The year 2020 has brought about major changes in the way people send and receive goods. Here is a summary of the biggest upsets that occurred, and a prediction of what 2021 might bring in commercial truck trends.
2020: Big Changes
Here are a few of the major events that have shaped the trucking industry this year:
- Mergers: In response to economic pressures, companies merged. For example, Big Freight Systems merged with Kelsey.
- Insurance rates: Premiums for commercial truck insurance rose. This cost caused some companies to go out of business.
- Online shopping: As people were stuck at home during quarantine, demand for delivery trucking services increased.
Next year most likely will be full of transitions. As the country reopens and life gets back to normal, the demand for class 8 vehicles will increase, too. These changes won’t take place overnight, though. Industry experts are looking forward to a year-long process that eventually will lead to a more prosperous 2022. However, financial analysts suspect the U.S. economy as a whole could take up to 10 years to fully rebound.
The bottom line is that the trucking industry is not going away. It is keeping up with the times and will continue delivering products and services well into the future.