Quick Answer: Is There A Truck Driver Shortage 2020?

Are truck drivers in demand 2020?

The supply (capacity) side of the freight market has become very tight in 2020, but not because equipment is scarce.

A driver shortage, more than anything else, has put the trucking industry in a position to chase rate increases for perhaps the next two years..

Why is the trucking industry so slow 2020?

Tariffs and a looming trade war raise the risk of an economic recession, and Vieth noted that an industrial recession is already underway in the U.S., which has led to a freight recession across all segments. “The evidence overwhelmingly suggests 2020 is going to be a very, very tough year,” he said.

Is the trucking industry growing?

The U.S. Bureau of Labor Statistics predicts a five percent growth in trucking industry employment over the next several years, making it one of the industries that is fortunate to be benefiting from the expansion of technology.

Why do truck drivers quit?

As you probably would expect, money issues, including rates and getting enough miles, are the top reason drivers leave. … “Even when money is the biggest reason, it rarely accounts for more than 20 percent of the people who left,” Yurkus says.

Can a CDL driver make 100k a year?

Although you might not be able to make $100,000/year off the bat, but given the truck driver demand, and with experience, specialization, CDL training and the right company, you can make $80,000+ on a trucker salary.

Is trucking in a recession?

The trucking industry is already in a recession. … “The freight industry has experienced 12 recessions since 1972, twice as many as the overall economy,” writes Terrazas. “Half of the times that the freight economy has shifted to contraction over the past four decades, the rest of the economy has continued to expand.”

What is the number 1 trucking company?

FedEx FreightRankCarrier Name2017 Revenue ($ million)1FedEx Freight$6,3432Old Dominion Freight Line$3,3043XPO Logistics$3,6414YRC Freight$3,03323 more rows•Apr 3, 2019

Why is freight so cheap 2020?

The weak freight market reflects the economic malaise due to coronavirus-related shutdowns and historically low oil prices. As stay-at-home orders in response to the COVID-19 pandemic took hold across much of the country in the latter part of March, the level of freight available – and the rates to haul it – plummeted.

Is there still a truck driver shortage?

In 2018, the trucking industry was short about 60,800 drivers, up nearly 20% from 2017, according to a 2019 report by the American Trucking Associations. … “The driver shortage is as real as it was in 2017,” said Shelley Simpson, executive vice president and chief commercial officer for Lowell-based carrier J.B.

How do you solve a truck driver shortage?

Truck Driver Shortage Solutions1) Improve the Culture—Fleets can minimize the downside of driving by implementing shorter routes. … 2) Adjust the Pay—Issues like detours, bad road conditions, and increased traffic in metro areas eat away at drivers’ income if they’re paid by the mile.More items…

Is it worth being a truck driver?

Yes. Indeed they are. Investing either your time (to attend a paid CDL training school/job) or your money (to attend a private trucking school) is certainly worth your investment. Attending a well chosen truck driving school, can pay off many times over.

Why do most trucking companies fail?

Fixed and variable costs – and an insufficient understanding of them — leads to the failure of trucking companies. … The variable costs range from fuel prices and maintenance expenses to changing regulations and indirect driver costs; from routing and planning costs to customer satisfaction and business management costs.