What’s the State of Commercial Vehicle Shortages?

What’s the State of Commercial Vehicle Shortages?

Wondering where we are with commercial vehicle prices, availability, and maintenance costs? Businesses have faced significant challenges over the past few years due to truck shortages. After dealing with a pandemic, supply chain issues, and more, the state of commercial vehicle shortage is still causing strain on the transportation and logistics industry.

In this blog, we’ll cover some reasons behind the shortage, why it is expected to continue for the foreseeable future, and how businesses are leveraging COOP by Ryder to meet their rental needs or earn revenue with idle vehicles. Download our guide for a deeper dive and to learn more about driver statistics and tips to keep top of mind.

3 Vehicle Shortage Questions Answered

1. Is demand for new commercial vehicles and trucks the same as it was two years ago?

Manufacturers have resumed operations on building vehicles that were delayed, but keep in mind that there is a backlog. Many of those orders have already been promised to customers that have been waiting. Plus, because of this scarcity, financial experts expect that prices for new trucks will remain relatively high through 2023.

2. Is the semiconductor chip crisis still a concern?

Depending on which semiconductor experts you ask, the answer will vary. According to J.P. Morgan Research, the chip shortage is all but over. With some chips more in demand than others, combined with a decrease in the movement of goods and the rising costs of materials this year, some manufacturers are cutting production until the deficit stabilizes and budgets increase again.  

3. What about used trucks?

Prices for used trucks have had major shifts over the past few months because of fleet owner demand. However, additional costly challenges may present themselves, especially when maintaining some of these older assets. Companies from all industries are turning to COOP as an effective solution to find, rent, and share commercial vehicles through a reliable, cost-effective, and easy-to-use platform.

Read our guide for more stats, tips, and information.

Get from A to B a Little Quicker - Join COOP by Ryder 

Effectively managing the world of commercial transportation during a vehicle shortage is a challenging task. COOP offers modern and transparent commercial vehicle rental solutions to offset costs, minimize risks, and improve your bottom line. By registering for an account, you can get access to thousands of commercial vans, trucks, tractors, and trailers available for rent in your area. Plus, companies with idle equipment can list their vehicles to earn thousands in additional revenue. This makes getting your business where it needs to be easier with a great tool that provides ultimate flexibility for your fleet needs. 

Download our complete vehicle shortage guide now to get more insights!

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