Equipment costs, wages and total operating costs in the trucking industry rose for the second year in a row in 2022, according to a report from the American Transportation Research Institute (ATRI).
Total marginal costs rose to a new high in 2022 for the second year in a row, increasing 21.3% from 2021 to $2,251 per mile, ATRI said in its 2023 update of its “Analysis of Trucking Operational Costs.”
Although fuel was the biggest driver of the rise (53.7% higher than in 2021), several other items also rose by double digits. Driver wages rose 15.5%, to $0.724 per mile, reflecting the industry’s ongoing efforts to attract and retain drivers. However, driver benefits remained stable in 2022.
The findings echoed a previous report by the American Trucking Association’s (ATA) Technology and Maintenance Council (TMC) and Decisiv Inc. This study also found that parts and labor expenses in the trucking sector rose sharply for several months in 2022, although it also said they stabilized in the first quarter of 2023.
In the ATRI report, the research found that “unusual market conditions” pose unique challenges to obtaining and maintaining equipment in 2022. Truck and trailer payments rose 18.6% to $0.331 per mile as carriers paid higher rates, largely due to barriers Equipment on display. chains. This is closely linked to parts shortages and high technician labor rates, which has resulted in repair and maintenance costs rising 12% to $0.196 per mile.
In response to rising costs, carriers have begun to make improvements to key operational efficiencies. For example, driver turnover rates, detention times, and equipment utilization improved across nearly every fleet size and segment during 2022.
Although rates declined throughout the year, operating margins averaged at least 6% across all segments. While average operating margins for larger fleets improved from 2021 to 2022, smaller fleets saw operating margins decline.
