Do you know what is the strength of the trucking industry and keeps it going all the while? It is how it connects each sector of the economy, from food service to manufacturing. Virtually speaking, each industry relies on the trucking to get the items delivered to its destined location to keep the company get going with their doors open.
However, that job falls on the transportation professionals. On the other hand, these truckers maintain a close relationship with companies, making them vulnerable to the economic ups and downs. And this add good sense to the drivers, dispatchers and freight brokers to stay up-to-date about the current scenario dealing with the trucking industry trend. Here’s a look at the four of them.
More Loads, More Money –
These are the two things driving an upswing in the trucking company revenues. One of the slow but steady recoveries is what the national economy is experiencing. Let be housing or trucking, they have been in dumps for years together but now, it is rebounding as anew construction are increasing and home values are rising.
Another trend that is actually benefitting the transporting companies is continuous moves among the businesses, outsourcing the functionalities which were once handed in-house. This includes, delivering goods from one destination to another, which is extensively framed out to trucking contractors.
Drivers Are In Demand –
However, trucking is being the oldest profession; many of the companies are finding it difficult to fill in the positions for years now. The issue is that many of the transportation professionals are nearing the retirement age. And down the line in next 10 years, the group of American aged 55 or older will increase by 30%. And soon or later, the effect will be shown on the existing drivers, spending more time on the road, busier days and more pay. Also, the business aspect of the freight brokers will increase in time, the need of service will become crucial as the economy expands.
Move from Diesel To Other Fuels –
We all know, diesel prices remain upward and the cost of gallon of fuel varies from one day to the next, the long term forecast becomes too expensive in the foreseeable future. And this would be the reason for many companies to switch their trucks to natural gas, not only because it is cheaper but also burns cleaner than diesel. Though they cost more upfront and with regards to saving, it seems to be a profitable change. With this trend accelerating up, truckers are looking for more truck stops to offer natural gas depots in the year ahead.
Leaner, More Efficient Operations –
The days of trucking companies being able to tolerate wasteful practices and not required expenses are over. In 2007-2011, the industry saw the unseen side of trucking, many firms moved out, especially when banks tightened up their lending practice. However, the forecast of the trucking business will remain profitable business as long as the owner operators and companies can keep a tight rein on their expense accounts.
However, you will be able to find many trends, leaving their imprints behind, these are the four major trends followed in the trucking industry. Being a trucker, it is important to maintain a good relationship with the roads, DOT inspections and also taxes. So it is important to file your form 2290 online on or before the due date to stay away from penalties.
Also, if you have drove your truck for the first time in the month of November, then you got to file your taxes by this month end. So truckers, get your papers ready, filing is not too late. If you got any queries to answer or feedback to be shared, please call us @ 1-866-245-3918 or simply shoot a mail to email@example.com. Take care and drive safe.