State of the Industry – Quarterly Review

02/22/2018

State of the Industry – Quarterly Review

Every quarter we will be looking at trends and news impacting the logistics industry. We’ll touch on some important news related topics that have affected the state of the industry and show some year-over-year information on load-to-truck ratios, fuel costs, tonnage, and rate trends.
Here’s what you need to know from 4Q 2017:

  • In December 2017, the ELD mandate took effect and is intended to help create a safer work environment for drivers by reducing the amount of driver fatigue that leads to unsafe roads. ELDs will make it easier to accurately track, manage, and share RODS data and will record drive time resulting more accurate HOS recording.
  • In October 2017, ATA released its latest update on driver shortage, estimating over 50,000 by the end of 2017 with the potential for that number to rise to 174,000, or 10%, by 2024. “Fleets continue to tell us that competition for good, safe and experienced drivers is fierce, pushing wages higher in hopes of attracting the best talent,” ATA’s Chief Economist, Bob Costello said. “However, unless steps are taken to make it easier for individuals to pursue careers in trucking, demand for drivers will continue to outstrip supply – eventually even leading to supply chain disruptions.”
  • Load-to-truck ratios, truck tonnage, fuel cost, and rates in 2017 all increased from the previous year.
  • Industry giants are partnering with Blockchain in Transport Alliance (BiTA), a recently formed group to ensure the standardization of blockchain technology in logistics.