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Dive Brief:
- Private fleets are hiring and increasing vehicle counts despite market conditions challenging the industry as a whole, The National Transportation Institute told Trucking Dive.
- Such fleets are even restructuring pay models to simplify them, make them easier for drivers to understand, and to better market their job opportunities to prospective hires, the organization said.
- “Private fleets are using the current market to hire and grow their fleet,” NTI Chief Intelligence Officer James Jaillet said in an email.
Dive Insight:
NTI previously forecast that certain driver wages in private and dedicated fleets could increase on average of 2.5% to 5.5% this year.
That coincides with shipment growth projections for the transportation mode. Private fleets are expected to grow their shipments this year at a faster rate than TL and LTL, according to an American Trucking Associations and S&P Global Market Intelligence report released last year.
For private truck shipments, volume could reach over 5.3 billion tons through a 2.1% compound annual growth rate, per the report. Overall revenue for private carriers is also expected to rise more quickly than other modes.
