Trucking News Roundup: Market Growth, Operational Costs, and Regulatory Changes

 

Freight Trucking Market to Reach USD 3768.1 Billion by 2032

The global freight trucking market is projected to reach USD 3768.1 billion by 2032, up from USD 2670 billion in 2023, reflecting a CAGR of 3.9% from 2024-2032, according to SNS Insider.  This growth is driven largely by the booming e-commerce industry, which demands efficient door-to-door delivery services.  The rise in just-in-time inventory management practices across various industries further fuels the demand for reliable trucking services.  Notably, China’s surge in heavy truck sales, bolstered by strong export networks, exemplifies this trend, with a reported 68% increase in sales in 2023 compared to the previous year.

Trucking Fleets Prioritize Operational Costs for 2024

A survey conducted by Shell Fleet Solutions and the NAFA Fleet Management Association highlights that the top concern for trucking fleets in 2024 is the total cost of ownership.  The survey, which included insights from fleet stakeholders, revealed that 89% of respondents identified cost management as their primary focus, followed closely by safety and efficiency management.  Jim Perkins, director of Shell Fleet Solutions U.S., noted that reducing costs, enhancing efficiency, and maintaining safety are critical daily concerns for fleet operators. Sustainability also remains a key priority, with many fleets planning investments in electric vehicles despite challenges related to expenses, time, and technology.

Speed Limiter Rulemaking Postponed to 2025

The Federal Motor Carrier Safety Administration (FMCSA) has announced another delay in the rulemaking process for speed limiters on heavy-duty vehicles, now postponed to May 2025.  This decision is part of an ongoing effort to implement a 2016 proposal originally pushed by the American Trucking Associations and Road Safe America.  The proposed rule aims to limit speeds to 68 mph, but it still requires a final rulemaking process.  This delay continues to add uncertainty to the regulatory landscape for speed limiters, impacting planning and compliance efforts within the trucking industry.

Stay tuned for more updates as we continue to monitor these and other critical developments in the trucking industry.

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