Each month we review industry trends to help us plan for the future. Take a look at the recent trends for trucking fleets:
Although the trucking freight shipment industry seems to be slowing, truck fleets aren’t reporting negative impacts, according to the latest CK Commercial Vehicle Research Fleet Sentiment Report. Many fleets in the U.S. are cautious about adding capacity due to the slowdown, but the report says overall, fleet owners feel positive about the industry.
There are major shifts in the industry due to new regulations also impacting trucking in the U.S. In early 2016, the Federal Motor Carrier Safety Administration (FMCSA) announced a new rule to improve the accuracy of logging hours, roadway safety and compliance of Hours of Service (HOS) regulations. This new rule requires carriers and drivers to implement electronic logging devices in all trucks by Dec. 18, 2017. According to the report, a significant number of trucks have already implemented the devices.
Equipment utilization is down in the second quarter compared to the first quarter, but the busier summer season is expected to increase fleet utilization in the third quarter.
The report also notes there is still a driver shortage, but the shortage wasn’t as prominent in the second quarter of 2016 compared to previous years when freight demand was higher.
Although the freight demand was lower in the second quarter, trucking company owners aren’t worried. With the busier season ahead, the demand is sure to pick back up again.
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