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Given the ongoing kinks in the global supply chain and the rise in domestic freight demand, OEMs won’t catch up with demand until 2023, according to FTR's Don Ake. That’s why FTR’s equipment outlook calls for pent-up demand to continue into 2022 — and possibly into 2023.
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In place of FTR’s cancelled in-person 2021 Transportation Conference, FTR will host a virtual conference beginning Sept. 13.
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Economic growth and freight rates are expected to remain solid well into 2022, according to transportation analysis firm FTR, but the struggle to find drivers is expected to continue to plague the industry.
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While market conditions for carriers might have peaked, they remain strong and are forecast to remain in the double-digit positive range for the rest of the year, FTR reports.
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FTR announced that it has cancelled its 2021 FTR Transportation Conference due to concerns about the COVID-19 pandemic.
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Stronger freight rates would have pushed FTR’s Trucking Conditions Index to a third straight record, but those gains were offset by a swing in diesel prices. Still, conditions were robust.
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Analysis by FTR shows that unemployment benefits were competitive. In 22 states, the median wage for a heavy truck driver exceeded maximum unemployment benefits by less than $5,000 a year.
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FTR’s 17th Annual Transportation Conference will host two days of truck-specific content covering topics from the recent supply chain disruptions to the driver shortage.
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Although most market factors were not quite as strong in April as they were in March, a reversal of March’s higher diesel prices improved overall trucking conditions.
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The supply of new trucks remains restrained due to supply chain delays, therefore carriers continue to order at healthy rates to secure new equipment by year’s end, FTR officials said.
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