The global spread of novel coronavirus has increased with an increased restriction on movement and social distancing measures being implemented across Europe and America. The situation in Asia appears to be stabilizing but there is a strong chance of "wave 2" to hit the region in the form of "imported" cases. The economic impact of coronavirus has risen sharply with rising risk-aversion measures and deteriorating economic activities. A global recession is guaranteed due to the first-quarter shocks in China followed by shutting of economic activities in G7 nations. S&P global ratings have predicted that the current situation will result in a severe and more persistent supply and demand shocks across the globe.
With the current situation expected to persist for few more weeks, the global automobile industry may be looking at a recovery period of at least 12 to 15 months due to disrupted supply chain, economic loss, and reduced consumer confidence in the market.
Amidst this crisis for the automotive industry, we at Meticulous Research® are continuously assessing the impact of COVID-19 pandemic on various sub-markets, and enable global organizations to strategize for the post-COVID-19 world and sustain their growth.