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Top 5 Trends in the Trucking and Logistics Industry in 2024

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The trucking and logistics industry is the lifeblood of the economy.

In the United States alone, trucking was estimated to be responsible for 80.7% of freight costs in 2022 with a gross revenue of $940.8 billion. North American trade relies heavily on trucks, with an estimated 61.9% of ground freight between the U.S. and Canada transported by truck. The industry continues to grow and thrive, with the number of professional truck drivers reaching 3.54 million in the past year.

To keep pace with the growing needs of the industry, it is important to look closer at the future of the trucking and logistics industry, which continues to evolve and change each year. Here is a better look at the top 5 trends in the trucking and logistics industry in 2024.

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Trucking Industry Forecast and Trends for 2024

The trucking industry is always changing, adapting to meet the demands of other industries and the economic climate. We know that 2024 will likely hold its own set of unforeseen challenges, but with the right approach, tools, and strategies, trucking companies will overcome these hurdles. Trends in the trucking industry in the next year are expected to center around technology, sustainability, and changes to consumer needs.

We know that an ongoing concern for truckers is fuel costs, a significant expense that can impact profit margins for owner-operators and fleets. We understand that industries like Agriculture, Food, Pharmaceutical, and Lumber, rely heavily on trucking, so fluctuations in fuel prices and the economy can have a ripple effect throughout the supply chain.

And it is important to acknowledge the industry's makeup with 95.8% of trucking companies employing a fleet of 10 or fewer trucks, and a staggering 99.7% of fleets with less than 100 vehicles. This dominance of smaller fleets highlights the need for solutions and strategies that highlight efficiency.

When we look ahead to the rest of the year and beyond, it is important to stay informed about industry trends and equip your trucking business with the right tools that will be crucial to navigating the ever-evolving trucking landscape.

1. Emphasis on Technology and Fleet Management Software

Embracing technology is a growing trend in the trucking industry, with more companies turning to fleet management software for a competitive edge. Transportation Management Systems (TMS) - like the platform provided by TransPlus - are gaining traction as they offer features like route optimization, real-time tracking, and improved communication. These tools not only boost efficiency but also enhance security by providing better visibility into fleet operations.

2. Electric Trucks and Sustainability

The environmental impact of trucking is a growing trend, leading to a surge of interest in electric trucks. While electric vehicles are more prevalent in the passenger car market, the trucking industry is starting to see a shift towards cleaner electric models. This trend towards sustainability is driven by environmental responsibility and economic factors, as electric trucks offer the potential for lower long-term fuel costs - but the trend makes logistics, infrastructure, and regulations more important to the industry.

3. AI Integration in Trucking

Artificial intelligence (AI) is being rapidly integrated into the trucking industry and many more across the economy, transforming how trucking companies operate. AI algorithms can analyze vast amounts of data to optimize routes in real-time, predict traffic patterns, and predict weather conditions for maximized efficiency. AI can also play a crucial role in preventative maintenance by analyzing engine data and predicting potential problems before breakdowns occur, saving time and money for trucking companies.

4. Increased Emphasis on Cybersecurity

Cybersecurity is a rapidly growing concern in trucking as companies become more and more connected and grapple with protecting sensitive customer and financial data. Cyber scams cost trucking companies an estimated $800 million in 2023 alone and the recent cybersecurity trend aims to mitigate risk moving forward. To combat this threat, the industry is prioritizing advanced security technology within systems and a greater investment in cybersecurity measures.

5. Driver Retention and Hiring

Driver retention has become a critical trend in the trucking industry. With turnover rates soaring to an estimated 85%-90% in some areas of the industry, many companies are working hard to attract and retain qualified drivers. Retention bonuses for safe and reliable drivers are a popular strategy,  along with efforts to improve working conditions and create a more family-friendly schedule.

READ MORE: How To Scale Transportation Management Software to Your Needs

As the trucking and logistics industry continues to grow and change in the future it is important to understand the direction in which the industry is moving. We hope that this list of the top 5 trends in the trucking and logistics industry in 2024 created by TransPlus can help.

TransPlus is a trusted provider of Transportation Management Systems (TMS) and cutting-edge trucking technology and we are here to help drive success. Contact TransPlus today to learn how our solutions can help your trucking company optimize efficiency, enhance security, and navigate the road to success!

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