Logistical issues and intensified global chip shortage due to the geopolitical headwinds have challenged automobile manufacturing lately. Longer wait times for vehicle deliveries, higher loan costs due to the Federal Reserve’s policy tightening, and fears of a recession have further dampened the industry’s prospects.
However, substantial demand for auto components, driven by increased consumer interest in electric vehicles (EVs) amid inflated fuel prices and climate concerns and expansion of Original Equipment Manufacturers (OEM) inside the aftermarket value chain, should drive the industry’s growth.
