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The transportation industry is one of the fastest-growing sectors in the global economy mainly because of the rapid growth of urbanization. The UN predicts 68% of the world population is projected to live in urban areas by 2050. This increased urbanization helped the trucking industry tremendously.

The growth of the transportation industry across its numerous sectors is expected to see consistent growth over the next five years due to emerging trends that will shape the sector in the future. For example, the growing adoption of digital and data technologies in the freight trucking market is driving great potential for industries.

The growth of the transportation industry is also promising due to its high-performing sectors. The global transportation industry is predicted to grow at a CAGR of 3.4% through 2027, reaching a value of USD 7.8 trillion by 2027.

Despite these favorable forecasts which promise future growth of many sectors, there are plenty of challenges ahead for the transportation and warehousing industries. The impact of COVID-19 led to slight stagnation of growth rates, as pre-pandemic growth rates for the transportation industry were at 19.8%.

Canada’s  logistics industry is affected by the country’s large size, diverse geography, and fluctuating dollar, as well as shifts in the global economy. Effective risk management is key for success in this industry. The  logistics industry is vitally important to Canada’s economy as many of the country’s industries rely on it for the security and performance of their supply chains.

Emerging Trends In the Trucking industry.

The adoption of Technology has greatly improved Logistics service delivery.

Companies are using technologies such as AI, IoT, machine learning, and blockchain to gain competitive advantages and real-time freight monitoring. The growing adoption of digital and data technologies in the freight trucking market is encouraging technology companies to develop and launch targeted products and services for the freight market.

Major Challenge – Shortage of Drivers

An aging workforce, low industry margins, and the high cost of training are causing a shortage of drivers in the trucking and heavy goods vehicle industry. Covid-19 and local factors such as Brexit have further complicated the phenomenon and brought about a crisis-like situation in several regions.

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