Trucking Industry Growth

The freight industry has been experiencing steady growth in recent years. This comes as welcome news to those within the freight transport industry since there was a decline in the industry and in truck driving jobs during the recent recession. This article will discuss how much growth is expected, how long the growth is expected to last, and the reasons behind the growth.

The current forecast for growth sees the industry, jobs, and revenues increasing consistently until at least 2023. During that same time period there will be a drop in freight being transported by means of rail. While air and water freight transportation will increase, they will not be increasing as much as the portion of the industry relying on trucks for transport. The air and water freight transportation industries will be growing by as little as 1% and as much as 4% every year.

The amount of growth that can be expected by trucking companies is significant. The amount of freight being transported is estimated to increase 21% by the year 2023. This also means that the amount of revenue will increase as well, and by a large degree. In the same time period the revenue is going to increase to about 59%. Now, those increases are for the transportation industry as a whole. Transport by truck will comprise 69-70% of the freight being transported, and will have an 81-82% share in revenue.

The reasons behind this steady growth are quite simple. The first reason is because the truck freight transport industry is taking quite a bit of business from the rail transportation industry, which may account for the dramatic drop rail transport is expected to take by 2023. By 2023 the rail industry may only account for 14% of total freight tonnage transported, possibly less. Another reason for the growth in trucking is the increase in freight shipments. The amount of freight being shipped has been increasing year over year. Obviously, more freight being shipped will equal more jobs and revenue for the industry as a whole.

While there was a harsh setback to the transportation industry as a whole, and the truck freight companies in particular, the transport industry has bounced back. Not only has the industry bounced back, but it has done so in such a way that it is projected to grow almost nonstop until 2023. This is great news for the industry and anyone considering getting into the field.

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Comments

There is another imotnpart factor that wasn't addressed in the article, contributing to the shortage of truck drivers.Many drivers, particularly the more experienced, seasoned ones, are leaving the industry, due to the fact that the industry hasn't managed to keep up with the cost of living increases, with driver pay. Truckers still do far too much charity work' for carriers . not particularly the fault of the carrier, but the industry itself. Waiting in traffic, long loading and unloading times are a few examples.Also, long haul truckers are away from their families for extended periods of time. Other work that pays the same as driving can be easily had, that doesn't take the individual away from their family.Living on the road can be expensive too, and no one puts that money back in the trucker's pocket. Due to the average to below average pay for the job, new blood isn't so easily attracted to a truck driving career.

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