Flatbed freight rates are increasing exponentially. The rise in transport charges over the past few years can be witnessed across the country. From 2019 to 2021, within 2 years, the national flatbed contract rates increased
from 2.5 dollars per mile to 3.3 dollars per mile.
From their increase in demand to the shortage of proper equipment
; there are a lot of factors because flatbed freight rates are increasing across the country. Let’s discuss why flatbed rates are on a rise.
Increase in Demand
Flatbed companies and their trucks are required by multiple industries for the transportation of their raw materials, machinery, and equipment. Hence, their demand and rates also depend on the other industries. Currently, industries like the construction industry, petroleum industry, automobile industry, etc. are on a rise. And they require flatbed trucks for moving their shipment from one place to another – increasing the demand for flatbed companies, and in turn their overall rates.
Flatbed Freight Rates Are Increasing?
Rates are very much dependent on market trends. The changing market trends of the hauling industry have a huge impact on these rates. Since they are versatile and multipurpose, flatbeds have a much higher demand as compared to dry vans and reefers. Resulting in the rise in flatbed rates across the country.
Expensive and Improved Equipment
The equipment used by trucking companies is expensive and their cost is also increasing day to day. Flatbed transport companies are now using the latest technology
. This includes their variety of specially designed trailers that have made transport of oversized goods easy and smooth.
Moreover, Flatbed freight companies are always wary of the security and safety of their drivers and the load they are carrying. They keep improving their use of technology to make the customer experience better. For example, Electronic Logging Devices(ELDs) are the taste technology they are used for safe and efficient transport of freight.
Shortage of Truck Drivers
Driving oversize vehicles is a tough job and not everyone is fit for it. It requires a lot of expertise and experience to be able to drive an oversize truck, and such people can be difficult to find. Moreover, the average age for truck drivers to retire is 55 and due to the nature of work, most drivers end up retiring soon.
To overcome the shortage of truck drivers
, most companies also spend money on ads they place on social media and in newspapers to find suitable people for the job. All of this together increases the cost the company has to bear, in turn increasing the flatbed freight rates.
Freight rates are increasing on a daily basis these days. It Is becoming harder to find companies that provide good service and are also affordable. If you are in search of companies that provide good freight service in a good price range as well, you must contact them here
Finding drivers and training them for freight hauling requires time and money.