The trucking industry in the United States is growing fast. The industry has a CAGR rate of 6.3% and no signs of slowing down. More and more companies are joining the industry, but what is driving this growth? Here are four reasons why the industry is growing so fast.
Fast Growing Economy
The fast-growing economy is one of the primary reasons for the trucking industry’s growth. The GDP has been growing steadily for the past few years, and this has led to an increase in businesses and consumers. This, in turn, has led to more goods being transported, which means more work for trucking companies.
E-commerce Growth
The e-commerce industry has been booming recently and has directly impacted the trucking industry. As more and more people shop online, there is a greater need for goods to be transported from warehouses to homes. This has led to an increase in demand for trucking services.
Increase in Construction
Another reason for the trucking industry’s growth is the increase in construction. There are now more than 11,000 projects in 10 states alone. The number of construction projects has been increasing steadily for the past few years, leading to increased demand for trucking services.
Retail Sales Growth
The retail industry is also growing, which has had a direct impact on the trucking industry. As more and more people shop at retail stores, there is a greater need for goods to be transported from warehouses to stores. This has led to an increase in demand for trucking services.
These are just a few reasons why the trucking industry is growing fast. With the economy growing and more businesses and consumers shopping online, the demand for trucking services will only increase. So if you’re considering starting a trucking business, now is the time to do it. Here are some essential things you need when starting a trucking business.
A Fleet of Trucks
The essential thing you need for trucking business is a fleet of trucks. You can buy or lease your trucks, but you’ll need a minimum of five trucks to get started. Here are some great trucks you should get:
- Diesel Truck: The most common type of truck used in the trucking industry is the diesel truck. Diesel trucks are known for their reliability and durability.
- Gasoline Truck: Gasoline trucks are also used in the trucking industry but not as much as diesel trucks. Gasoline trucks are less expensive to operate than diesel trucks but don’t have the same longevity.
- Electric Truck: Electric trucks are a newer option for the trucking industry. Electric trucks are more environmentally-friendly and have lower operating costs than gasoline or diesel trucks. However, electric trucks have a shorter range than gasoline or diesel trucks.
- Tractor-Trailer: A tractor-trailer is a type of truck that consists of a tractor unit and one or more trailers. Tractor-trailers are used to transport large loads over long distances.
- Specialized Truck: Specialized trucks are used to transport specific types of loads. Some specialized trucks include dump trucks, flatbed trucks, and tanker trucks.
You’ll need a minimum of five trucks to start the trucking business, but you can start with fewer if you’re on a tight budget.
Truck Equipment
Truck equipment is essential for the efficiency of your business. First, you’ll need a scale. A robust load cell scale can accurately weigh your loads, which is essential for billing purposes. In addition, it will help you avoid overcharging or undercharging your customers.
You’ll also need a GPS to help you track your trucks and their locations. You can get a stand-alone GPS or one integrated into your truck’s computer system.
Another essential piece of truck equipment is a trailer. Trailers come in various sizes and can be used to transport different types of loads. The most common type of trailer is the dry van, which transports non-perishable goods. You’ll also need a fifth wheel to attach the trailer to the tractor unit.
You’ll also need other truck equipment, such as chains and binders to secure your load, tarps to cover your load, and straps to hold it down.
A Team of Drivers
Another essential thing you need for your trucking business is a team of drivers. You’ll need at least five drivers to start, but you can start with fewer if you’re on a tight budget. Here are some things to keep in mind when hiring drivers:
- Experienced: You’ll want to hire drivers with experience driving your truck.
- Clean driving record: You’ll want to hire clean drivers to avoid accidents.
- Valid commercial driver’s license: You’ll need to ensure your drivers have a valid commercial driver’s license.
- Drug-free: You’ll want to hire drug-free drivers to avoid accidents and injuries.
When hiring drivers, you’ll also need to decide how to pay them. The most common method is by the mile, but you can pay by the hour or load.
A trucking business is a great way to make a living. With the proper preparation, you can be successful in this industry. With these things, you’ll be well on your way to success.
