Industry leaders are optimistic that 2021 will be a transformational year for the transportation industry. Experts predict growth in a variety of areas that include those related to hiring trends, distribution demands, and COVID-19 products. 2021 is anticipated to be a successful year in transportation for 21 reasons.
- The U.S. economy is relying heavily on truckers amidst the COVID-19 pandemic.
- There is a global effort to distribute the vaccine.
- The industry’s trending pay–increase surge is projected to continue.
- Analysts are optimistic that truck sales will remain steady as they ended the year on an upward trend.
- Carrier profitability is predicted to lead to record levels.
- Full truckload (TL) earnings are expected to peak by roughly 50%.
- High, single-digit percent increases are predicted for less than truckload (LTL) tonnage.
- Earnings per share growth are largely projected.
- Reports from retailers suggest that import demand will be elevated for at least the first quarter of 2021.
- Dry van, reefer, and flatbed demand is projected to increase by 6%.
- Truck utilization is forecasted to sit above 96% for the year.
- Total freight volume is expected to match pre-pandemic levels.
- Trucking demands are heightened for companies looking to build inventories and increase sales targets.
- Carriers are revising their strategies to address customer demands.
- Truck driving is one of the most in-demand careers.
- Online purchasing habits are likely to affect distribution patterns permanently.
- Many companies are pushing to make up for the time that was lost due to pandemic effects.
- 2020 was a defining year for consumers witnessing first-hand the importance of the trucking industry.
- Growth in freight volumes is expected as good production recovers.
- Increased reliance on technology will facilitate advancements in the transportation industry.
- Opportunities for distribution will increase as the demand for PPE and COVID-related products continues.
Industry analysts from FreightWaves, Transport Topics, and FleetOwner highlight some of the many reasons that transportation and logistics will be transformed this new year. While 2020 was a defining year filled with extraordinary adversity, the outlook is optimistic that 2021 will be momentous for the industry.
