INDUSTRY REPORT
“ Semiconductor shortages and wider supply chain disruptions in the automotive industry are expected to linger until 2023 .”
A typical operating theatre .
INDUSTRY REPORT
DRIVING CHANGE
We analyse trends and forecasts for the global automotive industry including electrification , digitalisation and sustainability goals .
2020 represented a ‘ tipping point ’ in the adoption of EVs
Over 6 % of total EU employment is linked to the automotive sector , and the sector ’ s turnover represents over 7 % of EU Gross Domestic Product ( GDP ). At the same time , the automotive sector is a major private investor in research and development ( R & D ).
However , according to ‘ The Future of the EU Automotive Sector ’– a recent report requested by the European Parliament ' s committee on Industry , Research and Energy ( ITRE )– the industry finds itself at a crossroads with various trends fomenting change . These relate to the green transition ( electromobility , hydrogen fuel cells etc .) and the digital transition ( connectivity , autonomous driving , software etc .).
This twin transition is already an enormous challenge for the global automotive industry , which has also been battling the supply chain challenges presented by the COVID-19 pandemic as well as semiconductor chip and raw material shortages . The pandemic itself also acted as an accelerator , positively impacting consumer demand for electric vehicles ( EVs ) along with electrification , digitalisation and global value chain resilience measures . 2020 represented a ‘ tipping point ’ in the adoption of EVs .
Global market analysis
Analyst IHS Markit forecasts new light vehicle sales of nearly 82.4- million globally in 2022 , up 3.7 %, for the global automotive sector . It projects that the global automotive industry will finish out 2021 with nearly 79.4 million light vehicles sold , and “ industry demand levels will continue to be restrained in 2022 as the semiconductor supply chain remains challenged .”
Tentative demand recovery will continue across most regions , it added , assuming the ongoing availability of effective vaccines and apart from any major impacts from the Omicron variant .
24 | sheetmetalplus . com | ISMR February 2022