Bread. Clothing. Gasoline. You need all of these things, but they all depend on the trucking industry. With uncertain gasoline prices and the country still trying to claw its way out of a recession, the trucking industry faces serious challenges on all sides. The shipping, airline, and railroad industries all need the same business that the trucking industry now captures. Will it be able to innovate while fighting off fierce competition from outside industries? Is the trucking industry going under?
Competition
The trucking industry faces many challenges. One of them is competition from other industries. Obviously, rigs aren’t the only way to transport goods and services across the country. Airfreight, trains, and shipping all pose a threat to the trucking industry. For example, in the 1980s the freight railroad business was shrinking quickly. However, after 1990, the industry saw steady growth that didn’t stop until the late 2000s.
New engines and enhancements to existing technologies are pushing the shipping industry forward. For example, “G” type engines promise an increase in fuel efficiency between 4-7 percent over existing engines. Hybrid engines are emerging that make use of gasoline and diesel as well as wind as an auxiliary source of power. If the shipping industry can capitalize on emerging technologies, [Read more…] about Is the Trucking Industry Going Under?