The surge in the contagious Corona virus has become a global health issue. China being the epicentre of this disease has drastically had it’s economy almost halted to a stand still. Many factories are closed down as a result of the corona virus scare. And this is affecting the world product supply chain.
Automobile manufacturers around the world depends on China for both vehicle electronic components like car stereos, sensors and switches including hard-wares like bolts, nuts, brake pads etc. necessary for vehicle assembly. With the Chinese factories on the lock and key, this will affect automobile production globally if the Corona virus crisis is not controlled on the long run.
The global vehicle spare parts market will particularly be affected as well. China produces 70 to 80 percent of the worlds’ vehicle parts and accessories necessary for after-sale repairs and maintenance. If the Corona virus epidemic is not fixed within the next six months, this could bring about a major global automobile problem.