This article was originally published on Cision PR Newswire.
BOISE, Idaho, Nov. 3, 2021 /PRNewswire/ — A tight trucking market indicates solid demand and lingering capacity constraints can fuel robust contractual pricing for truckload carriers into 2022, according to the latest Bloomberg | Truckstop.com survey, which polls owner-operators and small fleets ahead of the holiday season.
“The survey data shows what has likely become the tightest trucking market in a generation and looks poised to keep supporting spot rates into 2022,” said Lee Klaskow, senior freight transportation and logistics analyst at Bloomberg Intelligence. “We believe contractual pricing may increase in the mid- to high-single digits next year because of limited driver availability and the prospects for robust demand created by economic recovery and a prolonged inventory-replenishment cycle.”
The Bloomberg | Truckstop.com Truckload 3Q-21 survey also shows:
- Owner-operator sentiment supports rate outlook: 55% of truck drivers expect spot rates (excluding fuel surcharges) to rise in the next six months.
- Post-Covid-19 volume rebound persists in 3Q: 5.8% increase year-over-year in 3Q21 and 56% of respondents hauled more loads vs. 3Q20.
- Tight market points to higher rates: 67% of surveyed truck drivers expect the market will remain tight for the rest of the year, and 74% expect rates will either rise or stay steady in 2022.
The spot market has experienced some moderation, but rates remain higher than historical norms. About 74% of survey respondents expect rates to rise or stay steady in 2022. Steady demand due to restocking, structural shifts in e-commerce and peak-season preparation, as well as pent-up demand from increased port congestion, will continue to support prospects into 1H22.
“This survey data is reflective of the heavy demand put upon businesses and carriers, which makes having a seamless user experience for Truckstop.com customers paramount,” said Paris Cole, chief executive officer, Truckstop.com. “We provide customers with innovative solutions and technology that supports them through the whole freight lifecycle, ensuring they can transport high-demand goods in time for the holidays.”
The Bloomberg | Truckstop.com survey of owner-operators and small fleets provides timely channel checks into the health of the spot market and is published on a quarterly basis. This survey marks the 49th installment and the sample size is 131. It consists of dry-van, flatbed, temperature-controlled and specialized/diversified carriers. Of the respondents, 65% operate just one tractor.
The complete survey is available to Bloomberg Terminal subscribers via BI .
Truckstop.com is a trusted partner for carriers, brokers and shippers – empowering the freight community through a platform of innovative solutions for the entire freight lifecycle to increase efficiency, automate processes, and accelerate growth. As one of the industry’s largest neutral freight marketplaces, Truckstop.com provides the customer service as well as scale of quality loads and trucks to give customers of all sizes, whether on the road or in the office, the transparency and freedom to build lasting relationships and grow their businesses. To learn how Truckstop.com is helping move the freight community forward, visit www.truckstop.com.