News & Insights

The trucking industry consists of businesses that leverage large commercial motor vehicles (CMVs) to transport various types of cargo (e.g., raw materials, product components and finished goods) over specified routes. This sector plays an essential role in the U.S. economy by moving mass amounts of freight and supporting supply chains across industry lines. According to the U.S. Department of Transportation, the trucking sector is responsible for moving up to 12.5 billion tons of cargo valued at more than $13.1 trillion each year. In recent years, the trucking industry has continued to promote economic growth. The latest data from the American Trucking Associations (ATA) found that the sector generated $875.5 billion in revenue in 2021, up from$791.7 billion in 2019. Despite this growth, several industry developments could pose challenges in the coming months and years, including driver shortages, social inflation issues, economic concerns and a lack of new CMVs.

With this in mind, it’s critical for trucking businesses to have a clear understanding of the latest sector developments and adjust their risk management practices as needed to maintain operational success. This article provides more information on trucking industry trends to watch.