Industry Update Spring 2022: Canada Truck Transportation
Key Developments
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Recent data from Trucking HR Canada and Statistics Canada show that the driver shortage improved modestly during the 1st quarter but remains a persistent problem for the industry. Unemployment among truck drivers in Q1 2022 was 4.2%, up slightly from 3.2% in Q4 2021, but well below the average unemployment rate of 6.1% in the Canadian economy. Driver employment in Q1 2022 was down 8% from Q4 but up 2% from the year-ago quarter.
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According to a recent study by NACFE, approximately half of all Canadian and U.S. Class 8 diesel trucks used for regional hauls (up to a 100-mile radius) could be replaced by currently available battery-electric models with minimal or no impact on operations, efficiency, or productivity.
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A recent study by ATRI concludes that Hydrogen fuel cell trucks are the most environmentally friendly zero-emission vehicle option for long haul trucks. The report showed that while battery-electric trucks have no direct tailpipe emissions, CO2 production associated with vehicle, battery, and electricity production would only result in a 30% decrease in CO2 emissions compared to a standard diesel truck.
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Be sure to check out the latest perspectives from BMO economists on the Canadian macro outlook (page 6).
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Paul DeMarchi
Managing Director, Transportation Finance
Paul DeMarchi is Managing Director and Head of Transportation Finance in Canada. Paul has over 25 years of experience in the equipment and transportation finance in…(..)
View Full Profile >Key Developments
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Recent data from Trucking HR Canada and Statistics Canada show that the driver shortage improved modestly during the 1st quarter but remains a persistent problem for the industry. Unemployment among truck drivers in Q1 2022 was 4.2%, up slightly from 3.2% in Q4 2021, but well below the average unemployment rate of 6.1% in the Canadian economy. Driver employment in Q1 2022 was down 8% from Q4 but up 2% from the year-ago quarter.
-
According to a recent study by NACFE, approximately half of all Canadian and U.S. Class 8 diesel trucks used for regional hauls (up to a 100-mile radius) could be replaced by currently available battery-electric models with minimal or no impact on operations, efficiency, or productivity.
-
A recent study by ATRI concludes that Hydrogen fuel cell trucks are the most environmentally friendly zero-emission vehicle option for long haul trucks. The report showed that while battery-electric trucks have no direct tailpipe emissions, CO2 production associated with vehicle, battery, and electricity production would only result in a 30% decrease in CO2 emissions compared to a standard diesel truck.
-
Be sure to check out the latest perspectives from BMO economists on the Canadian macro outlook (page 6).
What to Read Next.
BMO Blue Book — Spring 2022
Douglas Porter, Robert Kavcic | April 08, 2022 Economic Insights, Business Strategy
Growth and Inflation Across the Nation The Canadian economy is growing at a strong pace, with most industries and segments of the job market fully…
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