1/10/2014 - Commercial vehicle registrations ease in 2013
Though trucking is far and away the primary form in which goods and services are transported in the country, there haven't been as many commercial vehicle purchases in 2013 as in previous years, according to newly released statistics.
Global automotive market intelligence firm Polk reported that commercial vehicle registrations - and in so doing, commercial auto insurance policies - rose a mere 2% through the first two-thirds of 2013 when contrasted with the same period in the previous year. That translates to about 379,000 from 371,700.
Gary Meteer, director of commercial vehicle solutions at Polk, indicated that the slower pace of sales likely had something to do with the rollout of the new GVW 8 models.
"This category was down 17.8% during the first 8 months of the calendar year, as accounted for 45.8% of new GVW 8 registrations versus 51% during the first eight months of the 2012 calendar year," said Meteer.
He added that these numbers suggest that industry experts were slightly off in their predictions to start the year out, as many had forecasted that new registration activity would be robust.
While the trucking industry has had to endure labor shortages, the industry as a whole is in solid territory, according to the American Trucking Associations. The trade group indicated in its recently released "U.S. Freight Transportation Forecast to 2024" that overall freight revenue is anticipated to increase by more than 66% to $1.3 trillion in the next decade, with revenues rising over that period as well.