Facts You Should Know About Impact of Chip Shortage in 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 – 7.1million fewer automobiles in the market based on the latest market forecast by leading market research reports.