Is there really a shortage of truck drivers?

Is there really a shortage of truck drivers?

Statistics show that there is a shortage of truck drivers in the year 2019. What is this? Currently, Canada reports being short around 25,000 truck drivers while the US reports a whopping shortage of around 60,000 drivers. This is predicted to increase over the next few years.

Are truck drivers in demand 2022?

According to an analysis of data accrued by FTR Intel, rising demand spiked spot trucking rates upwards of 24%, compared to January 2021. Furthermore, freight spot load postings increased almost 44% at the start of 2022.

What is causing truck driver shortages?

One of the common reasons for the truck driver shortage is historically low pay. Since the 1980s, median wages for truck drivers have decreased an average of 21%. The natural market reaction to high demand and low supply of truck drivers is higher wages. And that’s exactly what’s happening.

How high is the demand for truck drivers?

Employment of heavy and tractor-trailer truck drivers is projected to grow 6 percent from 2020 to 2030, about as fast as the average for all occupations. About 231,100 openings for heavy and tractor-trailer truck drivers are projected each year, on average, over the decade.

Are truck drivers in demand 2021?

American Trucking Associations estimates that the industry needs 80,000 more drivers. That figure is expected to worsen in the years ahead with a lack of new drivers to offset retirements and growing demand.

Is Trucking a dying industry?

Reported by Business Insider, Goldman Sachs predicts 300,000 truck driving jobs will be lost per year, starting in 2042 or sooner. Qualified drivers will eventually be replaced by computers (and a small number of human handlers).

Is trucking profitable right now?

Based on past trends, experts expect long-term growth for the trucking industry. After adjustments for the pandemic, market research company Research and Markets projects that the global freight trucking market will increase to $5.5 trillion in 2027 from $4.2 trillion in 2020, a compound annual growth rate of 4%.

Is trucking business going down in 2022?

According to the trucking industry stakeholders, the demand for their services keeps going up without signs of coming down. This year’s forecast by the American Association of Trucking shows a possible growth in the volume of freight trucking by 24 percent.

Is trucking going down?

(NewsNation) —A waning demand for trucking services could be the early warning sign of a recession, data analysts and experts say. A recent Bank of America survey found that truckload demand has fallen 58% to near-freight-recession level. Consumer spending habits are contributing to the decline, too.