The trucking industry has been hit by a severe parts shortage, which has impacted the earnings of dealers, OEMs, and parts suppliers. This shortage is affecting many parts and components, including metal, rubber, and electrical parts. In addition, there are significant shortages in parts that are used in fifth-wheel assemblies, suspensions, and bunk windows. Several fleets are being forced to make do without some critical parts, including internal lighting.
This problem has impacted suppliers and buyers of truck parts alike. Vendors are having to act like detectives to find parts and are expanding their supplier base to fill demand. This isn’t sustainable for anyone, and the trucking industry is suffering. The situation could get worse before it gets better, so vendors and buyers need to diversify their supply bases and find alternative ways to ensure adequate truck parts availability.
The trucking industry has had a rough year. Truck parts shortages have hit the industry in an unprecedented way, and truck manufacturers are struggling to get the parts they need. The chokehold in the supply chain has an unexpected impact on the aftermarket, as new trucks are sitting on production lines waiting for new components, while older vehicles are stuck in service bays. Even the most experienced trucking executives are keeping an eye on the supply situation.
Is There a Truck Part Shortage?
The trucking industry is suffering from a truck part shortage that affects all aspects of its supply chain, from vendors to suppliers. Shortages have forced vendors and buyers to play detective and find alternative suppliers for the parts they need. This has caused trucking companies to reduce their orders.
Some parts are more difficult to obtain than others. For example, a lack of DEF heads has delayed repairs of spindles and suspension systems. Other parts that are hard to find include oil filters and turbos. The shortage has affected both the independent and dealer repair sectors. Some companies are resorting to cannibalizing wrecks in order to find replacement parts.
Another problem with trucking is labor shortages. This issue has affected the trucking industry since early 2020. Some drivers are forced to drive older trucks while waiting for truck repairs.
Why is Trucking So Slow Right Now?
The economy is not in the best condition right now, which is one reason the trucking industry is slow right now. The freight industry is prone to booms and busts. For example, January through March are traditionally the slowest months for trucking companies. This is because the market is tight, which means that carriers and drivers are not available in large numbers.
In recent years, there have been a number of reasons for trucking’s slowdown, including a decline in demand. The COVID-19 crisis, increased consumer demand, and conflict in Ukraine have all contributed to lower truckload demand. These factors have led to the slowdown in the industry, which is already impacted by rising interest rates and inflation.
In addition, the supply of new trucks is a major issue. The car industry is also having problems due to computer-chip shortages. These issues have impacted supply chains and made it hard for the trucking industry to grow. Meanwhile, rising fuel prices and inflation are sapping profit margins.
Why are There Not Enough Truck Drivers?
The trucking industry is desperate for new drivers and is offering pay raises and signing bonuses in exchange for their services. However, the lifestyle of a truck driver can be hard to adapt to. Drivers often have to spend long hours on the road and are away from their families for days. In addition, the living conditions are less than comfortable. Drivers often have to live in a truck with limited space.
A shortage of truck drivers has a number of negative consequences for the trucking industry. Not only is the shortage of workers creating hardships for drivers, but it is also increasing the price of trucks. In fact, the cost of dry vans, which are enclosed semi trailers that can withstand harsh conditions, has doubled, from $35,000 to over $70,000. This is bad news for anyone who wants to become a truck driver but can’t afford to wait until truck prices are lower.
The trucking industry is heavily regulated. This promotes safety but it can also be a burden on the drivers. Drivers are often paid per mile, not by the hour, so they often spend hours going nowhere. And if there is a delay, they can be fined. These penalties take money out of their paychecks.
Is There a Shortage of New Semi Trucks?
The shortage of new semi trucks is another issue plaguing the trucking industry. It already struggles to hire drivers, and the shortage of trucks is compounding the problem. According to the American Trucking Association, the United States needs an additional 80,000 drivers. As a result, shipping companies are already experiencing historic delays. Truck drivers move more than 70% of the nation’s freight.
The trucking industry employs over 2 million people, mostly truck drivers. Many of these drivers travel long distances, often crossing state lines. The ATA says there is a severe shortage of long-haul truck drivers. The shortage of these drivers is caused by various factors, including regulations, pay, labor conditions, and infrastructure. But regardless of the reason, a shortage of drivers means that supply is not keeping up with demand.
As a result, demand for new Class 8 trucks continues to exceed production capacity. Prices are high, which is one of the reasons why used trucks are becoming more valuable. Currently, the rolling 12-month average for Class 8 trucks is 280,000 units. Those prices are expected to continue increasing up until 2022.
Is There a Def Sensor Shortage?
The recent shortage of DEF sensors has hit the trucking industry hard, particularly in the new vehicle market. Dealers have had to ration supply and replace faulty sensors at a rate of one a day. The shortage is affecting current truck owners too, as a resulting DEF sensor shortage can put your truck out of commission.
EPA Administrator Michael S. Regan has been monitoring the shortage closely, and the company has been actively looking for solutions to reduce downtime for customers. For the moment, there are no solutions to the shortfall of DEF sensors, but fleets can continue to prioritize preventive maintenance for their trucks.
DEF shortages are affecting truckers across the country. Trucks must have DEF in order to meet strict emissions standards. Without this fluid, truckers can’t reach even five miles per hour, and may not be able to start.
Will Semi Truck Prices Go Down in 2022?
The price of a Class 8 truck is expected to continue rising. Many in the trucking industry believe this will continue until the year 2022. However, there are several factors to consider that can impact the price of a semi. First, a shortage of new trucks will cause the price of used trucks to increase. The trucking industry is currently experiencing a shortage of truck drivers. According to the American Trucking Association, the industry needs an additional 80,000 drivers. And the shortage is expected to worsen in the next few years.
Another factor that could affect truck prices is the global shortage of computer chips. As a result, the demand for new trucks is soaring. However, manufacturers aren’t able to keep up with the demand. In early 2021, used truck prices reached six figures. As a result, carriers who bought used trucks at the height of the trucking pandemic could sell those assets two years later for a substantial profit.
Prices of semi trucks are expected to remain high through 2022. A shortage of truck drivers is causing shortages in many parts of the industry. The US and Canada are currently experiencing a driver shortage, which is projected to worsen over the next few years. According to the American Trucking Association, the trucking industry needs 80,000 more drivers to meet growing demand.
Is 2022 a Good Year to Get into Trucking?
According to the American Trucking Association, the trucking industry is in dire need of drivers. The shortage of drivers is expected to continue until 2022, which is why trucking companies are targeting new demographics in the search for new drivers. Women, for example, now make up about 7% of the industry’s drivers. Trucking companies are also finding creative ways to recruit young people to help fill the growing labor shortage.
As a trucking owner-operator, you need to be business-savvy and know your industry well. It’s also essential to invest in the latest trucking technology. You’ll also need to stay up-to-date on industry regulations. Additionally, you’ll need to keep your trucks in top condition.
The trucking industry experienced a big year last year, with revenue and freight tonnage reaching record highs. However, the industry is likely to see some ups and downs in the coming year. While higher freight volumes are good for carriers and drivers, higher costs will put more pressure on the industry. Luckily, technology is one way to help the trucking industry deal with the increasing workload.
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