effects on automobile industry

   

      Effect of Covid-19 on                         Automobiles Industry.

The novel Covid-19 virus pandemic has dealt a deadly blow to humanity as well as the industries globally and automotive industry is also one of them, The automotive Industry significantly contributes towards the economy of a country and is also considered the backbone of many nations GDP. There is no doubt that the COVID-19 ripple effect has stirred the interest rate in the automotive industry up and down in the market globally.

The auto sector has undergone slowdown from January and February, the automakers and their suppliers have been struggling to keep vehicle assembly lines humming but from march 24, the industry almost has completely been under a standstill. Due to this crisis, a prolonged truncation has been seen in consumers demand all over the world rapidly effecting the auto manufacturers. Vehicles sale have been dropping dramatically and almost all the major events of the Industries are being cancelled or going the digital way.
The supply restrictions from china caused by the spread of corona virus have affected adversely the automobile Industry.
According to the report, the commercial vehicle(CV), passenger vehicle(PV), and the two-wheelers (2W) segments will be profound.
As China is one of the leading suppliers of automotive components in India and major global auto part maker such as Robert Bosch Gmbh, Valeo As and ZF Friedrichshafen AG have factories located in china. There has been reportedly delayed in the production and delivery of vehicles like Bharat Stage Four(Bs-lV) compliant models.
The post coronavirus lockdown in china swiftly demands resurfaced recovery of a V-shaped sign. The domestic personal vehicle (PV) sale is expected to recover by the festive season of cy20.
According to the report issued by RBC Capital market, due to the coronavirus epidemic 2020, the decline of sales is said to decline by 16%. Despite the worldwide lockdown the car manufacturers are trying their best to stabilize the Industry.
A few of the players such as Volkswagen, SAIC, Nissan and BMW have turned to the online sales of the car.