Automotive loyalty in the wake of the COVID-19 recession
With US auto sales forecast to decline as a result of the nationwide shutdown due to the coronavirus disease 2019 (COVID-19) outbreak, the automotive industry is set to be substantially impacted on levels unseen since the 2008 recession. Nationwide retail closures have already led to an unprecedented drop in sales volume while future production has come to a near standstill. In addition, unemployment claims have reached record highs, crippling consumer confidence and further limiting forecasts for a quick recovery.
With the chance of another economic recession rapidly growing, it is important to investigate the past to help understand what is in store for the future. For this, monitoring the events surrounding the 2008 recession could provide the closest example of how this upcoming downturn may play out. By identifying the length and essential factors of the recovery, we can better determine what awaits the automotive industry and why this recovery could face more challenges than in 2008.
This whitepaper looks back on registration and loyalty trends following the 2008 recession to prepare for a post-COVID-19 reality.
- Worsening run rate, but 2022 global light vehicle production outlook intact
- IHS Markit monthly payment data explain EV challenges and hybrid popularity
- Major revision for global light vehicle production forecast – what it means for OEMs’ technology deployment
- After seemingly defying the challenges facing truck manufacturers globally, Brazil’s plants hit with downtime starting from September 2021
- Luxury SUV growth out-paces mainstream
- Chips still squeezing: YTD 7.4mn units and -10% growth impact
- CPO: Why CPO Matters – September 2021
- Increasing impact of semiconductor shortage on Medium and Heavy Commercial Vehicle OEMs in Europe
The IHS Markit light vehicle production forecast has been cut by 6.2% or 5.02 million units in 2021, and by 9.3% or… https://t.co/iPvXm0XU6h
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