The trucking market industry continues to evolve and has witnessed tremendous changes this past year. During this year 2021, there have been some ups and downs which impacted the trucking industry. Below are the top trends in the trucking industry
Peak Season and the Trucking Industry
As the auto transport industry approaches the peak season, there has been a surge in fuel prices. By September 2021, the demand surge in the truck industry coupled with supply shortages has sent crude prices to a near three-year high at approximately $80 per barrel. Analysts at Goldman Sachs expect Brent crude to hit $90 a barrel by the end of the year as supply tightens. Currently, there is also an ever-growing demand for truck drivers. The need for truck drivers is due to the pent-up demand of customers and the peak season expectations, which has impacted the trucking industry.
Supply Chain Disruptions
Port shutdowns during the Covid-19 pandemic along with the embargoes and delays of container transits led to congestion. In addition, the semi-conductor chips shortage and lack of drivers in the trucking industry affected the gradual recovery in driver supply. With the backlogs at the ports, such congestion naturally leads to eventual increases in the total cost of car shipping. The backlog at the ports also clearly represents an austere and more prolonged peak season demand outlook.
Truck Capacity Constraints in the Trucking Industry
While the backlogs and congestion occur, inventory strains continually affect truck capacity. Shippers’ demand remains ever-changing, and as a result, demand for drivers often exceeds availability. More pressure is put on the trucking industry to handle shipments. On the other hand, car shippers are compelled to pay more to secure truck drivers and truck capacity for smooth car shipments.
However, car shippers can overcome this issue of truck driver shortage or limited capacity in the trucking industry. Shippers can avoid significant supply chain disruptions with a professional and reliable car shipping broker like Metti International.
Metti International Is Here To Help You Ship Your Car
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