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Facts that you should know about impact of global chip shortage on automotive industry

The effect of chip shortage is expected to last till the year 2023, based on revised estimates. Earlier, it was estimated that chip shortage and its effects would tide over in the year 2021, but it has not happened. Market forecasts suggest that the effect of chip shortage would amount to $210 billion in the auto industry alone. The chip shortage in automotive industry is said to impact, auto industry adversely. The effect of chip shortage is to translate into 6.3 u2013 7.1million fewer automobiles in the market based on the latest market forecast by leading market research reports.

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Facts that you should know about impact of global chip shortage on automotive industry

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  1. Facts that you should know about impact of global chip shortage on automotive industry

  2. Integrated circuits and chips are integral to the functioning of new age modern automobiles that are in vogue in contemporary times

  3. Automobile manufacturers across the globe have anticipated huge earnings cut due to chip shortages in the automotive industry and adopted drastic measures to cope up with the situation. They include leading automobile manufacturers like Ford, General Motors and Volkswagen

  4. robust supply-demand insights are garnered from the industry to create meaningful insights into the future and optimizing the inventory for the future

  5. Thank you More information at www.globalmarketdatabase.com

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