Regarding your supply chain and small business shipping strategy, we have some good news to share with you! Although 2020 was a year nobody could predict, the trucking industry faced the challenges head-on and carried its weight well, setting up successes on the horizon on the eve of 2021 that shippers should also be excited about. Leave your crystal ball in storage because we already looked into the future for you and found these 2021 trucking trends and predictions to look out for in the year ahead.
The Impact of 2020
It’s hard to see many positive impacts from trucking trends and predictions for 2020, but there are some. To look forward, it’s important to know what’s happened in the recent past and the current situation. Despite lockdowns, quarantines, and restrictions on travel, the freight business itself is an industry that showed strong performances in many ways in 2020. According to FreightWaves, as of late July 2020, contracted truckload volumes are up 27% year-over-year, and delivery at the terminal (DAT) and national spot rates are rising to 30% above 2019 levels. And, both shipments and freight spending reportedly fell less than the U.S. GDP overall as the economic decline affected service businesses the most.
This upswinging momentum is expected to carry into the next year, especially as the economy as a whole battles through a transition from recession back to the booming economy we all enjoyed before COVID-19.
Trucking Expectations for 2021
A transition period like this one means the year ahead will be a strong one for truckers. According to JTL Truck Driver Training’s Trucking Industry Outlook for 2021, increased driver hiring, wages, and demand are all expected in 2021. FTR Transportation Intelligence and Transport Topics predict that truck freight will grow 6% in 2021, which is expected despite the unpredictability of COVID-19.
As you probably know, trucking proved to be an extremely essential enterprise in 2020, moving essential items and keeping supply chains active during a very troubling time. Additionally, as the coronavirus vaccine is distributed nationwide, more specialized cold chain equipment and drivers will also be needed. Between shipping the vaccine and the things needed for the vaccine as well as essential items, trucking companies will need more drivers to deal with the increased demand. This increased demand means truckers will be better paid and have higher job security. It’s more important than ever to stay on top of LTL and Truckload trends.
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