at all times during vehicle operation.
Greenhouse Gas Emissions from Commercial Trucks & Buses: On March 28, 2022, the United States Environmental Protection Agency published a proposed rule to set new emission standards for heavy-duty vehicles and engines starting in 2027. This was created to reduce toxins like smog- and soot-forming nitrogen oxides and set new greenhouse gas standards.
Start Your Trucking Career With Drive M&W
If you’re ready to continue your Nashville trucking career, connect with our team of recruiters or apply at Drive M&W today.
