The economy is being impacted by a shortage of trucks and drivers in the trucking business. By 2028, the American Trucking Associations (ATA) predicts that there will be 160,000 vacancies. Delivery delays, higher transportation costs, and stress on the supply chain are all results of the shortage.
The aging workforce is one of the primary drivers of the truck shortage. In the US, truck drivers are 55 years old on average, and many are approaching retirement. Due to lengthy hours, low income, and the requirement for a commercial driver’s license, it has been challenging to recruit younger drivers to the sector.
The lack of available trucks is another factor contributing to the truck shortage. Due to problems with the supply chain and a lack of parts, truck manufacturers have had trouble keeping up with demand. Due to the fact that many manufacturers stopped production during the early phases of the outbreak, the pandemic has also had an influence on the supply of trucks.
Due to an abundance of goods and heightened competition, freight prices have been decreasing. Due of this, it has been challenging for trucking businesses to turn a profit, resulting in many of them failing. 20% of small trucking businesses fail in their first year, and 60% fail within three years, according to the Small Business Administration.
Celadon Group Inc. is one of the most recent trucking firms to close its doors. In December 2019, the company declared bankruptcy, which rendered thousands of drivers unemployed and disrupted the supply chain.
In summary, the truck shortage is a complicated problem that is having an impact on the economy. A few contributing issues include an aging workforce, a shortage of trucks, a drop in freight prices, and high rates of trucking company failure. To increase productivity and profitability, the business must find ways to draw younger drivers and make investments in new technologies. The future of the sector and the economy as a whole depend on this. Bonus response:
The Benz Motorwagen from 1896 is the oldest truck in existence. It was created by Karl Benz, the creator of Mercedes-Benz, and was the first automobile to be propelled by an internal combustion engine. The truck could transport up to 2,200 pounds of cargo and had a top speed of 10 miles per hour. It is currently on display in Stuttgart, Germany, at the Mercedes-Benz Museum.
Sorry, but the “The Truck Shortage: Causes and Effects” article does not mention the age of the oldest truck driver in the US. It largely focuses on the causes of the truck driver shortage and how this shortage has affected different sectors.