The transportation and logistics industry is not only among the most competitive and in-demand business sectors today, but it is also helping pave the way for prosperity in a post-pandemic era.
As the country continues to turn the corner on the pandemic, consumer spending is expected to further power increases in freight demand. According to Research & Markets, the North America freight and logistics market is anticipated to register a growth rate of 3 percent during the period (2021-2026).
In fact, as the economy continues to gain steam, trucking companies are facing even more pressure to hire and retain drivers to meet the growing demand from shippers.
According to experts, there are some key areas to watch for the transportation and logistics industry in 2021:
- Rising air freight rates, dwindling warehouse space and clogged cargo terminal arteries are among the challenges facing North American shippers.
- The widening of the Panama Canal and the expansion of regional industrial activities are amplifying volumes in the southeastern United States.
- Rail and intermodal services are booming. Large fleet owners also are investing heavily in new trucks, which is driving associated supply chains.
- Competition is fierce among the North American ports. The U.S. ports are straining under increasing tonnage and, in some cases, the inability to service mega-ships.
- Consumers continue to lean into online shopping, and have created a need for businesses to improve their last-mile services. Because of this shift, many companies are augmenting their last-mile offerings and contemplate fresh approaches to client services and corporate partnerships.
- Technology continues to modernize the industry, as shippers and carriers realize that there are a number of promising technologies that can deliver significant returns on investments.
In this edition of the MBA Business Magazine, we’ll highlight some of the companies that are fueling the continued growth in transportation and logistics, including Lake Erie Transportation. The company has a rich history in the Erie area and is marking five years under new ownership.
In addition, we’ll hear from other operations about investments in the region, such as Barnhart Transportation’s new Route 20 Tank Wash in North East, as well as the newly renamed Wavepoint 3PL (formerly Roberts Trucking). Plus, we’ll share an exciting recognition for MBA logistics partner Logistics Plus, and timely information on the U.S. EPA’s crackdown against both vehicle tampering and the installation of “defeat devices.”
We hope you enjoy this month’s issue and learn some more about this exciting industry and how it can help your operation in the long term!