Trucking Industry Outlook in 2013
Posted on Mon, Feb 11, 2013 @ 09:41 AM
Trucking Industry Outlook in 2013
Whether you are a seasoned truck driver or a newcomer in the trucking industry, the industry outlook for 2013 can seriously impact your ability to be successful this year. Will the economy hit truckers hard throughout 2013, or will a trend toward recovery be enough to allow truckers across the country to reach their goals?
The Trucking Industry Makes a Comeback
The Journal of Commerce reports that the trucking industry enjoyed a markedly different year in 2012 than it had in the four years prior. After suffering a significant loss in freight volume and revenue, the industry was finally able to recover due to an increase in demand for both long-haul and regional truckers.
Reports of carriers that were able to return to profitability after coming uncomfortably close to filing bankruptcy points to recovery and prosperity in the industry.
Challenges to Overcome in 2013
While the future looks bright for truckers across the U.S., there are always areas of uncertainty that must be approached with caution when trying to determine how well the industry will fare over the next year.
Regulations have always restrained the capabilities of the industry and required carriers to find a way to work as efficiently as possible without going against laws put into place to keep the public and those working in the industry safe. Capacity restrictions that are set to be put into place sometime in 2013 may put a strain on the industry.
The growing popularity of using rail transportation for freight due to a better perception related to environmental causes also restricts growth. The trucking industry may be able to overcome this obstacle by continuing to search for alternative fuel sources that are greener and more efficient, and these environmentally-friendly fuel sources may offer cost savings in the long run.
The Impact of Trucking on Economic Recovery
The industry is not just impacted by recovery in consumer confidence, the global economy and other factors that are helping the U.S. economy grow. Global Forwarding notes that companies that rely heavily on the industry for their shipping needs have been forced to cut back budgets and find alternative means of transportation for shipping goods to other businesses and customers. The industry must take this into consideration when pricing freight services in order to retain a steady level of business and encourage growth in the economy.
Long Term Industry Outlook
Many of the predictions related to the outlook for the industry in 2013 cite a steady growth in the industry that is expected to continue through the next 10 years.
OneBeacon Insurance Group reports that IHS Global Insight and Martin Labbe Associates conducted a joint study on the economic outlook for the trucking industry. Increased opportunities related to more freight tonnage and expanding revenue for companies across the U.S. indicate that the industry will continue to see a rise in business.
Freight tonnage is expected to increase by a total of 21% over the next decade.
Obstacles to growth in freight tonnage and revenue are not uncommon in the trucking industry, and it is important for people who are working in the industry to make an effort to overcome these obstacles. An upturn in the economy has presented truckers with the opportunity to expand the industry and enjoy success throughout 2013 and into the future.