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Report: 14 percent rise in new commercial vehicle registrations

Report: 14 percent rise in new commercial vehicle registrations

commercial vans in row

Like nearly every other industry in the nation, the world of transportation took a hard blow during the 2009 recession. An Illinois transportation attorney has seen many carrier companies over the past five years struggling to reach the status and security that they had prior to the time that the economic upheaval occurred.

However, several indicators now show that carriers are entering a recovery period, and their chances of regaining and maintaining lost ground look promising.

Increase in commercial vehicle registration

According to Truckinginfo, total registrations for commercial vehicles jumped from 429,451 in 2013 to 488,966 in just the first nine months of 2014, a 13.9 percent increase from numbers seen at the same time the previous year. A report by a leading vehicle industry research firm shows that vehicles which saw the increase include Class 3 through Class 8 trucks, with the majority stemming from an 18.9 percent rise in Class 8 new truck registrations.  This is nearly double the registration levels reported during the same time period in 2009. Furthermore, new registrations during 2014’s third quarter showed the greatest numbers of Class 3-8 new truck registrations since 2006.

The increase in Class 8 new truck registrations can also be heavily attributed to companies with fleets with more than 500 trucks. These large fleets were responsible for 33.7 percent of all new commercial vehicle registrations. Used trucks also saw a rise in registrations, although smaller at only 5.9 percent. However, industry experts expect that once the new vehicles reach the fleets, the trucks that have been replaced will hit the market and there will also be a greater number of purchases of used commercial vehicles.

Indicators for the future

An Illinois transportation attorney understands that fleets are likely experiencing such rapid growth to compensate for the increased demand for shipment. According to JOC, the transportation industry had five straight months of growth before June in 2014. This brought them to levels not seen since 2007. Although consumers still seem to be careful with every dollar, industrial shippers are not facing the same problems as manufacturing production increased by 6.7 percent in the second quarter from the previous year according to the Federal Reserve. This is leading to great profits for many carriers. JOC reports that one of the largest trucking companies increased their net income by 21.8 percent in 2014. Another, the third-largest truckload operator, saw an increase of 4 percent since 2013 and could have increased more if they had more trucks to carry the overbooked freight they had to turn down.

No matter how little demand carriers experience, they will likely always need the assistance of an Illinois transportation attorney for business matters and personal injury defense. Those who are in need of help should contact an attorney immediately for the best possibility of a positive outcome for their matter.

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