The last three months were difficult for the auto component industry while there is hope for a partial recovery with two- and three-wheeler market and exports. For long, the Indian automotive market experienced slowdown headwinds which were followed by Covid 19. In this article, This article discusses auto component industry challenges and the way ahead.

The Covid 19 pandemic is having enormous effects globally. The global economy has been hit hard, even worse than the Great Depression in 1930.

To mitigate COVID 19 challenge, automakers must try to strategise the operations to improve their resilience in the coming days and be prepared for the future, says Sharadhi Babu, CEO, AXISCADES.

Commercial Vehicles have been majorly hit, owing to pressure from a prolonged slowdown and from this unprecedented pandemic.

The remaining manufacturing plants of the company in India and Mexico are in preparatory mode and will resume operations subsequently.

These new ventilators will be developed to fill in gap for high-end requirements like ICUs.

In FY20, the industry sales experienced a sharp decline of 14.8 per cent y-o-y vis-à-vis a growth of about 6.4 per cent during FY19 led by factors such as increased insurance costs, uneven monsoon, high ownership costs, curtailed lending by the NBFC segment,etc.

MG Motor India sold 1,402 units of the Hector in March 2020, it disposed of 116 units of the ZS EV during the month.

Scaling and changing production skill and capabilities is a must for companies in this fast pace world and they have to adopt a more agile mentality.