Largest capacity purge in history coming

The freight industry faces a potential crisis as up to six hundred thousand active truck drivers could be eliminated from the workforce due to regulatory changes and market challenges. This capacity purge, possibly the biggest in history, comes as freight volumes slump and the spot market becomes increasingly scarce. The contract market is also struggling, with businesses stuck in unsustainable agreements. Tightening regulations around commercial driver's licenses and English language requirements are expected to force out a significant number of drivers, leading to a wave of bankruptcies and business closures. However, larger asset-based carriers may survive and benefit from the market reshuffling. The industry is bracing for significant changes in freight movement, with potential dramatic resets in rates and capacity. If freight volumes bounce back, carriers that make it through the purge may find themselves operating in a highly driver-friendly market.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.