We tip our cap to the drivers who have kept trucking through the last several years. Your drive a nation through some tough times. You went the extra mile(s) when we needed you most.
Now, things are looking up. Though the industry will continuously evolve, there is strong evidence for good things to come in 2023.
Check out these trucking industry forecasts (2023) to get your wheels turning.
Diesel Prices Expected to Drop
The Energy Information Administration has predicted diesel prices to decline from 2023 to 2024.
2022 saw historically high diesel prices that challenged many truckers, averaging about $5.00/gal by year-end.
Though the decrease will be gradual, the EIA anticipates that diesel will average $4.23 in 2023, and $3.70 in 2024. This change can be attributed to improvements in supply and refinery runs.
Utilization Rates Will Continue to be High
Utilization rates refer to a fleet’s ability to use its capacity effectively. High utilization rates are great evidence of an efficient supply chain.
Forecasts for 2023 anticipate a utilization rate of 91.6%, a +.4% advantage over the 20-year average of 91.2%. This shared efficiency in the industry is a tell-tale sign of strong freight movement.
Return to Seasonality
In the chaos of a volatile market over the last several years, the typical peaks and dips that gave the industry its predictability were less obvious.
As industry conditions stabilize, the cyclical demand flow is anticipated to return. This return to normalcy will allow truckers to anticipate and brace for changes in the market.
Increases in Infrastructure Spending
January brought a slew of infrastructure grants being announced, with the promise of more to come.
Increases in infrastructure are music to the ears of long-haul and flatbed truckers, but short-haul movers also feel the excitement. With petroleum products on the rise, short-haul drivers may benefit from the production of roads and bridges.
The transportation industry will always keep drivers on its toes, but 2023 promises some positive changes for drivers. We’re excited to see how far you’ll go in 2023–just keep your foot on the pedal.
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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.