Covid-19 pandemic has produced an economic crisis and the global economy is experiencing a serious recession while it is disrupting all activities. And the transportation industry continues to face challenges due to supply chain disruptions and worldwide emergency delivery.
In the USA, we are confident of economic recovery and expect a better growth of numbers in 2021 based on the availability of Covid-19 vaccines that will enable many industries to return to normal operations. Vaccines would help pump up consumer demand over the next year, leading to a strong recovery with sectors in manufacturing and services leading to more freight.
In early 2020, medical equipment manufacturers and drug developers experienced a tremulous shift whilst the impact on trade and international borders for essential traffic continued through the pandemic and it took the toll on service industries. Now, large, and small trucking companies join hands in delivering vaccine and recovering from the pandemic will get and keep more truck drivers on the road. The transport sector will see truck driver pay increases and improvements all around. This trend will continue well into 2021 leaving a tight market for fleets with drivers as well as the demand for tractor and trailers with equipment surging since September.
This leaves us to think what potential and downside risks the trucking industry in 2021 will have and if these risks are largely influenced by how fast and effective the vaccines are produced and distributed.
