The costs of equipment, wages, and total operating costs in trucking climbed for the second straight year in 2022, according to a report from the American Transportation Research Institute (ATRI).
Total marginal costs climbed to a new high in 2022 for the second year in a row, increasing by 21.3% over 2021 to $2.251 per mile, ATRI said in its 2023 update to “An Analysis of the Operational Costs of Trucking.”
Though fuel was the largest driver of this spike (53.7% higher than in 2021), multiple other line-items also rose by double digits. Driver wages increased by 15.5%, to $0.724 per mile, reflecting the ongoing industry effort to attract and retain drivers. Driver benefits, however, remained stable in 2022.
The results echoed an earlier report from the American Trucking Associations (ATA)’s Technology & Maintenance Council (TMC) and Decisiv Inc. That study also found that parts and labor expenses in the trucking sector had climbed steeply for months in 2022, although it also said they have stabilized in the first quarter of 2023.
In ATRI’s report, the research found that “atypical market conditions” posed unique challenges for acquiring and maintaining equipment in 2022. Truck and trailer payments increased by 18.6% to $0.331 per mile as carriers paid higher prices, largely due to equipment impediments in the supply chains. Closely related, parts shortages and rising technician labor rates pushed repair and maintenance costs up 12% to $0.196 per mile.
In response to rising costs, motor carriers initiated improvements in key operational efficiencies. For example, driver turnover, detention times, and equipment utilization each improved across nearly every fleet size and sector during 2022.
Despite falling rates throughout the year, average operating margins were at least 6% in all sectors. While larger fleets' average operating margins improved from 2021 to 2022, smaller fleets saw operating margins decline.
