Trucking Revenue Tops a Whopping $700 Billion for the First Time Ever!
The Power Of Trucking
Who says trucking is dead? The year 2014 was a banner year for the trucking industry. Over 700 million dollars was made in revenue, accounting for over 80% of freight hauling. The industry, as a whole, employed more than 7 million people, 3.4 million of which were truck drivers. And, it looks like this trend will continue in 2015. Here's why:
Low Fuel Prices
Say what you will about service and efficiency, but lower fuel prices were the biggest reason for this record amount of revenue. When fuel prices are low it costs less to use trucks than any other form of transportation. Sure, if you are shipping huge amounts of freight cross country, it might be less expensive to use a train. But for most shipping applications, all you need is a big rig, there is no cost comparison, and lower fuel prices make the difference.
New Truck Purchases
Because of the increased revenues, many companies, and owner/operators were able to replace their aging truck or truck fleets with new and more efficient models. The added benefit is that newer models get more miles to the gallon, which can also be used to lower freight bills for the customer. And lower freight bills mean more repeat customers overall.
The other aspect of newer trucks are the wear and tear factor. Wear and tear, and the maintenance associated with it, are greatly reduced with newer models. Because of this, companies and even the individual trucker, can charge less for shipment because the maintenance budget will be less.
2014 and the highest revenues ever made in the trucking industry, reinforces the fact that over the road truckers remain vital to the economy, in every aspect of shipping and freight hauling, with no end in sight.
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