Commercial Vehicle Market Is Expected to Grow Due to Easing Inflation, Stable Jobs
Although we’ve traveled more than halfway through 2024, a theme has emerged in the logistics industry. It’s optimism. There’s one thing in being positive and having a great outlook, but this type of optimism is contagious.
The memory of the pandemic is getting smaller in the rearview mirror, the supply chain is getting less disruptive, and the market is stabilizing, preparing for another hike up. Hope springs eternal!
It’s everywhere.
The commercial vehicle market is expected to grow because of favorable conditions such as a stabilized job market and easing inflation, according to a Cox Automotive trend research study earlier this year.
Freeze
There’s plenty to be optimistic about. Even last month, during a Volvo Trucks North America media event in Dublin, Va., Magnus Koeck, VTNA vice president of strategy, marketing and brand management, said that the correction in the North American Class 8 market during the first half of the year was expected.
“I’m very convinced that [the rebound will start] at the end of this year. … The markets will come back, even if the economy may not be that strong,” he said.
At ACT Expo, Pilot CEO Adam Wright brought a fresh perspective and a powerful analogy to the world of sustainable transportation. He urged everyone in the industry to find their “waterslide moment” — a metaphorical plunge into the unknown, filled with both excitement and trepidation.
This joyful call to action is especially poignant as trucking is moving through a new era of innovation. There continue to be plenty of conversations about electric vehicles and infrastructure, however alternative fuels such as hydrogen and natural gas have been viable for several trucking companies.
With the challenges of infrastructure, there’s much hope and optimism for the future that could look like a tank of hydrogen before an electric battery. Or most likely, it may be a combination of both.
Ryder System CEO Robert Sanchez sees that crossroad as well and remains optimistic.
“Battery technology continues to evolve,” he said to Transport Topics at ACT Expo. With so many smart people looking at the battery-electric conundrum, the breakthrough is likely to come about, he said. “When you find the solution, it will go global.”
As we look toward the second half of the year, we’ll have the pleasure to see how this all plays out. The industry is waiting for the turnaround. Let’s remain optimistic.
What’s New?
Another thing to get optimistic about is our new design! Calibrate is now within the pages of Transport Topics. Different style, same Calibrate. Please continue to enjoy our quarterly issues that cover topics geared toward equipment and maintenance executives.