The trucking industry saw some major changes in 2020, mostly due to the ongoing novel coronavirus (COVID-19) pandemic. While some of these changes are expected to stick around, many may end up going back to normal after the pandemic ends. That being said, there are new trends expected to transform the trucking industry outlook in Minnesota and all over the globe in 2021.
How new technology will change the trucking industry
The trucking industry has seen major improvements in technology over the last few years, and this is expected to continue in 2021. Trucking industry software programs are also expected to receive updates this year, which could make operations run a little more smoothly. Popular supply chain software programs currently being used include Carto, AnyLogistix, Logisticall TMS and InfoPlus Software.
There have also been many applications created that can help truck drivers on the road. Updated mapping systems and apps that inform truckers of local fuel prices have both been helpful to many drivers in this industry.
Bankruptcy and more expensive fuel
Due to the pandemic and certain other economic issues, several trucking companies have had to declare bankruptcy recently. This took away the jobs of many truckers and left the industry struggling to regain its footing. Some experts expect the need for truckers to surge in 2021, while others expect it to stay the same. If manufacturing, retail and other similar industries show growth in 2021, then there is sure to be more of a need for truckers.
Rising fuel costs are another thing still plaguing the trucking industry. Fuel is an important part of trucking, and with prices on the rise, profits could go down. That being said, there are more potential alternative options that trucking companies may decide to utilize in 2021, including electric trucks and alternative fuel.
Some things to look forward to
While the trucking industry did take a hit in 2020, as did many other industries, there are some positive predictions you may want to look forward to. For example, it has been mentioned that some trucking companies may decide to merge in 2021. This could prevent companies from closing down completely and save many jobs.
Additionally, e-commerce businesses are expected to show growth in 2021, which could mean more jobs for truckers. In 2020, many people started buying everything online and having it delivered to their homes. Experts say these habits won’t change even after the pandemic ends, and with so many people havinf their goods delivered, the trucking industry may be more vital than ever before.
How prices might change
The rates that truckers and the trucking industry receive for their services may fluctuate in 2021, depending on the growth of other industries. If there is more of a need for truckers, then their rates should be expected to go up.
There is no assurance that any of the changes mentioned here will occur, but the outlook seems to be good for the trucking industry in 2021.
If you are in need of trucking services, be sure to contact K-Way Express, Inc. in Minnesota. As the above trends and more transform the trucking industry’s outlook in 2021 and beyond, we’re committed to remaining responsive and ensuring our clients’ needs are met.