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Understanding the Trucking Industry in 2023

In this blog post, we'll delve into the key trucking industry statistics in 2023 and explore the trends shaping this critical sector's future. Whether you're a trucking industry insider or simply interested in learning more about this critical industry, read on to discover the insights you need to know.

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Understanding the Trucking Industry in 2023

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  1. Understanding the Trucking Industry in 2023: KeyStatistics&TrendsYou Need toKnow • Thetruckingindustryis vitaltothe globaleconomy,transporting goods across vast distances and keepingthewheelsofcommerce turning.Aswe enter the secondhalfof 2023,it’scrucialtounderstandthelatesttrendsandstatistics shaping theindustry.From economicimpactand contributions tothe American workforcetothe ongoing driver shortage andrising fuelprices,therearea variety offactors affectingthetruckingindustry today. • Inthisblogpost,we’lldelveintothekeytruckingindustrystatisticsin2023andexplorethe trends shaping this critical sector’s future. Whether you’re a trucking industry insider or simply interestedinlearningmoreaboutthiscritical industry,read ontodiscover the insightsyouneed to know. • KEYTRUCKINGINDUSTRY STATISTICS 2023 • TheUStruckingindustrygeneratesover $700billioninannual revenue • Thereareapproximately3.5milliontruckdriversemployedintheUS

  2. 72%ofprofessionaltruck driversarewhite • Mosttruckdriversarebetweentheagesof45 to 54 • ECONOMICIMPACTOF THE TRUCKINGINDUSTRY: CONTRIBUTIONS TOJOBSANDGDP • The trucking industry is enormous, with millions of professional truck driversand vehicles transporting goodsacrossthe countrydaily. • The trucking industry is expected to grow despite the threat of recession as demand for freighttransportationservices increases.In2023,an estimated3.5milliontruck • driversare employedinthe USalone.These drivers operateover 4 milliontrucks,moving an incredible 10.5billiontonsoffreighteachyear. • Thetruckingindustryhas amassiveimpactontheeconomy,contributingover$700billion inannualrevenueto the GDP,withthelocalfreighttruckingindustry valuedat$91.7 billion in 2023.This impact is felt in almost every sector of our economy, from agriculture and manufacturing toretailandeCommerce. • TRUCKDRIVINGJOBSTATISTICS • Asof2023,there areroughly1.2million for-hiretrucking companies operatinginthe US. Long-distancefreightbusinesses accountfor approximately570,921,increasingatan annualrate of4.5% between 2018 to 2023. • PROFESSIONAL TRUCKDRIVERSTATISTICS BYGENDER • According to a 2022 report by the American Trucking Associations, only 8% of all professionaltruckdriversare women. • The overwhelming discrepancies betweentruckdriverdemographics maybe dueto a lack ofinfrastructure,genderpaygap inequalities,truckinglifestylerequirements,and other factorshindering theaccessibilityoftruckdriving jobsfor new drivers. TRUCK DRIVERSTATISTICS BYRACEANDETHNICITY

  3. A trucking industry report by Zippiastates that most professional truck drivers in America arewhite,accounting forroughly72%oftheworkforce. • 12%are BlackorAfricanAmerican • 8% are Hispanic,Latino,orSpanish • 5%accountforotherracesandethnicdemographics • PROFESSIONAL TRUCKDRIVERSTATISTICBYAGE • The same Zippia report found that the average age of professional truck drivers is between 45 to 54,with 26% ofthe overalldemographic.This statisticis followed closely bydrivers between the agesof35 to 44 and 55 to 64,each accountingfor21%. • TRUCKDRIVER PAYSTATISTICS • Theaveragetruck driversalaryinthe US is $62,548annually,withentry-levelpositions startingat$48,750andexperiencedtruckdriversmakinganaveragesalaryof$88,392. • Withthegrowingtruck driver shortagesettoincrease, logistics companies arebeginningto increasepayand offerbetter benefitspackagestoattractand retain truck drivers. • ENVIRONMENTALIMPACTOFTHEUSTRUCKING INDUSTRY • Thetruckingindustrytakes asignificanttollon the environment,withemissions fromdiesel enginescontributing to airpollution andclimatechange. • Thetruckingindustryconsumesaround 54.3billiongallons ofdieselfuel annually. Transportationis thelargestsource ofgreenhouse gas emissionsinthe US,and CO2 emissions represent roughly 97% of the global warming potential of all greenhouse gas emissionsfromtransportation. • In2021,CO2emissionsfromtransportationin the US totaled1.7billionmetrictons,the mostfromanysectorofthe economy. • In 2023,theindustry willcontinuetofocusonreducing itsenvironmentalimpact,with increasingadoptionofalternativefuels andtechnologies suchas electric and hybrid

  4. vehicles.Companieswillneed tobalance ecologicalconcernswiththeneed toremain competitiveand profitable. TRUCKING INDUSTRY TRENDSTOWATCHIN2023 Thetruckingindustryhasfaced multiplechallenges recently,includingrising fuelprices, increasing insurance claims, and driver shortages. The prevalence of these issues will continue to affectthe industry’sfuture. InsurancePremiums TheAmericanTransportation Research Institute’sreportfoundthat insurancepremiums cost per mile increased by 47% between 2010 and 2023. This accounts for covering rising payoutandlitigationcosts,forcingtransportationcompanies ofallsizes tofacefinancial uncertainty. The threatoftheft,increasingcosts ofcommodities,labor andrepairs,medicaltreatment, and litigation feeswill likelyaffectinsurance premiums. TruckDriverShortages TheATA estimatesthatthetruck driver shortagewill decrease by 20%,droppingfrom 78,000driversin2022to 64,000driversin2023.Whilethismayseem likea positivestep in therightdirection,the shortage oftruck drivers thisyear isexpected to hinder the industry’s growth as thedemand for goods increases andthe aging workforcestarts to retire. According to various reports, consumer and freight demand will increase again after the recession, projecting a shortage of 82,000 truck drivers in 2024and 160,000 drivers in by 2028 RisingFuelPrices With fuelcostsskyrocketing,oilisexpected toreach$92.36perbarrel,anear$20 increasefromthe pricesof2021.

  5. Gas prices may reach a high of $3.51/gallon, which is $0.41 lower than in 2022. However, pricesare likelyto increase,affecting logisticsoperationsacross thenation. TheState oftheTruckingin2023 Thelogisticsandtransportationindustryare avitalcomponentofour economy,and understandingthelatesttrends andstatisticsisessentialfor companies and individuals operating in this space. In 2023, the industry is expected to face new challenges and opportunities driven by technology, regulation, and changing customer demands. By staying currenton these trends,companiescan position themselves for success in theyears ahead. JOINWARRIORLOGISTICS WarriorLogisticsis theleading linehaulfreightcontractor powering one oftheworld’s largestshippingcompanies,FedEx Ground. Our strategic andongoingexpansionmeans weoperate across the USwithover100 trucksand 150+team members driving over12 millionmiles annually.Whatsets us apartis ourcommitmenttoour TruckWarriors.We’re on a mission ofservantleadership thatputspeople attheheartofeverythingwe do. If you’re looking for a lucrative, stable, and rewarding career as a professional truck driver, consider joining theWarrior Logistics familyandapplytoday!

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