Trucking Industry Outlook For 2022
It’s no secret that the trucking industry has seen many changes in 2020 and 2021, particularly due to the spread of the COVID-19 virus among other challenges such as supply chain issues that have been plaguing the United States in particular.
The industry has seen a large imbalance between supply and demand which eliminated all inventory, causing many issues further down the line in the supply chain.
Another issue that has plagued the industry is the lack of drivers and lack of driver retention. The American Trucking Association in 2019 estimated that it would be short nearly 60,000 drivers, but those shortages have sharply increased due to retirements and new truck drivers needing to be trained due to COVID-19 closures.
However, through all these issues, the trucking industry has stayed strong. Economists and securities traders are optimistic about the industry coming into the new year.
Trucking company operators’ financial health is remaining resilient despite the numerous obstacles that are being thrown their way. Company operators are also recognizing the strain that has been put on drivers through issues relating to economic recovery. To balance this, many operators are increasing wages to attract and retain drivers.
Another issue that plagued the industry in 2021 specifically was shipping backlogs which are strong contributors to the delay of new semi-truck and trailer orders from manufacturers.
Experts predict that shipping backlogs will work themselves out over the first half of the new year, generating growth and relieving pressure on the industry workers, though demand is likely to remain high for over-the-road haulers.
Despite the many obstacles the industry has faced over the past couple of years, the auction industry has remained strong and is likely to continue going upward in 2022. Taylor & Martin specifically has adapted to many challenges, such as the COVID-19 pandemic by first conducting auctions only online and more recently adapting a hybrid style auction where bids can be placed online or onsite.
Taylor & Martin has also seen a wide variety of inventory, ensuring that no matter what a customer is searching for, the right fit will come along. To read more about expert predictions on the transportation industry in 2022, visit Overdrive Online.
And to study more on what is happening in the supply chains currently, visit ABC News.