The global trucking industry is set to touch $855 bn in 2022, catch all the insights!
- About 70% of freight transportation is carried out by the trucking industry (ahead of rail and sea transport).
- The global trucking industry generated a revenue of $773.46 billion in 2021 and is expected to touch $853.45 billion in 2022.
- As per a Gartner report, 75% of global enterprises will have real-time supply chain solutions integrated into their supply chain.
- An average professional long-haul driver logs close to 100,000 miles per year.
The global trucking industry has seen a rise in demand, especially truck drivers, who play a crucial role in ensuring our purchases reach our doorstep at the earliest possible. Companies are eyeing the use of technology to streamline their supply chain and logistics operations. Another cause of worry is driver retention as driver shortage was viewed all over the world. Fleet operators have ensured better working conditions, better pay, and additional benefits like rewarding their best-performing drivers.
The list of top-10 trucking companies in the world is as follows-
|
Rank |
Trucking Company | Employees | Revenue (USD billions) |
|
1. |
UPS | 481,000 | 71.86 |
| 2. | FedEx | 425,000 |
65.45 |
|
3. |
XPO Logistics | 100,000 | 16.65 |
|
4. |
J. B. Hunt | 29,056 |
9.16 |
|
5. |
Knight-Swift | 25,400 | 5.34 |
| 6. | YRC Worldwide | 19,000 |
5.09 |
| 7. | Schneider | 19,600 |
4.97 |
|
8. |
Landstar System | 1,306 | 4.61 |
| 9. | Old Dominion Freight Line | 21,279 |
4.04 |
| 10. | TFI International | 17,500 |
3.95 |
Source: BizVibe
Approximate age for most truck drivers in the US-
|
Age Range |
Percentage |
| 16-24 |
8% |
|
25-34 |
17% |
| 35-44 |
21% |
|
45-54 |
26% |
| 55-64 |
21% |
| 65+ |
7% |
Changes in The Trucking Industry-Â Â Â Â
1) Finding Fuel Alternatives: As the world moves towards the use of sustainable energy resources. Reduction in the use of fossil fuel energy and a move toward the use of electric trucks for transportation holds the key. This will cut down GHG emissions and help deal with inflating petrol prices and keep a check on the inflationary impact throughout the supply chain. The industries are also adapting the use of route optimization software to help with sustainable deliveries.
2) Solution For Driver Retention: The need for delivery drivers has been a rising concern amongst businesses. Drivers need to be trained to handle the technology to ensure hassle-free routing and deliveries. The trucking industry is also trying to improve the working conditions, increase the minimum pay (wages), improve driver working conditions, and offer additional incentives. The integration with 3PL companies will ensure more reliability for order deliveries.
3) In-App or Web Load Booking: People no longer call customer support to avail any trucking service. Most trucking companies have their apps or web portals from which customers can play orders. Online bookings have helped companies streamline their supply chain orders, and offer customers better convenience for order placement and tracking. The use of a SaaS platform to handle your logistics and supply chain will play a crucial role in keeping track of all order reports and analytics.
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4) Shorter Hauls Gain More Popularity: As per a report from the American Transportation Research Institute, there has been a spike in drivers dealing with hauls under 500 miles. As drivers with 1000 miles have dropped significantly (as it allows them more family time), finding drivers for longer hauls would be a challenge. The use of LogiNext Haul will be your perfect software solution that will help streamline long-haul deliveries.
5) Focus on Reducing The Detention Time: Did you know? A driver in the US can spend 40 percent on detention! Yes, you read that right, this was not due to driver inefficiency but a result of inefficient scheduling and processing of pickup and delivery. The need for fleet tracking software or a delivery management system is the need for the hour to reduce the detention time in the industry.
The trucking industry is one of the main backbones of a supply chain. There are several factors like driver shortage, container shortage, and fuel alternatives affecting the trucking industry in 2022. Companies have started offering better wages, benefits, and use of logistics software to enhance operations and attract the next generation of drivers. LogiNext Haul offers clients the best software support to handle all challenges faced in the trucking industry. Click on the red button below to connect with an expert.
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