It’s estimated to cost $210,000 to operate one truck annually, based on running 120,000 miles. Fleet owners say expenses that contribute to this number seem to be out of their control, as the industry relies heavily on supply and demand figures.
For instance, smaller logistics companies cannot necessarily control driver pay. For carriers to maintain qualified drivers in a highly saturated market, they must pay competitive wages. However, carriers can’t control larger industry forces such as the fluctuating cost of fuel. To add, trucking equipment and material prices are based on their current value in the market, meaning that there’s no guarantee for cost savings with newer materials.
In 2023, Amazon will be spending $200 million on safety technology across its entire transportation network, including middle-mile and last-mile fleets. Udit Madan, vice president of Amazon Transportation, said the company is already seeing progression toward the outlined goals in accordance with the U.S. Department of Transportation’s National Roadway Safety Strategy (NRSS).
“It’s our belief that the technology we create, along with innovations spearheaded by our industry partners, can raise the bar on safety and reduce crash frequency and severity. And in many cases, these innovations are better for the environment too.”
With these innovations in safety technology, insurance premiums are proven to be lowered as each vehicle will be heightened at a new safety standard. Many fleets around the U.S. are currently looking into adopting costly technology for trucking safety, in order to lower insurance costs in the long run.
On top of several safety initiatives to lower insurance costs, the CVSA announced that highway inspectors will focus on anti-lock braking systems (ABS) and cargo securement for inspection road checks in May, in a process to minimize road collisions.
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