Conditions in 2019 and 2020 – from the trade wars and various tariffs applied globally to COVID-19-related workforce reductions, production stoppages, and border closures – have put international supply chains front and center.
30% of companies report considering changes to their supply chains, starting with short-term alternative sourcing options and moving on to relocations, onshoring, supplier diversification, and other more long-term ideas.
The longer the coronavirus crisis lasts, the more companies are likely to consider changes, big and small. The trade war with China got the ball rolling; the coronavirus will provide additional incentives to make adjustments.
For more information, see The Freedonia Group’s catalog of global reports covering machinery and heavy equipment industries. Freedonia Custom Research is also available for questions requiring tailored market intelligence.