Monthly Sector Update | Automotive | July 2021
Contributing 3-4% of global GDP, the global automotive industry is a key sector across geographies. It is a well- known fact that China accounts for around 30% of automotive sales happening globally with around 20-25 million units' sales across light and heavy passenger and commercial transport vehicles including cars, trucks and buses. Both US and China together along with India account for more than 50% of the automotive sales. However, it is a contact industry. Hence, when the COVID-19 pandemic struck, it had an equally significant impact on automotive sales as well including its ancillary business. The peak periods of the pandemic during the second quarter of 2020 witnessed significant decline in sales but have gradually improved in 2021.