Trucking Industry Forecast: 2023 Year in Review
2023 was a transitional year for the trucking industry, with several key developments shaping the market:
- Freight Market Stabilization: After a turbulent start, freight volumes began stabilizing in Q3, driven by gradual improvements in consumer demand and industrial production.
- Driver Availability Surge: A significant influx of drivers, largely from independent operators, alleviated capacity constraints, balancing the supply-demand equation.
- Rates & Capacity Adjustments: Spot rates bottomed out in mid-year as smaller fleets exited the market, potentially setting the stage for tighter capacity in 2024.
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