Trucking Industry Growth in 2023
Trucking industry growth in 2023 in the United States is one of the most important sectors of the economy. Foreign investors are interested in the logistics and transportation market.
Here’s what 2022 was like for the trucking industry and what to expect in 2023.
Data that increases the growth expectation of the trucking industry in 2023
During March 2022, orders for trailer trucks in the United States showed a significant increase: they reached more than 36,000 units, the highest figure since the end of 2020. It indicates trucking trade is increasing its demand, which translates into a decrease in unemployment for the sector of the population working in this industry.
Another fundamental factor is that the demand for LTL (less-than-truckload) loads that do not require the entire truck increased by 9% of the cargo due to the popularity of e-commerce retail purchases.
In 2022, approximately 214.7 million people made purchases online and spent an average of $4,892 per person. Thanks to the behaviors acquired during the pandemic, sales of 1 trillion dollars were projected by 2022. According to Adobe statistics, one in 59 commerce websites has out-of-stock products, which is significant given that the number was one in 200 before the pandemic. Digital logistics has a significant boost from business applications whose purpose is to enhance collaboration and optimize business processes.
According to studies carried out between July 2021 and June 2022, about 60% of Americans said that one of the main motivations for purchasing a product or service through e-commerce websites or applications is the fact that delivery is at home.
The leading marketplaces in the United States for online purchases until May 2022 were: Amazon, with 57% of traffic, and eBay, with 13%. These statistics explain many people’s interest in working as truckers for these platforms since their magnitude represents greater economic stability, a high flow of loads, and better payments. This method of selling through the marketplace is quite attractive, significantly because sales increase while costs reduce, and consequently, profitability is enhanced; It is much more practical and economical to promote products and services in digital environments than in physical ones.
Improvement opportunities for the trucking industry
Some points of the categories above must be taken into account to improve efficiency and contribute to the growth and projection of the trucking industry.
- Digital innovation and training for the truckers union so that they have a better adaptation to the technological tools that are increasingly more and more quickly and are very useful within the transport logistics industry.
- Incentives for truckers to reduce the considerable level of staff turnover that occurs, especially in large companies in the United States.
- Modernize the cargo transportation system to make it more equitable and inclusive. Did you know that only 6% of the trucking union in the United States are women?
- Access direct contracts with e-commerce leaders such as Amazon and eBay. To work with them as a truck driver, you need commercial trucking insurance to guarantee the safety of your truck and the cargo transported.
The overall growth of the trucking industry by 2023
The inland transportation industry in the United States is highly relevant for trucking investors since 70% of the total cargo is transported by truck. If your purpose is to invest in the transport and logistics industry of the US, or if you already did, some data will interest you. According to the American Transportation Association (ATA) growth projections carried out in 2018, cargo volumes by 2023 will meet around a 3% increase, given that approximately 16 billion dollars are moved in this business annually.
2023 Pros for truck drivers
The unemployment rate for the transportation sector in the United States was 4.6% in November 2022. It remained below in comparison to November 2021, which was 6.1%. The unemployment indicator shows that the work of truck drivers in the country is becoming increasingly important and that the demand for this job will increase, especially if e-commerce continues to expand at its current rate.
The trucking industry is a vital force in the economy of the United States; being a truck driver is a job that is increasingly in demand and becomes a great opportunity for independence and economic stability.
Contrary to what many people think, becoming an investor in the transportation industry in the United States does not need much capital. You can invest from 750 dollars to start a trucking company and recover your investment in a month if you have the right people advising you.