COLUMBUS, Ind. – The heavy-duty truck market is closing on a “robust” note this year, but industry analysts at ACT Research believe the effects of Covid-19 will linger for years to come.
“Next year will certainly show significant year-over-year growth, as the industry builds on the remarkable momentum seen in the second half of 2020 rebound,” said president and senior analyst Kenny Vieth.
“Clearly, the coronavirus continues to shape the heavy-duty business environment as we close 2020 and start 2021. But we also think it will have lingering impacts that will stretch through the five-year forecast horizon.”
ACT Research recently projected that commercial vehicle demand will stay strong heading into 2021 because of factors such as the arrival of a vaccine, the likelihood of stimulus spending, and healthy freight rates.
While ACT projected a recovery for the second half of this year, Vieth admitted to being surprised at the trajectory of the growth over the last two quarters.
The observations come in ACT Research’s most recent Transportation Digest.
“While the toll in human lives and misery has been high through the entire episode, particularly the setbacks for many service-related sectors that continues to this day, goods-related businesses, from construction to manufacturing to distribution, have seen business snap back, in some cases exceeding pre-pandemic levels,” he said.