With the global outbreak of Covid-19, the industrial sector has been adversely affected. Scientists across the globe are still trying to develop a vaccine for this virus, and in the meantime WHO has provided guidelines so that people can protect themselves from this virus. However, we do have credible detection methods by companies like Stilla Technologies but every industrial sector is still devastated by the outbreak of this deadly virus.
In this article, we are going to take a look at the different industrial sectors that are affected by Covid-19.
1. Hotels And Airlines
With strict restrictions that are imposed on traveling all across the globe, all the airlines and hotel chains are facing huge losses. Initially, these traveling restrictions were only imposed on east Asian travelers but soon after the global outbreak most of the countries were forced to close their border adversely affecting different airline services.
Because of all this, all the hotel chains were also affected as tourists were no longer allowed in most of the countries. Services like Airbnb also faced loss because of all this as well.
2. Automobile Industry
The automobile industry was already facing a dip in the global sale of vehicles which was further boosted by the outbreak of Covid-19. With the initiation of lockdown, people were not allowed to move across freely and this is why most of the potential auto buyers decided to hold their purchases. Since China was the epicenter of this virus outbreak and they were also responsible for the production of the majority of car parts, the overall manufacturing process was severely affected.
3. The Real Estate Sector
The real estate industry suffered direct implications of the Covid-19 virus. Most of the workers in the construction sector lost their jobs. Moreover, in countries like India, most of the daily wage workers were forced to stop their work for an indefinite amount of time. The industry was further affected as most of the countries rely on China for the supply of affordable raw material. Moreover, Italy the leading supplier of furniture and Stone recorded a high number of Covid-19 cases.
All this resulted in delayed construction projects and an increase in the overall costs of the projects.
4. Textile Industry
Just like the real estate industry the textile industry employing millions of workers was affected by the virus. Just like most of the other material most of the third world countries were dependent on the raw material supplied by China. Moreover, European countries like Spain and Italy are now looking for alternative manufactures as they are trying to avoid raw materials from China.
5. Logistics And Freight
Due to a lack of manpower and closing of different national and international borders, the logistic and freight industry face issues in 3 different phases. The loading of the good was affected by the lack of manpower while the delivery of the good was also affected as most of the state and country borders were closed during the lockdown and lastly, the unloading of the delivered good was also difficult due to low workforce.
This was further boosted by the low number of drivers and unloaders affecting the overall cycle.
6. Sports And Entertainment Sectors
With the implementation of social distancing protocols, it is prohibited for people to gather in large numbers. Considering this, amusement parks, theme parks, sports stadiums, and movie theaters were forced to shut down. Although, streaming service witnessed a growth in their subscribers, all these other entertainment and sports industries are still under loss.
7. Travel Insurance
With the increase in awareness about the virus, people are now getting themselves insured. The medial and life insurance sector witness growth during the lockdown. However, the travel insurance sector, on the other hand, had a huge dip in its sales as most of the countries sealed their border and prohibited internal traveling.
Lastly, the finance industry was harshly affected with the growth of the Covid-19 virus. Most of the industries faced a major dip and the stock market of different countries were equally affected.
These are the 8 adversely affected industrial sectors due to the outbreak of Covid-19. With our constant efforts and preventive measure as soon as we can contain this virus we will be able to grow our economy over time.