As the world grappled with complex challenges and changes in 2021, the trucking industry had its share of ups and downs. Tough market conditions shaped the way business was done in the trucking industry, but on the other hand, advancements in technology and the growth of e-commerce created new opportunities for carriers and drivers.
1. Advanced technology
Trucking companies are adopting advanced software programs to increase the efficiency of operations and streamline certain processes. In addition, trucks are being equipped with smart technology to improve the vehicle’s functionality and provide real-time tracking data to customers. It is now easier than ever for carriers to provide shipping updates and ensure the consumer is informed every step of the way.
2. More mergers
Tough market conditions forced many companies to merge to avoid going out of business. Some carriers merged with other carriers to pool resources and wait out the challenges. Others merged with companies operating in a different sector to expand their range of services and increase their competitiveness in the market.
3. Shifts in production locations
Carriers are looking for lucrative locations to conduct production operations and meet market demand. Companies with dry vans prefer Texas, Illinois, and Ohio. While those with reefers prefer California and Illinois. Texas and Pennsylvania are top destinations for carriers with flatbed vehicles.
4. Growth of e-commerce
E-commerce is quickly becoming the preferred method of shopping for tech-savvy consumers who would rather avoid the lines and wait for their orders to come to their doorstep. For carriers, this is a booming market opportunity that will keep the industry in business for years to come. E-commerce depends on truckers to deliver goods quickly and efficiently. The greatest return on investment will be reaped by the carriers that adapt to these market expectations.
Wide-scale development across the country has seen many rural areas converted into urban landscapes equipped with many of the necessities found in urban cities. This has made it easier for trucking companies to reach previously remote areas and expand their market share. Customers in these areas will undoubtedly help trucking companies generate more business and grow.