{"id":10337,"date":"2019-11-19T18:06:10","date_gmt":"2019-11-19T16:06:10","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=10337"},"modified":"2021-01-07T13:51:25","modified_gmt":"2021-01-07T11:51:25","slug":"trucking-industry-2021-predictions","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/trucking-industry-2021-predictions\/","title":{"rendered":"Trucking Industry in 2021: Will The US Freight Market Face a Recession or Recovery?"},"content":{"rendered":"\n\n<p><span style=\"font-weight: 400;\">You don\u2019t need a GPS to figure out where the trucking industry is heading.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">What you do need are the insights that you\u2019ll find below, which will shed some light on how we entered a trucking recession to begin with, as well as how we\u2019ll get out of it.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Before we set our sights on the freight rate forecast for 2021, let\u2019s take a glance in the rear-view mirror at how the trucking industry did in 2020. After all, those who don\u2019t learn history are doomed to repeat it!<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">How did the trucking industry fare in 2019?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">2019 came as a bit of a surprise to those working in the freight industry &#8211; and the statistics can shed some light on why that is. To be clear, the growing concern in the trucking industry has less to do with the slow performance in 2019 and more to do with how it compares with the strong performance in the preceding years.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To be more specific, during the second quarter of 2019, the GDP Goods Transport Sector grew roughly<\/span> <a href=\"https:\/\/www.truckinginfo.com\/337733\/transportation-industry-lags-behind-overall-gdp-growth\" target=\"_blank\" rel=\"noopener noreferrer\"><b>0.5%<\/b><\/a><span style=\"font-weight: 400;\">. To put that into perspective, in 2018 the growth rate was <\/span><b>3.2%<\/b><span style=\"font-weight: 400;\">, and in 2017 it was <\/span><b>5.7%<\/b><span style=\"font-weight: 400;\">. That might be alarming in-and-of-itself, but according to <\/span><a href=\"https:\/\/www.dat.com\/industry-trends\/trendlines\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">DAT<\/span><\/a><span style=\"font-weight: 400;\"> there were numerous other red flags raised over the wide variety of trucking industry trends that had dropped between 2018 and 2019, for example:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spot load posts &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>10.3%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Van load-to-truck &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>19.8%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Van spot rates &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>13.5%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Flatbed load-to-truck &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>25.6%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Flatbed spot rates &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>12.3%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reefer load-to-truck &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>17.3%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Reefer spot rates &#8211; <\/span><i><span style=\"font-weight: 400;\">Down<\/span><\/i><b><i> 13%<\/i><\/b><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fuel prices &#8211; <\/span><i><span style=\"font-weight: 400;\">Down <\/span><\/i><b><i>9.3%<\/i><\/b><\/li>\n<\/ul>\n\n<p><span style=\"font-weight: 400;\">Talk about throwing a wrench in the works!<\/span><\/p>\n<p><a title=\"Compare Trucking Business Loans\" href=\"https:\/\/www.become.co\/loans-by-industry\/trucking-business-loans\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-11550 size-full\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Trucking-1.png\" alt=\"trucking business loan\" width=\"1200\" height=\"400\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Trucking-1.png 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Trucking-1-300x100.png 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Trucking-1-768x256.png 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Trucking-1-604x201.png 604w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n<p><span style=\"font-weight: 400;\">With all of those stats in mind it\u2019s important to remember that even though current growth patterns are justifiable cause for concern, trucking businesses are feeling the effects <\/span><i><span style=\"font-weight: 400;\">even mor<\/span><\/i><span style=\"font-weight: 400;\">e because of how well they were doing just a few months prior.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">It\u2019s like downgrading from an electric self-driving car to a horse-and-buggy! Okay, maybe not <\/span><i><span style=\"font-weight: 400;\">that<\/span><\/i><span style=\"font-weight: 400;\"> bad, but you get the point.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indeed, everything that goes up must eventually come down &#8211; and the freight industry is not exempt from that rule. Another indicator that the trucking sector is shifting into lower gears can be seen in the average operating ratios, which are used to determine how much revenue is being allocated toward covering the operating costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Operating ratios in the trucking industry are currently averaging over <\/span><a href=\"https:\/\/www.freightwaves.com\/news\/why-2019-has-been-the-worst-year-for-trucking-operators\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">100%<\/span><\/a><span style=\"font-weight: 400;\">, which means that the average freight business is spending a disproportionate amount of money on its normal business operations. It also means that those companies aren\u2019t earning enough money to pay back their debt or interest (for <\/span><a href=\"https:\/\/www.become.co\/commercial-vehicle-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">commercial vehicle loans<\/span><\/a><span style=\"font-weight: 400;\">, for instance).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By this point, you\u2019re probably wondering what\u2019s to blame for these dramatic downturns\u2026<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We get to that just below &#8211; keep reading!<\/span><\/p>\n\n<p><img decoding=\"async\" class=\"aligncenter size-full wp-image-10394\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/trucking-inside-blog.jpg\" alt=\"Trucking Industry Forecast for 2020\" width=\"1024\" height=\"683\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/trucking-inside-blog.jpg 1024w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/trucking-inside-blog-300x200.jpg 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/trucking-inside-blog-768x512.jpg 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/trucking-inside-blog-405x270.jpg 405w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/p>\n\n<h2><span style=\"font-weight: 400;\">What caused the slowdown in 2020?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">We all want to know what the trucking trends for 2021 will look like. Perhaps the best place to look is back at the road we just traveled. So, what exactly caused the trucking industry to slow down so dramatically in 2020?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The truth is, the blame can\u2019t be placed on any single factor. Several factors came together in 2020 to create something of a \u2018perfect storm\u2019 which had the effect of hitting the brakes on the freight industry after it had been moving pedal-to-the-metal in 2018.<\/span><\/p>\n\n<p><b>The top causes of the 2020 trucking recession are:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><b>Tariffs <\/b><span style=\"font-weight: 400;\">&#8211; throughout 2018, there were rumblings of new trade wars on the horizon between the U.S. and Mexico, as well as between the U.S. and China. In anticipation of the coming trade tariffs, many trucking businesses scrambled to beat the impending heat by stocking up on inventory. At present, trade tariffs are in effect and have resulted in a marked decline in manufacturing and retail production rates. Naturally, this means less demand for shipping services. Economists estimate that the net loss from trade tariffs would come out to approximately <\/span><a href=\"https:\/\/www.princeton.edu\/~reddings\/papers\/CEPR-DP13564.pdf\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">$16.8 billion<\/span><\/a><span style=\"font-weight: 400;\">.<br \/><br \/><\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Overcapacity <\/b><span style=\"font-weight: 400;\">&#8211; freight companies began growing their fleets as freight volumes (and margins) grew in 2018, only to be met in 2019 with daily truckload volumes dropping to <\/span><a href=\"https:\/\/www.freightwaves.com\/news\/why-2019-has-been-the-worst-year-for-trucking-operators\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">3-4%<\/span><\/a><span style=\"font-weight: 400;\"> lower than the year before. Although volumes have recently started to recover, winter is generally regarded as the toughest time for carriers. Only time will tell where the cards will fall.<br \/><br \/><\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Weather<\/b><span style=\"font-weight: 400;\"> &#8211; trucking isn\u2019t always a breeze, especially when severe weather patterns are thrown into the equation. A few months ago, headlines were warning the East Coast of the potentially devastating impact of Hurricane Dorian. Trucking companies rushed to prepare their distribution efforts, including the proactive rerouting of shipments and a <\/span><a href=\"https:\/\/www.freightwaves.com\/news\/retailers-logistics-providers-prepare-for-hurricane-dorian-in-light-of-unpredictable-path\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">30%<\/span><\/a><span style=\"font-weight: 400;\"> increase in specific shipments compared to the month before. In hindsight, we know that the effects of Hurricane Dorian were largely concentrated in The Bahamas and the U.S. got off easy.<br \/><br \/><\/span><\/li>\n<li><strong>Coronavirus<\/strong> &#8211; this is pretty self-explanatory. The COVID pandemic affected virtually every industry all around the globe, and trucking was definitely not an exception.<\/li>\n<\/ol>\n\n<h2><span style=\"font-weight: 400;\">Economic predictions for the trucking industry in 2021<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Developing a 100% accurate trucking industry forecast for 2021 is, of course, impossible. But even so, there are predictions about an upcoming bounce-back from the 2019 trucking recession which freight companies should definitely be paying attention to.<\/span><\/p>\n\n<p><span style=\"font-weight: 400;\">There\u2019s one specific predictive tool released last year by Coyote Logistics &#8211; known as the Coyote Curve &#8211; which forecasts a period of very strong freight industry growth beginning in 2021.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">Coyote curve forecasts<\/span><\/h3>\n<p><b>The Coyote Curve can be summarized as having three parts to a complete \u2018market capacity cycle\u2019:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Equilibrium (0) to peak<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Peak to trough<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Trough to Equilibrium<\/span><\/li>\n<\/ol>\n\n<p><span style=\"font-weight: 400;\">Have a look at the chart below, which illustrates the Coyote Curve and defines each of the three parts of a complete market capacity cycle.<\/span><\/p>\n<p><br \/><img decoding=\"async\" class=\"aligncenter wp-image-10397 size-full\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/blog-chart-19-11-19-1.png\" alt=\"Trucking Recession\" width=\"1533\" height=\"561\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/blog-chart-19-11-19-1.png 1533w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/blog-chart-19-11-19-1-300x110.png 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/blog-chart-19-11-19-1-768x281.png 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/blog-chart-19-11-19-1-1200x439.png 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/blog-chart-19-11-19-1-604x221.png 604w\" sizes=\"(max-width: 1533px) 100vw, 1533px\" \/><br \/><br \/><\/p>\n<p><b>At any given point in time, the trucking industry will find itself within one of three \u2018phases\u2019 of the Coyote Curve:<\/b><\/p>\n<p style=\"text-align: center;\">\u00a0<\/p>\n<table style=\"width: 100%;\">\n<tbody>\n<tr>\n<td style=\"text-align: center; width: 37.931%;\">\n<p><strong>Inflationary<\/strong><\/p>\n<\/td>\n<td style=\"text-align: center; width: 24.1379%;\">\n<p><strong>Equilibrium<\/strong><\/p>\n<\/td>\n<td style=\"text-align: center; width: 37.2414%;\">\n<p><strong>Deflationary<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"width: 37.931%;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Demand for shipping exceeds supply of carriers<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spot rates grow faster and stronger than contract rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Freight rates are high enough for enough time that capacity grows until it hits a peak and then starts falling<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 24.1379%;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Demand for shipping and supply of carriers are in perfect balance<\/span><\/li>\n<\/ul>\n<\/td>\n<td style=\"width: 37.2414%;\">\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Supply of carriers exceeds demand for shipping<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Spot rates fall faster and stronger than contract rates<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Freight rates are low enough for enough time that capacity falls until it bottoms out and bounces back up<\/span><\/li>\n<\/ul>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n<p><span style=\"font-weight: 400;\">Presently, we\u2019re nearing the third part of a complete market capacity cycle &#8211; Trough to Equilibrium. That means the trucking recession is coming to an end as freight rates bottom out and begin to climb back up again. While it\u2019s still too early to tell for sure, if the Coyote Curve continues to be as accurate as it\u2019s proven to be thus far, the trucking industry forecast for 2021 looks promising.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Technological trends &amp; predictions for trucking in 2021<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">As we journey further into the 21st Century, it should come as no surprise that technology will continue to reshape entire industries &#8211; the freight industry included. Among the forecasted trucking trends for 2021, there are a handful that paint quite an interesting picture for freight rate forecast for 2021.<\/span><\/p>\n<p><b>Technological Trucking Trends for 2021:<\/b><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Blockchain<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Internet of Things (IoT)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Artificial Intelligence (AI)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Electronic Logging Device (ELD)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Fintech<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">E-Commerce<\/span><\/li>\n<\/ol>\n\n<h3><span style=\"font-weight: 400;\">1. Blockchain<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Blockchain offers trucking companies the ability to share data, documents, and other bits of information through a decentralized system that ensures safety for everyone along the \u2018chain\u2019. One of the biggest perks of blockchain is that it also gives everyone in the \u2018chain\u2019 the ability to see the information, which they can then use to optimize the supply chain in ways that couldn\u2019t have been done without that level of transparency.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">2. Internet of Things (IoT)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">The Internet of Things is a way to gather pertinent information from the machines that drive businesses &#8211; in this case, trucks. This can help truckers in a wide variety of ways: alert them when the truck needs maintenance, show them real-time performance metrics to keep the truck operating at optimal capacity, and so on.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">3. Artificial Intelligence (AI)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">When there are mountains of data that manpower simply can\u2019t crunch through quickly enough, artificial intelligence can help. The applications for AI in the trucking industry are virtually limitless, for example: optimizing transfer times from truck-to-truck, accurately track and predict delivery times, ensure that shipments are loaded to the correct trucks, and so on.<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">4. Electronic Logging Device (ELD)<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">This addition to a truck\u2019s engine is used to gather information about if the engine is running, if the truck is moving, how far the truck has driven, and how long the engine worked. In other words, the ELD is designed for the purpose of keeping accurate track of driver performance and ensure that legal regulations are being abided.\u00a0<\/span><\/p>\n\n<h3><span style=\"font-weight: 400;\">5. FinTech<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">It\u2019s no secret that some customers can be notoriously slow to pay their bills, which is why <\/span><a href=\"https:\/\/www.become.co\/blog\/freight-factoring\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">freight factoring<\/span><\/a><span style=\"font-weight: 400;\"> exists. Likewise, most trucking business owners are familiar with the expenses involved in obtaining more vehicles, which is why <\/span><a href=\"https:\/\/www.become.co\/commercial-vehicle-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">commercial vehicle loans<\/span><\/a><span style=\"font-weight: 400;\"> have come to be. There are numerous <\/span><a href=\"https:\/\/www.become.co\/blog\/5-challenges-us-trucking-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">challenges in the trucking industry<\/span><\/a><span style=\"font-weight: 400;\"> &#8211; regardless of which one you\u2019re facing, there\u2019s a funding solution that can help you fill up your financial gas tank.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Financial technology (FinTech) is making it faster and easier than ever for trucking business owners to apply for <\/span><a href=\"http:\/\/www.become.co\/business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">business loans<\/span><\/a><span style=\"font-weight: 400;\">. To add to that, <\/span><a href=\"http:\/\/www.become.co\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">Become<\/span><\/a><span style=\"font-weight: 400;\"> offers an array of advantages that freight companies simply won\u2019t find anywhere else, including matching them with the optimal lender and loan type for their specific needs.<\/span><\/p>\n<blockquote>\n<p><b>Side note:<\/b><span style=\"font-weight: 400;\"> Did you know there are specific <\/span><a href=\"https:\/\/www.become.co\/loans-by-industry\/trucking-business-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">loans for trucking companies<\/span><\/a><span style=\"font-weight: 400;\">? If not, be sure to do your research before proceeding with <\/span><a href=\"http:\/\/www.become.co\/loans-by-industry\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">industry loans<\/span><\/a><span style=\"font-weight: 400;\"> that might not be an optimal fit for your needs.<\/span><\/p>\n<\/blockquote>\n\n<h3><span style=\"font-weight: 400;\">6. E-Commerce<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">While <\/span><a href=\"https:\/\/www.become.co\/blog\/top-ecommerce-trends-2019\/\" target=\"_blank\" rel=\"noopener noreferrer\"><span style=\"font-weight: 400;\">e-Commerce<\/span><\/a><span style=\"font-weight: 400;\"> is not exactly a technological trucking trend for 2021, it is a technological trend that truckers should be aware of &#8211; if they aren\u2019t already. E-commerce is all about convenience, and as it continues to grow, it will mean the trucking industry will need to develop more efficient ways to handle the emphasis placed on speed-of-delivery.<\/span><\/p>\n\n<h2><span style=\"font-weight: 400;\">Rounding the bend<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Now that you have a clearer understanding of the trucking industry forecast for 2021, it\u2019s time to make sure you\u2019re steered in the right direction. With the predictions made by the Coyote Curve in mind, you should get yourself ready for a period of growth in the trucking sector &#8211; now is time to get your \u2018trucks\u2019 in a row!<\/span><\/p>\n<p><span style=\"font-weight: 400;\">We\u2019re almost out of this trucking recession, don\u2019t take your foot off the gas now. Stay driven!<\/span><\/p>\n<p><a title=\"Trucking Business Loans\" href=\"https:\/\/www.become.co\/loans-by-industry\/trucking-business-loans\/?k=blogbanner\" target=\"_blank\" rel=\"noopener noreferrer\"><img decoding=\"async\" class=\"aligncenter wp-image-11554 size-full\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Frame-9-2-1-1.png\" alt=\"\" width=\"1200\" height=\"415\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Frame-9-2-1-1.png 1200w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Frame-9-2-1-1-300x104.png 300w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Frame-9-2-1-1-768x266.png 768w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2019\/11\/Frame-9-2-1-1-604x209.png 604w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/a><\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>You don\u2019t need a GPS to figure out where the trucking industry is heading. What you do need are the insights that you\u2019ll find below, which will shed some light on how we entered a trucking recession to begin with, as well as how we\u2019ll get out of it. Before we set our sights on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10345,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[13,114,1,12],"tags":[394,201,177],"class_list":["post-10337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-aus-resources","category-small-business-wisdom","category-uncategorized","category-us-resources","tag-recession","tag-technology","tag-trucking"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Trucking Industry in 2021: Will The US Freight Market Face a Recession or Recovery? - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/trucking-industry-2021-predictions\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Trucking Industry in 2021: Will The US Freight Market Face a Recession or Recovery? - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"You don\u2019t need a GPS to figure out where the trucking industry is heading. What you do need are the insights that you\u2019ll find below, which will shed some light on how we entered a trucking recession to begin with, as well as how we\u2019ll get out of it. 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