Truckload shipping is a $273.2 billion industry in the US. The sector has experienced tremendous growth in recent years, driven by the ever-increasing ecommerce demand and advancements in digital technologies. Indeed, truckload companies that have stayed up to date with the latest technologies and trends are enjoying major profits. But the sector isn’t without its challenges, as market volatility, driver shortages, and rising fuel costs have all impacted truckload rates. As 2023 starts, understanding the truckload shipping trends that will shape the industry is essential, both for trucking businesses and their drivers.
Here are some key things you should know:
Labor shortages have been a persistent problem in truckload shipping, in 2022, an estimated 80,000 drivers was needed to fill open positions. 2023 is expected to be no different. In fact, experts predict that the truck driver shortfall will hit 160,000 in the next eight years.
What does this trend mean for truckload shipping companies this year? Carriers need to be creative with their driver recruitment and retention strategies. Providing generous compensation packages, flexible scheduling, and improved working conditions are all ways truckload companies can attract more drivers.
For aspiring truck drivers, this is a great time to join the truckload shipping industry. With so many open positions, there is a lot of room for growth and the ability to find a company that meets your needs.
Shifting Customer Preferences
This year, truckload companies will be expected to provide customers with more than just efficient delivery. Customers are now looking for personalized services that offer convenience and enhanced customer experience. This is especially true for ecommerce businesses that need their goods delivered in a timely manner with minimal damage.
To meet these changing customer needs, truckload shipping companies must invest in new technologies like automated tracking systems, route optimization software, and mobile apps. These tools can help truckload carriers ensure that customers get their goods on time and as promised.
Customers and businesses alike are placing a greater emphasis on eco-friendly solutions, creating demand for sustainable shipping options. Truckload carriers can capitalize on this trend by investing in green technologies.
There are many ways truckload carriers can become more sustainable. For instance, they can switch to electric or hybrid trucks and invest in technologies that reduce idling time or improve fuel efficiency. They can also benefit from taking part in renewable energy programs in their warehousing and distribution centers.
Supply Chain Agility
One of the hottest shipping trends in 2023 is the ability to quickly adapt supply chains. Customers will expect truckload carriers to be able to adjust their services on-the-fly, meeting unique customer needs without sacrificing speed or quality.
To meet this demand, truckload carriers need to invest in technologies that allow them to track shipments in real-time and rapidly respond to changes in supply and demand. Truckload carriers must also collaborate more closely with their customers to gain better insight into their needs and ensure a speedy delivery process.
Truckload Freight Regulations
The truckload shipping industry is expected to experience a number of changes in 2023. One of the biggest changes will be the end of the hours-of-service exemption, which has allowed certain commercial drivers to extend their daily shift beyond the federally mandated 11-hour maximum. Regulations on trucks that come with automated driving systems (ADS) will also be amended to ensure that the vehicles are operated safely.
To ensure precise tracking of drivers’ hours, updates to the regulations for Electronic Logging Devices (ELDs) will be put in place. Truck speed limiters will also be regulated, and a new set of broker-freight forwarder financial responsibility requirements will be mandated. These changes are expected to both help protect the public and increase the efficiency of truckload shipping.
Work with the Experts at M&W Logistics
For clients, working with a shipping partner that can stay ahead of 2023 truckload trends is essential for a successful supply chain. At M&W Logistics, we understand what it takes to deliver your goods safely and on time. What’s more, we provide exceptional warehousing services and a range of value-added services to help you succeed.
Request a transportation quote today to get started.