According to ACT Research’s recently released Transportation Digest, the 2020 heavy-duty truck market will close on a robust note, setting the stage for 2021.
The report, which combines proprietary ACT data and analysis from a wide variety of sources, paints a comprehensive picture of trends impacting transportation and commercial vehicle markets. This monthly report is designed as a quick look at transportation insights for use by fleet and trucking executives, reviewing top-level considerations such as for-hire indices, freight, heavy and medium duty segments, the US trailer market, used truck sales information, and an overview of the US macro economy.
“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 Kenny Vieth, ACT’s President and Senior Analyst. He explained, “We are pleased that we called for a second half 2020 recovery, even in the darkest days of the COVID recession, putting the timing and direction for the rebound in the forecasters’ win column. But candor makes us admit to surprise at the steepness of the growth trajectory over the last two quarters.”
Vieth continued, “Almost as surprising as the onset of the pandemic and the initial reaction of businesses, households, and government authorities in the spring has been the speed of the recovery for the transportation industry.” He added, “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.” Vieth concluded, “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 is recognized as the leading publisher of commercial vehicle truck, trailer, and bus industry data, market analysis and forecasts for the North America and China markets. ACT’s analytical services are used by all major North American truck and trailer manufacturers and their suppliers, as well as banking and investment companies. ACT Research is a contributor to the Blue Chip Economic Indicators and a member of the Wall Street Journal Economic Forecast Panel. ACT Research executives have received peer recognition, including election to the Board of Directors of the National Association for Business Economics, appointment as Consulting Economist to the National Private Truck Council, and the Lawrence R. Klein Award for Blue Chip Economic Indicators’ Most Accurate Economic Forecast over a four-year period. ACT Research senior staff members have earned accolades including Chicago Federal Reserve Automotive Outlook Symposium Best Overall Forecast, Wall Street Journal Top Economic Outlook, and USA Today Top 10 Economic Forecasters. More information can be found at www.actresearch.net.