Record 21.3% Surge in Truck Operating Costs in 2022: ATRI Report
The cost of operating a truck soared by 21.3% in 2022, reaching a record $2.251 per mile, largely driven by increasing fuel prices and driver wages, says ATRI report.
In 2022, the cost of operating a truck surged by 21.3%, reaching a record $2.251 per mile, according to the annual report by the American Transportation Research Institute (ATRI). The hike was mainly driven by the escalating costs of fuel, driver wages, insurance, and maintenance. Fuel prices soared by 53.7% due to global factors like the Russian invasion of Ukraine, while driver wages increased by 15.5% as companies sought to attract and retain personnel. Despite the rise in operational costs, the trucking industry maintained profitability through strong pricing, though these increases are expected to soften in 2023, while costs remain high.
Source: Transport Topics