The automotive industry has been one of the hardest-hit sectors by the pandemic. According to estimates from the Spanish Association of Automotive Suppliers (SERNAUTO), the automotive supplier sector is expected to close 2020 with a 15% decrease in revenue and a 5% reduction in employment. The internationalization of our companies and their constant efforts have mitigated the impact somewhat, but it is undoubtedly an unprecedented drop.
SERNAUTO and Alexander Brenner, Partner at Roland Berger, have conducted a study titled 'The COVID-19 Crisis: A Window of Opportunity for Automotive Suppliers?' In this study, it is observed that in 2020, the decline in volumes has been "tremendous," and they predict that "until 2025-2026, the production levels of vehicles prior to 2018 will not be regained, with Europe being the worst-positioned region.
In the next 5-10 years, everything is going to change, and cars will not be the same. Automotive suppliers must ensure they are well-positioned. They need to move toward the future, and suppliers cannot afford to lag behind. It is essential to strike a balance between what my business will be in the future and, at the same time, reorganize to increase my current efficiency," he commented.
You can access the full report here.
The Spanish automotive industry is well-known internationally because of its excellence and innovation capabilities.
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