As per the last report by the ATA: In 2013, the trucking industry revenue was $682 billion dollars operated by 1.3 million trucking companies registered with the US DOT. Of these, 725,179 are private carriers, 465,697 are for-hire carriers and 164,723 are interstate motor carriers.
Private carriers are trucking companies who transport its own goods. E.g. Walmart, Pepsi, Coca-Cola etc. For-Hire carriers are authorized trucking companies who transport goods owned by others for compensation.
According to American Trucking Association (ATA), there’s a projected surge of 250,000 driver shortage by 2022. As tonnage and overall freight INCREASE, the drivers are DECREASING?!?!
Our experts at Prestige Worldwide Logistics believe in transparency. We study the freight economic trends and forecasts and share our knowledge and expertise to our clients and carriers.
In this situation, it’s a case of simple supply and demand. High supply of freight with less drivers means drivers can demand whatever price they want. This will fluctuate the market and ultimately lead to higher freight rates. At PWL, we foresee this issue and accommodate our carriers with market average rates and our clients still receive great service.
Contact us today to see what solutions we may have for you!!