An analysis of the top trends that have transformed the way the trucking industry functions.
Over the last few months, the trucking industry has witnessed tremendous change. Numerous elements have been altered as the industry streamlines its operations to become safer and more profitable.
As we enter the last quarter of 2020, it is time to analyze some of the trends that have influenced the industry this year. Here are the top five trends that have transformed the way the trucking industry functions.
The pricing structure that the trucking industry currently operates on is far less than what the average American earns. This started in 2019 when truck drivers witnessed a shortage of jobs. For fear of not being able to work in the future, trucking companies began to charge less for their services. The pricing structure can rise back up if the industry experiences positive growth. If it does not, the pricing will remain low until growth occurs.
Alternative Fuel Trucks
Fuel costs have impacted the number of expenses that trucking companies have to incur. Due to the limited nature of this resource, the cost of fuel has been on a steady rise, becoming a source of concern for companies operating within the trucking industry.
Today, trucking companies are opting for alternatives such as electric trucks to allow them to save money that they would have to spend on fuel on a day-to-day basis. Electric trucks are also making the trucking industry more sustainable.
Electronic Logging Device
Several industries have witnessed improvements due to technology, and the trucking industry is not excluded. Today, trucking companies utilize software and hardware programs to streamline their operations to become more efficient. One prevalent piece of technology is the electronic logging device.
The electronic logging device allows fleet managing owners to monitor the driving hours, mileage, location, and fuel consumption of truck drivers. The data gathered is used to improve the productivity and profitability of the trucking company. This technology has undoubtedly improved the way the trucking industry functions. If you run a trucking company, ensure that you get the best ELD solutions in Canada for your fleet.
With more rural areas being converted into urban landscapes, trucks will soon be able to traverse areas that they were not able to before. Urbanization will make the trucking industry more lucrative and consequentially trigger an increase in investors coming into the industry.
Use of Data Analytics
Data analytics is an important tool used to optimize businesses for growth in any part of the world. Today, big data and data analytics has been integrated into trucking companies to help them identify areas to improve.
Thanks to advancements in technology, the trucking industry has experienced a lot of transformation. Trends such as alternative fuel trucks, electronic logging devices, and the use of data analytics have revolutionized the trucking industry. We believe that more innovations and advancements will continue taking place within the coming years.