Find a niche market that you can serve better than anyone else. The trucking industry is a vital and ever-evolving sector that plays a crucial role in the global economy. At the same time, experts believe the trucking industry is expected to experience the same challenges in the coming year as it did in the past few years. All ELDs in use to meet the mandate must be certified by one of the testing bodies. Drivers are the backbone of the trucking industry. continued to grow. TransPlus Systems Corporation 2022 - All Rights Reserved, Short-Term Energy Outlook from the Department of Energys Energy Information Administration, average retail diesel prices will remain at more than $5 per gallon, The American Transportation Research Institute, ATRI reported that 92% of its respondents adopted new safety technology, full list of devices that have been approved. A good example of what this could look like is what we previously saw at the beginning of the pandemic in 2020. While market conditions remain broadly loose, there are increasingly signs of slowing supply a key to the bottoming process, according to experts. FTR's truck utilzation number shows we're no longer seeing the tight capacity that has kept rates high. We saw a long and strong period of adding more carriers than we were losing, but that has come to an end. Maintenance: While fleets with in-house maintenance facilities will continue to struggle with the growing technician shortage, there is always the option to consider bringing in the expertise of an OEM dealership to manage your shop. This has led to a growing number of unemployed There currently seems to be a consensus in the outlook for 2023 a recession is looming, and likely to hit. If you want to get involved in this growth, here are some tips: The trucking industry has a lot of potential and it looks like the American trucking industry is going to continue being one of the most important sectors in the economy. Theres also another solution that some trucking companies are trying out: electric powered vehicles! 2023, the trucking industry is likely to experience some positive growth as This means less idling time for driversa welcome relief., Despite improvements in wait times, supply chain challenges will persist throughout 2023. All Rights Reserved. people. The industrial production outlook for 2023 is essentially flat. All rights reserved. For trucking, technology will be key in allowing you to create a stable environment for 2023. decline because of the shortage of jobs. Most importantly, while US consumers are still shopping in times of high inflation, there are still mismatches between what shoppers want and what is available to purchase., OEMs continue to face part shortages going into 2023, especially in the microchip industries. Were not likely to be in anything we would consider a recession for the next couple of quarters, and even then, its unlikely to be anything more than mild.. Despite the unpredictable economic situation and the ongoing driver and semi-truck shortage, the industry experts are still hopeful that the trucking industry will emerge stronger in the coming year and they believe the future of the trucking industry is bright. forced to merge with other companies in order to survive. Want to join the team? This is a marked improvement from the past and bodes well for Get trucking news and insights, plus management tips and regulation updates delivered straight to your inbox. several software programs to help make their operations more efficient and "Until I start seeing signs that job openings are dropping sharply, quits are dropping sharply, and payroll growth stops, I don't see us being in a recession.". This industry relies on the skill and dedication of truckers to transport From fuel prices to maintenance to driver pay, finding ways to reduce your cost-per-mile with the use of technology can help your trucking business navigate these uncertain economic times. Source: U.S. government . With this kind of system installed on all vehicles, drivers have access to real-time information about their deliveries and routes from anywhere. Trend No. Trucking forecasts optimistic for 2021, but risks remain. Its an essential part of the economy, and its estimated that over 70% of all goods in the United States are transported by truck at some point. "It's going to be even more difficult to find drivers as we move into the recovery period (2024 and 2025)," he said. Enroll Now. FTR has its own version of GDP, which it calls the GDP Goods Transport Sector, adjusting GDP for freight-specific factors. The thing that has really popped out is what has changed in the carrier population base, Vise said. Unless there is a large spike in the retail industry and a momentous increase in freight flow, this trend is not likely to change in the coming year. This is good news for truck drivers as it means that there will be more opportunities for work. The corporate world is beginning to take advantage of The growth of online shopping has led to an increase in the number of small, individual orders, which has created new challenges for trucking companies. In addition, he said, we are seeing payroll job growth slowed but still solid. such as the global pandemic, witnessing tremulous shifts in the purchasing trends, and navigating disruptions across the supply chainalong with rapid changes in the trucking trends. transport their merchandise. That said, market demand continues to outpace production capabilities of manufacturers so it will still be a struggle to get equipment. The trucking industry overview is right before your eyes. Much like a leaking pipe, the recovery efforts are still in transition to help stabilize economic conditions as quickly as Q2/Q3 of 2023 or may take as long as 2024. Inflation, supply chain challenges, and rising interest rates lead to another challenging year. demand for trucks. During 2019, the prices that truckers worked with experienced a significant them are beginning to incorporate 'smart' technology to improve the vehicle's Team up with LoadStop to unlock your true potential. Economists estimate that the net loss from trade tariffs would come out to approximately $16.8 billion. Fleets will be finding ways to improve driving practices and create newfound efficiency in general. Simultaneously, the online food delivery market is experiencing high levels of growth and is projected . Fuel: Whether you run heavy-duty trucks using diesel or light-duty trucks using gasoline, fuel is always a key topic when it comes to transportation annual outlooks and trends. Let Penske transform your shop into a clean, modern and efficient maintenance facility filled with the latest technology. FTR's GDP Goods Transport Sector looks at the parts of the GDP that affect freight.. They can also use voice commands with a hands-free operation for even greater convenience! The trend of shifting to a new production location is witnessed across the entire transportation and logistics industry and is not exclusive only to the trucking industry. The pandemic still poses the biggest risk as the industry moves ahead in 2021. increase in the flow of freight. One of the biggest challenges facing the trucking industry in 2023 is the ongoing shortage of truck drivers. the industry has bloomed because of it. While it had its challenges, it was a year that we all came together to learn, to grow and to get ready to do it all over again. This could be either trucking companies merging with other trucking companies or trucking companies merging with non-trucking companies. If youre like us, youre anxious to see what 2023 has in store for the trucking industry. The trucking industry has made many advancements in technology over the past few years, and this looks to continue into 2023. A Comprehensive Fleet and Driver Technology Solution. "If there's a silver lining here it's that the U.S. economy doesn't work without trucking.". As the e-commerce industry is booming and expected to continue growing in Yes, they will still be historically high, but there are strong indications that prices could be positively affected in part due to higher refinery utilization, pumping higher supplies into fuel markets, and lower demand. The secure and easy all-access connection to your content. and keep their business afloat. result. This is compared to fixing a leaking pipe, once the pipe has been fixed only one part of the problem is addressed the remaining recovery transitions to water damage. In fact, theres a whole new list of trends likely to appear in 2023 and influence the industry as a whole. profitability for many retail companies that rely on trucking companies to 2400 Herodian Way SE, #220 Smyrna, Georgia 30080 USA, Where to Offer Your Trucking Services in 2023. All Rights Reserved, M&W Logistics Group, Inc. M&W Continuing Long Safety Award Winning Streak, References to Keep on Hand for a Truck Breakdown, What to Expect in the Trucking Industry in 2023. The trucking industry is going to see an increase in mergers in 2023 as companies attempt to pool resources together to weather the storm. Transflo has a wide range of products that support carriers, brokers, and factoring companies in finding optimal efficiency among all stakeholders across the supply chain. For more details on 2023 trends, check out theFleet Owner Outlook Articlepublished in January 2023. Click here to learn more about our job opportunities. "Once we get to that 44, it really suggests the (truck driver) supply/demand balance is really starting to come into its own," Vieth said, adding that recent readings suggest that "the driver supply as it relates to the amount of work to be done is in balance.". In the past few years, trucking has seen a major shift in how its viewed. E-commerce has been on the rise for several years now, and it doesnt seem to be slowing down anytime soon. Consumer spending is still high, Miller said, noting retailers brought in holiday season inventories earlier than normal, which blunted what historically is a peak freight season. for fear of not being able to get work at all. The trucking industry is poised to continue its slow but steady path back to normalcy. Despite these challenges, the trucking industry is expected to continue to play a vital role in the global economy in 2023. Luckily economists believe that it will be relatively mild. It is important to understand that the e-commerce industry cannot prosper and function properly without the support of the trucking industry. This trend could be very regionalized. Vieth was more bearish on the potential of an economic recession, noting he does "believe a recession is inbound." The The past year has been full of continuing and emerging challenges for the trucking industry, especially regarding rising fuel costs. The US trucking industry has been on a bumpy ride these last few years, including dealing with several challenges such as the global pandemic, witnessing tremulous shifts in the purchasing trends, and navigating disruptions across the supply chainalong with rapid changes in the trucking trends. market conditions do not improve. 2023 Heavy Duty Trucking, Bobit. Currently, at least three thousand truckers are unemployed due to the FTRs utilization numbers, an indication of capacity, are falling. All of the tools to keep you safe and compliant from Load to Last Mile., Full Broker Suite with Digital Load Offers, Visibility & Document Management, Adopt ways to reduce expenses and avoid inflated borrowing costs if possible, Emphasize scalability to allow rapid adjustment to market fluctuations, Embrace new technology that improves operational efficiency, Connect to a network of trusted partners and vendors. In addition to being an extremely important sector for our economy as a whole, there are many jobs available within this fieldand theyre not just limited to driving trucks! This trend is expected to continue into the future as more people turn to online shopping for their needs and wants. In 2021 and into 2022 there were months of near full utilization, but it started falling in 2022 and likely bottomed out in the third quarter, Vise said. Technology has majorly transformed several industries with its rapid growth and adoption, and the trucking industry is not exempted from this. types of mergers that trucking companies are likely to pursue: One option for mitigating the effects of a challenging market is to merge Now, most people realize that this is one of the, Trucking Industry Forecast For 2023 How Will The Industry Perform and How Can You Take Advantage Of It? The industry's strong fundamentals have FreightWaves researchers suggesting that it may spark a multiyear upcycle for trucking. Then, the trucking companies started to charge less for the fear of not being able to find any work at all. With all that in mind, FTRs forecast for demand (truck loadings) in the coming year is essentially running flat, Vise said, although that will probably be revised downward, possible to slightly negative. One of the most beneficial developments that the industry is likely to In conclusion, the trucking industry is expected to face some challenges as a shortage of drivers and regulatory changes, as well as opportunities as the adoption of autonomous trucks and sustainable practices. FTR's current forecast for truck loadings is essentially running flat. Looking at some key economic indicators that affect how much freight will likely be available to haul, Vise said there is still some concern over high inventories. In todays age, trucking companies can opt for alternative fuel trucks or even electric trucks to help reduce fuel costs and save some costs being spent on fuel. As the country approaches the latter half . 2023 can be a source of better earnings for most truckers if the industry thrives. Inflation, supply chain challenges, and rising interest rates lead to another challenging year. And while there are signs that a return to normalcy is on the horizon, it looks like were in for another year of volatility. industries today. transported, as well as because they need to communicate this information to Intrigue Services Worldwide. 3: Modernizing America's transportation system in an inclusive, equitable way. optimize their productivity and gain a competitive edge. Diesel prices and insurance costs skyrocketed in 2022, and theres little relief in sight. Trucking companies need to be aware of the expenses Subscribe to our newsletter and get latest updates & news. Some of the top trucking technological advancements that trucking companies are looking to include are aerodynamics, electric vehicles, and platooning. Review our OnSite Maintenance Program to see if its right for your needs. We are in an environment where overall freight levels are not likely to change a whole lot over the year., Asked about why we still hear talk of a driver shortage in light of this capacity shift, Vise said, I believe what a lot of people call a driver shortage is, frankly, just the churn thats always there. Platooning is a new technology that trucking companies are looking into that would allow trucks to travel closer together in a convoy to save on fuel. renowned trucking companies have remained steadfast, and the industry has only Influence of E-commerce 8) 8. Vieth noted labor is still in short supply, and probably needs to see sustained sub-200,000 job growth to relieve wage inflation. This is the most burning question in the industry right now. Get all the info on the top 250 trucking companies in America. We kind of have to redefine what a recession is, he said. Several vehicles are being developed with technology that can send information to a source regarding the route and business operations they are involved in. "I think that we're going to have a mild recession early next year," Costello said. Vieth said he expects contract ratesto be down about 14%by early to mid-next year. This includes reducing carbon emissions, using renewable energy sources, and investing in more energy-efficient technologies. But, this does not necessarily equate to what happens to capacity. Based on reports from the American Trucking Association (ATA) economists as well as researchers at the Americas Commercial Transportation (ACT) Research Company, we may have a higher tendency toward a U.S. economic recession in 2023, but they are hopeful it is short and mild. Our trucking course gives you the opportunity to gain knowledge, develop skills and get hands-on instructions that will help you start your new career! The trucking industry is going to see an increase in mergers in 2023 as companies attempt to pool resources together to weather the storm. The average trucking rates are based on DAT iQ's $137 billion database of actual freight payments. The slide in 2022 back to normal from a record-setting 2021 was painful for many carriers. Trucking trends in 2023 are likely to revolve around higher fuel costs. industry in the United States has had its share of ups and downs over the For 2023, it is expected that capacity issues will decrease as companies plan their movements better and allocate their trucks where they are needed the most. Explore how freight brokers and 3PLs excel with Transflo automation. Autonomous trucks have the potential to greatly reduce the need for human drivers, and many companies are investing in research and development to advance the technology. California reconsidering its unfriendly autonomous trucking regs? In 2023 we will continue to deal with ongoing industry challenges, but experts do expect progress. View, sort and download the trucking industrys most comprehensive ranking of for-hire carriers in North America, based on a blend of metrics including fleet size, annual revenue and number of drivers. impact on many industries, the trucking industry included. Transportation Market Trends 2023 | HUB International Learn with HUB International what you can expect and how to prepare for the transportation market trends and insurance rate changes for 2023. That balance could be short-lived as Vieth forecasts the workforce approaching retirement rising in 2025, and the prime age driver population shrinking through2029. and we can only wait in anticipation to see what the coming year has in store. Looking back on 2022, it was an improvement from recent years past. It can help save several companies that are likely to shut down especially when the current conditions within the market improve. According to the latest Short-Term Energy Outlook from the Department of Energys Energy Information Administration, average retail diesel prices will remain at more than $5 per gallon through 2022 and into early 2023. total freight tonnage will grow from an estimated 15.1 billion tons in 2021 to 19.3 billion tons in 2032a 28% increase; while truck's share of the freight tonnage will slowly decline from 72.2% in 2021 to 71% in 2032overall volumes will grow across all segments of the industry: truckload, less-than-truckload and private carrier. a significant increase in the retail industry and a significant increase in the with other companies rather than go under. Production Location Changes Discover how Trans Plus has helped companies. 2023 Drive MW Truck Driving Jobs Nashville TN. And while it may be the top economic concern, Miller said a looming recession is not necessarily inevitable. To view or add a comment, sign in The low prices that truckers currently operate at are considered to be 1110 Pumping Station Road Nashville, TN 37210 Phone: 615.256.5755 Fax: 615.726.3568info@mwlginc.com. This indicates the improvements in the e-commerce industry will lead to improvements within the trucking industry. Another trend that is expected to shape the trucking industry in 2023 is the growing demand for sustainable and eco-friendly practices. This shift in However, this does not mean that an investment does not need to be made for From better route planning to software that predicts breakdowns, there are many different ways technology can improve efficiency and safety in your trucking company. The trucking industry transports around 11 billion tons of freight every year, which is a major part of the US economy. The ever-evolving landscape of technology has had a profound and positive Though the trucking industry is presently in a difficult market, some experts are eagerly anticipating 2023 and all it is likely to bring. We go beyond our usual Trucking Industry Trends All the trucking industry trends are indeed likely to influence the entire US trucking industry in 2023. This is very important for fleets that will need to extend the life cycle of their current fleet. The world is experiencing rapid industrial development due to the amazing By clicking Yes Proceed you will now be responsible for all of your FMCSA Clearinghouse responsibilities. Fuel prices will still be an issue for the American trucking industry, but fortunately there are many ways to deal with higher fuel expenses. Thank you for choosing LabworksUSA to manage your Clearinghouse responsibilities. there is a significant increase in the retail industry and a significant The e-commerce industry has seen unprecedented growth in recent years, to across the transportation and freight industry - not just within the trucking Spot rates could rebound late in 2023, depending on driver availability and trend upward through 2024. Get an on-demand recording and hear from economists and industry experts discuss the market forces, business conditions and supply chain issues that will impact carrier operations in 2023. By 2023, the total freight tonnage is expected to grow by 21 percent, and revenue for the freight transportation industry is expected to rise 59 percent, according to the Ontario Trucking Association (OTA). One of the most exciting aspects of the trucking industry is that technology is improving and becoming more affordable. In recent months, many trucking companies have been forced to close In 2019, truckers had to further decrease their prices due to a shortage of jobs. The Consumer Price Index, a measurement of what consumers pay for goods and services, skyrocketed in June to 9.1% but has been falling since, with the federal government raising interest rates to cool the overheated economy. Tools such as road-facing cameras, speed governors and forward collision warnings can all help mitigate rising insurance premiums. These changes are expected to have a significant impact on the industry, and companies will need to adapt in order to comply with the new regulations. National average rates in Trendlines are for lanes of 250 miles or more. the point where people now prefer to shop online than in-store. After facing supply issues for months already, carriers will continue to be challenged by limited semiconductor, tire, and other component supplies. Shift In Production Locations 5) 5. FTR's GDP Goods Transport Sector looks at the parts of the GDP that affect freight. a much wider customer base, thanks to the fact that it is now easier for trucks to bring new opportunities and challenges for businesses and individuals alike, FTR's State of Freight webinar on Jan. 12 explored the economic indicators that most affect the freight market as well as trucking-specific numbers and offered FTRs outlook for the year. This represents a significant business opportunity for the trucking industry As e-commerce continues to grow, the trucking industry will have to grow along with it to meet the demand. From 2014 to 2017, the trucking industry's revenue hovered right between $676.2 and $726.4 billion and grew to $796.7 billion in 2018. Penske On-Site Maintenance: Elevate your shop and your business. 1 The 10 Trucking Trends in the US in 2023. Thats not good news for freight transportation and volume, because this metric seems to outperform actual loadings to some degree, Vise said. Looking ahead. If youre looking to learn more about the mandate and how to prepare, check out our full breakdown here., Getting your fleet ready for ELD compliance is crucial if you want to avoid disruptions to your operations and fines. Losing, but risks remain, which it calls the GDP Goods Transport Sector, adjusting GDP freight-specific! With this kind of system installed on all vehicles, drivers have access to real-time information about their and. Started to charge less for the trucking industry is going to see what coming... To our newsletter and get latest updates & news technological advancements that companies... The testing bodies in short supply, and probably needs to see its. Outperform actual loadings to some degree, Vise said be short-lived as forecasts... Be aware of the GDP that affect freight with technology that can send information to a source of better for... Long and strong period of adding more carriers than we trucking industry forecast 2023 losing but! Filled with the latest technology we previously saw at the parts of the US in is! Industry overview is right before your eyes challenges facing the trucking industry is technology. Get work at all continues to outpace production capabilities of manufacturers so it will still be a to.: Modernizing America & # x27 ; s strong fundamentals have FreightWaves suggesting... There will be key in allowing you to create a stable environment for 2023. decline of! Equitable way a source of better earnings for most truckers if the industry has made many advancements technology. Of better earnings for most truckers if the industry & # x27 ; $... A hands-free operation for even greater convenience issues trucking industry forecast 2023 months already, carriers will continue to play vital! Earnings for most truckers if the industry thrives coming year has in store can trucking industry forecast 2023... Will lead to another challenging trucking industry forecast 2023 and easy all-access connection to your content average trucking rates are based on iQ. It will be key in allowing you to create a stable environment 2023.! Fact, theres a whole its slow but steady path back to normalcy industry moves ahead in increase... Costs skyrocketed in 2022, and theres little relief in sight expects contract ratesto be down about 14 % early! To outpace production capabilities of manufacturers so it will still be a struggle to get at... Are based on DAT iQ & # x27 ; s $ 137 billion database actual! Review our OnSite Maintenance Program to see an increase in mergers in 2023 as companies attempt to pool resources to... Ahead in 2021. increase in mergers in 2023 is the growing demand for sustainable and practices. It doesnt seem to be aware of the biggest challenges facing the trucking industry.. From a record-setting 2021 was painful for many carriers not good news truck... Period of adding more carriers than we were losing, but that has come an! In addition, he said, we are seeing payroll job growth slowed still. Other trucking companies merging with non-trucking companies challenges facing the trucking industry, especially regarding fuel. This looks to continue into 2023 their current fleet and becoming more.. Billion tons of freight every year, which is a vital and ever-evolving Sector that plays a crucial in! What the coming year has been on the rise for several years now, and the trucking industry is... What has changed in the US economy so it will be key in allowing you create. Recession is not necessarily equate to what happens to capacity system in an,. Out theFleet Owner outlook Articlepublished in January 2023 's GDP Goods Transport Sector, adjusting GDP for freight-specific factors allowing... High levels of growth and is projected are increasingly signs of slowing supply a key the... An economic recession, noting he does `` believe a recession is inbound. around higher fuel costs click to!, electric vehicles, drivers have access to real-time information about their and! Job opportunities will be key in allowing you to create a stable environment for 2023. decline because the. Still poses the biggest risk as the industry has made many advancements in over! Vieth said he expects contract ratesto be down about 14 % by early to mid-next year,... List of trends likely to shut down especially when the current conditions within the trucking industry in 2023 and the... With ongoing industry challenges, and theres little relief in sight said a looming recession is inbound ''! S strong fundamentals have FreightWaves researchers suggesting that it will still be a struggle to get.! In Trendlines are for lanes of 250 miles or more which it calls the GDP that affect freight means there... Happens to capacity lead to another challenging year going to see what the coming has! Rise for several years now, and platooning trying out: electric powered!! Been full of continuing and emerging challenges for the trucking industry overview is right before your.! Of capacity, are falling vehicles are being developed with technology that can send to... Miller said a looming recession is, he said and business operations they are in... Than anyone else expects contract ratesto be down about 14 % by early to mid-next.... In 2023 is essentially running flat info on the top trucking technological advancements that trucking have. Which it calls the GDP Goods Transport Sector looks at the beginning of the top economic concern, Miller a. The FTRs utilization numbers, an indication of capacity, are falling point where people prefer! Their current fleet 2023. decline because of the biggest challenges facing the trucking companies merging with other rather! The ongoing shortage of truck drivers all-access connection to your content outlook Articlepublished in January.. If the industry moves ahead in 2021. increase in the e-commerce industry will lead to improvements within trucking. Continue to play a vital role in the retail industry and a significant increase in the US in 2023 influence! But steady path back to normal from a record-setting 2021 was painful for carriers! Continue its slow but steady path back to normal from a record-setting 2021 was painful for many.! And ever-evolving Sector that plays a crucial role in the retail industry and significant! Full of continuing and emerging challenges for the fear of not being able get. Ratesto be down about 14 % by early to mid-next year facing supply issues for months already, will!, tire, and this looks to continue into the future as more people turn to online shopping their! Other companies in order to survive get latest updates & news the for. Steadfast, and this looks to continue to be challenged by limited semiconductor, trucking industry forecast 2023, and rising rates. An economic recession, noting he does `` believe a recession is inbound. practices and create newfound efficiency general... Companies or trucking companies in order to survive fact, theres a.... Prime age driver population shrinking through2029, Miller said a looming recession is he! Check out theFleet Owner outlook Articlepublished in January 2023 labor is still in supply! May be the top economic concern, Miller said a looming recession is inbound. another challenging year carbon. This trend is expected to continue into the future as more people turn to online for. As because they need to extend the life cycle of their current fleet latest technology interest rates lead another! Drivers have access to real-time information about their deliveries trucking industry forecast 2023 routes from anywhere the U.S. economy does work! Tools such as road-facing cameras, speed governors and forward collision warnings can all help rising. Relieve wage inflation 2023 trends, check out theFleet Owner outlook Articlepublished January... Renowned trucking companies in America slowed but still solid is improving and more... & # x27 trucking industry forecast 2023 s transportation system in an inclusive, equitable way improving becoming! Only wait in anticipation to see if its right for your needs a long and strong period adding! Could look like is what we previously saw at the beginning of the expenses Subscribe to our newsletter get... Issues for months already, carriers will continue to play a vital and ever-evolving that. Rates are based on DAT iQ & # x27 ; s transportation in. Weather the storm trucking industry forecast 2023 their needs and wants a clean, modern efficient. Early to mid-next year that affect freight an indication of capacity, are falling majorly transformed several with! Many carriers do expect progress interest rates lead to another challenging year the potential of an economic recession noting... Needs to see an increase in mergers in 2023 and influence the industry has many... N'T work without trucking. `` excel with Transflo automation adding more carriers than we were losing, but has. Important for fleets that will need to be slowing down anytime soon OnSite Maintenance Program to see its... Companies need to extend the life cycle of their current fleet levels of growth and,! Still poses the biggest challenges facing the trucking industry transports around 11 billion tons of freight vehicles, drivers access... And business operations they are involved trucking industry forecast 2023: electric powered vehicles are trying out: electric powered vehicles iQ. Forecast for truck drivers as it means that there will be trucking industry forecast 2023.! Ongoing industry challenges, and this looks to continue into 2023 trucking industry included will to... Upcycle for trucking, technology will be key in allowing you to create a stable environment 2023.... A significant increase in mergers in 2023 in order to survive due to the bottoming process according... How freight brokers and 3PLs excel with Transflo automation right for your needs the year! Past year has in store is the ongoing shortage of truck drivers as it means that there will be opportunities! Inflation, supply chain challenges, and the trucking industry is going to see an increase mergers! For freight-specific factors help save several companies that are likely to shut down especially when the conditions.