Significant COVID-19 Impact on Pallet Truck Market in Automotive Industry
COVID-19 Impact on Pallet Truck Market in Automotive Industry ANALYSIS ON IMPACT OF COVID-19 ON PALLET TRUCK MARKET The COVID-19 pandemic has influenced the whole planet with its significant impacts on the economy and businesses across the globe. The COVID-19 spread worldwide in unprecedented ways due to its high infectious and contagious nature and lack of availability of its vaccine. As a result, the most outstanding medical challenge in the 21st century is yet to be faced by physicians worldwide. Though the emergence of the virus can be traced back to Asia, many European countries and the U.S. have been struck massively by the pandemic. The virus has spread across all regions ranging from North America, Europe, Asia-Pacific, Middle East and Africa up to South America. The COVID-19 has been declared a pandemic by World Health Organization (WHO) due to its increased spread across the globe. After the declaration of the pandemic, various countries announced the complete lockdown, such as India, China and other Asian countries, to decrease its spread. According to the latest situation report by World Health Organization (WHO) stated 175 million cases of corona had been reported globally and 4 million patients are dead due to the coronavirus. On a slightly positive note, 158 million people have recovered and 2 million vaccine doses have been administered as well. AFTERMATH of COVID-19 AND GOVERNMENT INITIATIVES TO BOOST THE MARKET Government of an economy and their policies plays a vital role in revamping the global economy back to its anterior state. Currently, governments are being formulated by governments to create employment and the utilization of resources for bringing production and sales in all industries back. Global arena is giving an impression on competition of vaccination among countries. Many countries such as the U.S. and Britain have completed 40% of the vaccination drive. Local governments in different countries are organizing mask-free fairs to promote confidence among the public. One such fair was organized in the U.K., 3000 people participated. STRATEGIC DECISIONS BY MANUFACTURERS AFTER COVID-19 TO GAIN COMPETITIVE MARKET SHARE The companies are coming with various strategies as manufacturing innovative products, consolidating their production capacities, adapting to lean production of products to eliminate waste to attract customers, which helps them cope with disruption. The manufacturers are also considering producing environmentally friendly products as it is one of the essential factors which helps in boosting the market. For instance, · The logistic business company launched a new lithium-ion battery run pallet truck. COVID-19 not only demands side problems problem but is also responsible for shaking consumer confidence. In the developing countries where investment was due to increasing disposable income, it forced people towards saving. Even central banks claimed that lowering in the keeping of people. Pallet trucks are used in warehouses, factories and cold chains to move heavy goods between manufacturing lines. Pallet trucks are of two types by operation such as electronic and manual. COVID-19 IMPACT ON PALLET TRUCK DEMAND The pallet truck industry finds its implementation in manufacturing industries and warehouse management industries. The pallet truck market has senses dual effect due to COVID-19. The demand in manufacturing industries has witnessed a dep fall. On the other side, warehouse industries that find massive implementation in e-commerce have gained the demand side. E-commerce has seen significant growth in this period. Many business articles prove that amazon has doubled its income during COVID-19. E-commerce has balanced out all the all negative impacts on the pallet truck industry. According to observation, the driving factor for pallet truck market restructuring of the e-commerce supply chain is lithium-ion pallet trucks, which are picking up the trend. Pallet trucks, in the traditional way, were hand-driven, which required hard-working labor. Lithium-ion battery trucks are easy to use and can be driven by anyone finding applicability in office spaces. As the demand chain after COVID-19 is repaired due to vaccination drive and awareness about diseases. The cumulative effect of both sides of demand with the driven market in a better direction. COVID-19 IMPACT ON PALLET TRUCK SUPPLY SIDE Automation in the pallet truck market is driving its growth and opening ways for implementation in new sectors. Pallet trucks have a significant role to play in the warehouse market. Warehouse capacity or revenue is estimated by the number of pallet trucks working inside. To be a market leader and attract customers, warehouse companies procure an astonishing number of pallet trucks. The astounding number of pallet trucks signifies the smooth functioning and load-carrying capacity of the warehouse. The E-commerce market finds a massive implementation of the warehouse. Robotics in the pallet truck market is driving a new landscape for its customers. Amazon recently deployed a robots pallet truck in their warehouse. CONCLUSION COVID-19-19 impact of industries are gradually eradicating, which will revive the old market for pallet trucks. Warehouse requirement for e-commerce is driving the growth of the pallet truck market amid COVID-19-19. This dual factor support pallet truck market will cause its expansion to new heights.