Though many indicators of the trucking industry are showing some promise, including fuel, demand, and other market vitals, others have anticipated more tepid results. Ultimately, the jury is still out as to the trucking industry for 2024.
With the future of the market still uncertain, there are some notable trends that truckers can capitalize on in 2024 to get ahead.
Here are some of the industry’s most opportunistic trends in 2024.
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Implementation of New Technology
If you’ve gone outside over the last year, you might have noticed the rise of electric and autonomous vehicles within the trucking industry. If you’d like to learn more about the impact of these technologies on the supply chain, check out our guide here.
Though these technologies will likely play a significant role in the events of the 2024 trucking industry, the opportunity to get ahead doesn’t require buying an electric truck.
More affordable, accessible examples of emerging technology include:
- Implementation of telematics and preventative maintenance
- Driver assistance systems like lane departure sensing and collision avoidance alerts
- Robotic/automated loading and unloading aid devices
- Advanced security systems
Though these technologies come in different modes, many can be installed into your rig. By implementing a telematic sensor in your truck, for example, you can receive real-time data on the performance of your rig and make repairs before a costly accident occurs.
For ideas for new gear, check out this page.
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Keep a Close Eye on Regulation
As any citizen of the good old US of A knows, election year can be tumultuous.
As politicians move quickly to push legislation they believe may be advantageous to their campaign, it’s typical to see a rapid onslaught of regulatory measures being taken during an election year.
Keeping up with sources like the FMCSA, the CVSA, and the TIA can make all the difference in capitalizing on new regulations before the rest of the industry.
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Trim Primary Expenses
Of all the trends that have characterized the post-pandemic trucking landscape, leaning up has been among the most influential.
With carriers everywhere seeking to shrink their bottom lines, here are the best ways to cut expenses:
- Have enough cash to take on additional loads.
If you cannot take on new loads because of expenses, it is highly recommended that you try factoring services. Factoring allows you to get paid same-day in exchange for a small fee.
Learn more about factoring here.
- Get fuel-efficient tires.
Fuel-efficient tires are affordable and can start tapering your fuel bill instantly. Browse fuel-efficient tires here.
- Get a fuel card.
Fuel cards make all the difference in keeping fuel costs under control. To learn more about taking a discount on every gallon of fuel, read here.
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Preventing Freight Crime
If you haven’t heard, freight theft is currently at a historical high.
Of all the expenses that trucking brings, theft can be the largest and most frustrating. To protect yourself during 2024, try reading this freight prevention guide.
2024 brings a year of tremendous opportunity for the trucking industry, but only for those carriers that are capitalizing on its trends.
By adopting new technology, staying current with regulations, trimming your bottom line, and being aware of the rise in freight crime, truckers can make the most of the new year.
The England Carrier Services (ECS) division offers various services for carriers ranging from maintenance to support. As ECS members, carriers have access to nationwide discounts on fuel and tires from dedicated team members committed to finding the best price. ECS also provides factoring services with benefits such as same-day funding to a bank account or fuel card. These options allow carriers the freedom to focus on growing their business while saving time and money.