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Automotive Supply Chains Face a long Road to Recovery |
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The Covid-19 pandemic has hit the automotive industry hard. US car production in March was 1.7 million units, down from 2.62 million the previous month, and European output was down by at least 1.2 million vehicles by late April.
The WTO, which predicts global trade to shrink this year, foresees the most pronounced contractions in the electronics and automotive sectors. Indeed, US auto sales were almost 40% off the pace in March. In China, vehicle sales fell as much as 80% in February.
Projections for the remainder of the year are grim. Meticulous Research predicts a 12-15% dip in global sales for the year, which translates into a $5.7bn impact on the auto industry.
These numbers are in stark contrast to projections last summer – with corresponding ramifications for the automotive logistics sector.
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Powersports Transmission Systems & Parts
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Brake pads
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2020 Auto Parts & Accessories |
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