The Impact of Volatility in the Trucking Industry on Your Supply Chain
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The trucking business is an essential global supply network, hauling almost 70% of all freight in the United States alone. However, this critical sector is experiencing unprecedented volatility, driven by growing fuel costs, driver shortages, regulatory changes, and global economic uncertainties. Rising Fuel Costs One of the most immediate impacts of volatility in the trucking industry is the fluctuation of fuel prices. Fuel costs represent a substantial portion of trucking expenses, and when prices soar, it can lead to increased shipping costs. Carriers often pass these costs onto businesses, resulting in higher prices. Businesses can mitigate this impact by exploring fuel-efficient transportation options, negotiating long-term contracts with carriers, and investing in technologies that optimize logistics and reduce fuel consumption. Driver Shortages The trucking industry is experiencing a significant driver shortage , with estimates suggesting a shortfall of over 80,000 d...