NTEA releases special edition of Business Conditions Report

By: NTEA
 
FARMINGTON HILLS, Mich. - Nov. 4, 2020 - PRLog -- NTEA recently published its 2020 Business Conditions Report: Special Edition – Impacts of COVID-19 as a free industry resource. This report — historically released annually in the second quarter — helps work truck industry distributors and manufacturers better anticipate the upcoming market and gain insights into expectations regarding hiring, sales levels and business strategies. In 2020, Business Conditions Survey was updated midway through the year, and the report was relaunched to address ongoing impacts of the COVID-19 pandemic.

"This special edition report delivers targeted analysis on the pandemic and its impact on work truck industry businesses," said Steve Carey, NTEA president & CEO. "As you continue assessing operational plans for the rest of 2020 and beyond, I encourage you to review this content and share with your leadership team."

Report highlights

• Chassis lead times and availability
• Employment trends
• Safety protocols
• Backlogs and production capacity
• Orders and sales
• Operational plans
• Future challenges

Survey results indicate shutdowns in work truck application markets caused a decline in new orders and cancellations of existing orders — leading to layoffs/furloughs throughout the commercial vehicle community. However, most work truck industry companies were deemed essential, and as a result, did not face extended shut downs per state mandates. As occurs during all recessions, some segments fared better than others, which is reflected in this report.

Respondent feedback

40% — laid off/furloughed employees

96% — utilize social distancing measures

38% — indicated safety protocols are affecting productivity

62% — maintain productivity at pre-pandemic levels

60% — took advantage of CARES Act loans/grants

58% — planned operational expansions prior to the pandemic

49% — registered order declines of 11% or more in the second quarter as compared to the first

29% — experienced order increases in the second quarter

33% — registered positive sales growth in the second quarter

17% — had sales decreases greater than 21% in quarter two

49% — reported sales were flat to down 20% in the second quarter

NTEA members can download the 2020 report (available in digital format) for free; nonmembers can sign up for access. For more information, visit ntea.com/2020businessconditions (https://bit.ly/2HIvcna).

Contact
Summer Marrs
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Tags:Forecast
Industry:Manufacturing
Location:Farmington Hills - Michigan - United States
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