Trucking Industry Trends, Challenges & Predictions for 2024

Last year, the trucking industry faced many challenges, from high fuel prices to decreased freight and supply chain issues. 

Let’s be honest: 2023 was tough.

But what about 2024?

Trucking Industry Trends for 2024

Let’s take a look at the trends forecast for the year ahead:

Initiatives for Green Trucking

A growing and welcome trend in 2024 is increased green trucking practices. This includes using alternative fuels, hybrid and electric trucks, and renewable energy sources to reduce emissions, noise pollution and fuel costs.

All of which will help improve air quality.

Freight sharing

Freight sharing involves consolidating warehousing, routes, truck space, and distribution centres among multiple shippers. As a result of using real-time tracking, mathematical algorithms, and dynamic pricing, this trend will enhance efficiency, reduce costs, mitigate risk, and speed up the transit process.

Improved invoice management 

Paper-based invoicing is expected to give way to digital paperwork - and not before time! 

Trucking Industry Challenges for 2024

Let’s take a look at the trends forecast for the year ahead:

Continued high fuel costs

Crude oil is projected to reach $82 per barrel, so the fuel cost will likely stay relatively high for a while. Although retail prices for petrol and diesel are expected to decrease a little, it’s unlikely to have a money-saving impact.

Driver shortages

A shortage of drivers in the trucking industry isn’t new, and that trend is set to continue.

Parking problems

There’s unlikely to be a change in the lack of designated truck parking spaces. A concerning gap exists between the available parking spots and the volume of trucks on the road.

New labour regulations in the US

A significant development in 2024 is the labour regulation changes in California’s Assembly Bill 5. This legislation redefines the classification of independent contractors, with truck drivers now considered employees.

The implications will extend beyond California, potentially influencing labour laws nationwide.

Trucking Industry Predictions for 2024

Let’s take a look at the predictions forecast for the year ahead:

Improved interest rates

Better interest rates in the housing market are forecasted for later in 2023, which will help the trucking industry move more timber, wall panelling, roofing slate, steel, and shingle.

Better rates

If driver availability keeps dropping, it could help improve rates. Slowly increasing shipments and less available capacity are good signs for rates. However, spot rates remain low for now, reflecting the ongoing challenges in the industry.