In the past year alone, the trucking industry has gone through a number of wild changes in how companies operate and the kind of trucks that are making their way on the road. From self-driving trucks to changes in how drivers are classified in some states to a whole new shipping and receiving ball game after the spread of COVID-19, the trucking industry is almost nothing like its past. Here are some of the industry trends that trucking is seeing in 2020 and how they will affect it moving forward.
Tech Advancements
Practically every industry has been disrupted and rerouted by technology. While most of these changes are helpful, they have been hard to adapt to in some cases. Technology has caused major improvements to trucking trends. Corporate offices are using software programs to help make their operations more streamlined and effective and trucks are beginning to incorporate smart technology to improve overall functionality.
Tracking orders is also something that has caused many trucking companies to have to set up technology that helps keep goods on schedule. This is helping customers stay updated on where their orders are while also helping trucking companies adapt to a more user-friendly and fast-paced industry.
Liability Insurance Will Rise
A number of trucking business failures last year listed increased insurance costs as a major cause of being forced to close their doors. Commercial truck insurance claims related to trucking crashes have risen in frequency over the last decade and premiums have not kept up. This has resulted in a much tighter commercial truck insurance market. However, having this kind of insurance is a must for trucking companies, especially as the numbers of crashes rise.
Commercial truck insurance is needed in order to operate safely and responsibly. Trucking companies should work with their provider to find ways to operate with the right level of commercial truck insurance while also keeping their doors open.
More Mergers
Some trucking companies are having to close their doors as a result of bad business and some are having to close up shop due to COVID-19. But many companies are choosing to merge with other companies in order to keep the fire going.
Some companies are choosing to merge with existing trucking companies to be able to put together the resources and make it through these confusing and challenging times. This lets companies continue their operations and even expand into new territories. Another route that trucking companies are taking in merging is to merge with a company of a different industry to be able to expand the range of service they can provide to customers.
E-Commerce
The ecommerce industry may be the single-most effective influence in the trucking trends world. People are shopping online more than in the store and they expect their products to get to them fast and free. Amazon, for example, has completely changed the way trucking is done, even outfitting its own trucks to get orders in on time. However, it’s important to understand that the ecommerce industry cannot work without the help of the trucking industry and its professionals. Because ecommerce is likely to see more growth, especially with more people staying home and shopping online due to COVID-19, it would make sense that the trucking industry will see some more growth as well.
About Western Truck Insurance Services
Western Truck Insurance Services is a commercial truck insurance agency with roots dating back to 1954. We have evolved into a highly respected, professionally managed, truck and transportation insurance brokerage. The hallmark of our organization is our desire to provide unparalleled service. We go way beyond what you expect to receive from an insurance brokerage. Equipped with state of the art automation, Western Truck Insurance can provide you with lightning fast truck insurance quotes, customer service, Insurance certificates, and coverage changes. Contact us today at (800) 937-8785 to learn more!