Blog – Tires & Parts News https://tiresandparts.net Your News Source for Everything Automotive Fri, 20 May 2022 08:39:22 +0000 en-US hourly 1 https://wordpress.org/?v=5.0.16 Global Carbon Black Market Finds Support with Revival of Automotive Tire Industry https://tiresandparts.net/interaction/global-carbon-black-market-finds-support-with-revival-of-automotive-tire-industry/ https://tiresandparts.net/interaction/global-carbon-black-market-finds-support-with-revival-of-automotive-tire-industry/#respond Wed, 27 Apr 2022 04:27:38 +0000 https://tiresandparts.net/?p=39668 The global carbon black market is slated to book formidable profits in the coming years as the evolution of automotive industry backs it with an unwavering demand. Revival of the automotive industry as the COVID-19 subsides with vaccination rollout is expected to positive impact the demand for carbon black. Its usage in tires will remain […]

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The global carbon black market is slated to book formidable profits in the coming years as the evolution of automotive industry backs it with an unwavering demand. Revival of the automotive industry as the COVID-19 subsides with vaccination rollout is expected to positive impact the demand for carbon black. Its usage in tires will remain pivotal to market’s growth path. Carbon black is extensively used in automotive tire to achieve superior quality that reduces tire wastage and makes them last longer.

According to Fairfield Market Research, the global carbon black market was worth US$17.4 Bn in 2018 and it is expected to reach US$23.6 Bn by 2025. Between the forecast years of 2021 and 2025, the market is expected to exhibit a steady CAGR of 6.5%.

Automotive Tires Steadfastly Steer Growth of Global Carbon Black Market in Top Gear

The automotive tire market is expected to showcase a CAGR of 3.5% between 2021 and 2025. This steady rise will translate to a higher demand for carbon black, which is used as a rubber reinforcing additive. Increasing focus to make automotive tires long-lasting is expected to improve the uptake of carbon black during the forecast period. Carbon black protects the tires from the damaging effects of the ozone and UV light. This chemical compound is also responsible for the black colour of the tires, which is the obvious choice for optimal functionality. Development and commercialization of high-end and premium vehicles will prompt uptake of carbon black, which is a crucial compound in improving the durability and strength of the tire.

Industrial and Mechanical Rubber to Show Great Consumption of Carbon Black as Retail Industry Shifts Patterns

The demand for industrial and mechanical rubber is also expected to have a positive impact in the sales of carbon black. Mechanical rubber used for the production of hoses, gaskets, seals, conveyer belts is expected to stoke the uptake of carbon black during the forecast period. Automotive rubber parts, shoe shoes, and electronic packaging films are all expected to drive the global carbon black market as shopping patterns change in a post-pandemic world. In addition, the use of carbon black will also be seen in paints, plastics, printing inks, wire & cables, and a wide range of consumer goods.

China to Show Keen Interest as Labour Costs Remain Low and Vehicle Production Reaches Highs

Fairfield Market Research clearly indicates that the China will dominate the global caron black market between 2021 and 2025. As of 2019, Asia Pacific held a lion’s share of 60% in the global carbon black market of which China held 40%. Easily available distilled coal tar and affordable labour are the two underlying factors driving China’s leadership in the market, giving Asia Pacific an edge over other regions. Furthermore, increasing production of electric vehicles (EVs) as the automotive industry in the region revives it is expected to augment market’s growth.

Meanwhile, Europe is expected to lean towards specialty carbon black as the region aims to achieve the “Smart and Sustainable Mobility Strategy” with 30 million EVs by 2030.

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Tesla, Toyota, Porsche lead GlobalData list of top EV firms among social media discussions in Q1 2022 https://tiresandparts.net/interaction/tesla-toyota-porsche-lead-globaldata-list-of-top-ev-firms-among-social-media-discussions-in-q1-2022/ https://tiresandparts.net/interaction/tesla-toyota-porsche-lead-globaldata-list-of-top-ev-firms-among-social-media-discussions-in-q1-2022/#respond Fri, 22 Apr 2022 08:39:43 +0000 https://tiresandparts.net/?p=39617 Global automakers are already grappling with the shortage of semiconductors due to supply chain disruptions. Meanwhile, the prevailing geopolitical turmoil between Russia and Ukraine has wreaked havoc on metal prices, which are used for electric vehicles (EVs). Against this backdrop, Tesla Inc (Tesla) has emerged as the top EV company among the social media conversations in Q1 […]

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Global automakers are already grappling with the shortage of semiconductors due to supply chain disruptions. Meanwhile, the prevailing geopolitical turmoil between Russia and Ukraine has wreaked havoc on metal prices, which are used for electric vehicles (EVs). Against this backdrop, Tesla Inc (Tesla) has emerged as the top EV company among the social media conversations in Q1 2022, finds the Social Medial Analytics platform of GlobalData, a leading data and analytics company.

GlobalData’s latest report, ‘Top 10 companies among EV discussions: Q1 2022​’, reveals that the remaining top nine EV companies are Toyota Motor Corporation (Toyota Motor)Porsche AG (Porsche), Rivian Automotive, Inc. (Rivian), General Motors Company (GM)Hyundai Motor Company (Hyundai Motors)Nissan Motor Company Ltd (Nissan)Ford Motor Company (Ford)Honda Motor Company, Ltd (Honda), and The Mercedes-Benz Group AG (former Daimler AG).

“Tesla was the most discussed automobile company with a 52% share during Q1 2022. The conversations on Tesla spiked the most when it reported record high EV sales in the fourth quarter beating the previous quarter, despite supply chain disruptions.​”

Toyota, Porsche and Rivian, each contributed 7% share of voice in Q1 2022 and emerged as the next most mentioned automobile companies among EV-related discussions.  Among these, the highest peak in influencers discussions was noticed around Toyota, when the company announced investments of $170bn into the electric vehicle segment along with Volkswagen AG to beat the EV segment of Tesla.

Nissan witnessed 34% growth in conversations, the highest growth among the top 10 most mentioned companies during Q1 2022, following the announcement of $26bn investment in electrification in alliance with Renault and Mitsubishi. As part of it, over 35 BEVs based on five platforms will be launched by 2030.

“Charging Station was one of the top trends discussed among the influencers during Q1 2022, as not only top automakers but also many countries and state administration are coming forward to bridge the gap of infrastructure development for the electric vehicle charging stations. Most of the influencers on GlobalData’s Social Media Analytics platform opine that the advent of superfast charging stations is likely to propel the adoption of electric vehicles.”

Credits: Smitarani Tripathy, Social Media Analyst at GlobalData

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Global automakers drive towards affordable EVs boon for Asia EV market in long-term https://tiresandparts.net/interaction/global-automakers-drive-towards-affordable-evs-boon-for-asia-ev-market-in-long-term/ https://tiresandparts.net/interaction/global-automakers-drive-towards-affordable-evs-boon-for-asia-ev-market-in-long-term/#respond Thu, 07 Apr 2022 08:31:37 +0000 https://tiresandparts.net/?p=39468 The plan, which aims to develop a series of new low-priced EVs based on a new joint platform, is an expansion of the partnership between GM and Honda announced in 2020. This association aims to build two electric models for North America on GM’s Ultium platform by 2024 – the Honda Prologue and a D-SUV […]

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The plan, which aims to develop a series of new low-priced EVs based on a new joint platform, is an expansion of the partnership between GM and Honda announced in 2020. This association aims to build two electric models for North America on GM’s Ultium platform by 2024 – the Honda Prologue and a D-SUV from Acura. However, the recent low-priced EVs progress comes as a positive development for both Honda and GM, as it will accelerate Honda’s EV vision and offer GM regional scalability, especially in Asian and European EV market.

“Affordable EVs is the next battleground for most established players in the global EV market. Automakers such as Tesla, GM, Toyota, BYD and VW all share an under US$25,000-30,000 EV ambition, and there are two key routes to achieve this – partnerships with OEMs to develop/share a flexible EV platform or co-develop batteries with the suppliers, alter chemistries to bring down the cost.

“In the existing GM-Honda partnership, Honda noted that it would bring its ADAS expertise to the association while utilizing GM’s Ultium battery and platform. But with the Sony-Honda alliance that happened this year, Honda is now positioned to contribute more. If Sony’s involvement happens, it could be highly important as the partnership envisages to take on Tesla and Sony could significantly contribute with its imaging, sensing and other ‘in-cabin’ technologies.

“Another connecting dot in the rumoured 40GWh battery JV between Honda and LG (also battery supplier to GM) in the US is cost sharing. However, with limited visibility, there are significant grey spots to clearly sense the direction where the deal is heading and contribution by both OEMs.

“With the material prices of core battery materials on rise and existing macroeconomic instability, it is unclear how automakers will limit the costs of new products. Potentially, lower battery capacity vehicles such as 50kWh with drive range between 100-200 kms in A or B-segments could be a solution. From this perspective, the market trends towards affordable EVs in the developed part of the world would have a domino effect in markets like Asia-Pacific, where there is a bigger addressable market for compact and affordable cars.

Credits: Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData

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Augmented reality enables more precise guidance for drivers on the road https://tiresandparts.net/interaction/augmented-reality-enables-more-precise-guidance-for-drivers-on-the-road/ https://tiresandparts.net/interaction/augmented-reality-enables-more-precise-guidance-for-drivers-on-the-road/#respond Fri, 01 Apr 2022 07:39:46 +0000 https://tiresandparts.net/?p=39411 Augmented reality (AR) can enhance the safety of drivers and passengers through easily understandable head-up displays (HUDs) in vehicles. Unlike semi-autonomous or fully self-driving vehicles, the ability to see the outside world clearly is a safety-critical issue in vehicles where a human is driving, says the leading data and analytics company. AR is a technology […]

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Augmented reality (AR) can enhance the safety of drivers and passengers through easily understandable head-up displays (HUDs) in vehicles. Unlike semi-autonomous or fully self-driving vehicles, the ability to see the outside world clearly is a safety-critical issue in vehicles where a human is driving, says the leading data and analytics company.

AR is a technology that allows the user to see the real world overlaid with digital data, enabling more precise guidance based on the actual road layout facing the driver. Daimler produced the first AR HUD, the MBUX infotainment system, in the Mercedes A-Class in 2018, and since then other companies such as General Motors and Volkswagen have incorporated this technology into their vehicles.

Emilio Campa, Thematic Analyst at GlobalData, comments: “From a practical perspective, this means junction exits and final destinations can be visibly highlighted. From a safety perspective, potential hazards, including potholes, pedestrians, and other vehicles on the road, can be more easily identified by the driver. This is especially useful in night-time conditions or when severe weather patterns reduce visibility.”

GlobalData’s recent report ‘Augmented Reality in Automotive’ reveals that AR can ensure faster training of automotive staff. Daimler, for example, uses AR to enhance its maintenance products for its heavy trucks. This allows colleagues to collaborate and share repair information faster and more accurately, reducing vehicle downtime – a key consideration for heavy-duty vehicle customers that need to quickly return to the road.

Campa adds: “AR can increase maintenance efficiency and create a new avenue for sales. Technicians can have repair and maintenance instructions and training overlaid on their physical view of the car, directing them to the next task without them needing to research it separately. AR can also enhance consumer engagement by allowing customers to view virtual vehicles in real life and take them for a virtual test drive.”

Once consumers get used to the technology in other aspects of life such as in social media, gaming, and ecommerce, AR will play a significant role in the future of onboard information and entertainment systems, especially in autonomous vehicles. For example, WayRay’s concept car, the Holograktor, has car seats equipped with joysticks that can be used to play games on the windscreen’s AR HUDs. The car even comes preloaded with a Guitar Hero-esque online karaoke game. Drivers could also stream their favorite television programs in their line of sight or access information about the surrounding environment, such as adverts for local shops and venues.

Credits: GlobalData

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European gas stations add more fast-charge points as EV production set to rise four-fold by 2026 https://tiresandparts.net/interaction/european-gas-stations-add-more-fast-charge-points-as-ev-production-set-to-rise-four-fold-by-2026/ https://tiresandparts.net/interaction/european-gas-stations-add-more-fast-charge-points-as-ev-production-set-to-rise-four-fold-by-2026/#respond Fri, 25 Mar 2022 17:15:30 +0000 https://tiresandparts.net/?p=39341 Major European oil and gas companies such as Shell, BP, TotalEnergies, and Repsol are deploying fast-charge points across gas stations to retain motorists switching to electric vehicles (EVs), according to GlobalData. The leading data and analytics company estimates that there will be 16.7 million EVs on the roads by 2026, a four-fold rise in production. […]

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Major European oil and gas companies such as Shell, BP, TotalEnergies, and Repsol are deploying fast-charge points across gas stations to retain motorists switching to electric vehicles (EVs), according to GlobalData. The leading data and analytics company estimates that there will be 16.7 million EVs on the roads by 2026, a four-fold rise in production.

Ravindra Puranik, Oil and Gas Analyst at GlobalData, comments: “Such a huge shift towards EVs has major implications on the profitability of oil in the motor sector. Connected cars, autonomous vehicles, shared mobility services and electrification are all shaking up the business strategies of oil companies, which are pivoting away from combustion vehicles and towards electric models. Most companies have taken the acquisition route to add EV charging technology to their portfolio.

TotalEnergies has been the most prominent when it comes to M&As, having acquired a diverse range of companies from charging technology makers such as G2mobility to battery manufacturers like Saft. Japanese industrial conglomerate Mitsui has gone one step further by venturing into original equipment manufacturing (OEM) for EVs.

Puranik continues: “Mitsui has invested in EV makers Lucid and CaetanoBus to accelerate its mass adoption. It is also involved in EV battery manufacturing and charging through its investments in Forsee Power, The Mobility House, and CleverShuttle.”

Shell and TotalEnergies are leading the pack in terms of investment, by buying into areas across the EV ecosystem, from clean power generation, to battery technologies, and charging infrastructure. By 2025, Shell plans to deploy over 500,000 charge points worldwide, while TotalEnergies is targeting 150,000 charge points across Europe.

Ravindra Puranik, adds: “Offering high-speed charging at petrol stations looks to be a sound strategy to retain existing customers while also attracting newer ones. With a mix of acquisitions and organic growth, oil majors are gradually establishing their charging infrastructure—not only in Europe but also across key markets in the US and Asia.”

Credits: GlobalData’s thematic report,

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Suzuki Motor to fortify Indian presence with new EV investments https://tiresandparts.net/interaction/suzuki-motor-to-fortify-indian-presence-with-new-ev-investments/ https://tiresandparts.net/interaction/suzuki-motor-to-fortify-indian-presence-with-new-ev-investments/#respond Mon, 21 Mar 2022 16:30:12 +0000 https://tiresandparts.net/?p=39256 The investment, which focuses on three areas EV manufacturing ($407m), battery production ($960m) and vehicle recycling plant ($6m), will further reinforce Suzuki’s position in India. “Though Japanese automakers were late to shape up their BEV strategies, they are now in the race and gearing up for the highly competitive market. Suzuki Motor announced its strategy […]

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The investment, which focuses on three areas EV manufacturing ($407m), battery production ($960m) and vehicle recycling plant ($6m), will further reinforce Suzuki’s position in India.

“Though Japanese automakers were late to shape up their BEV strategies, they are now in the race and gearing up for the highly competitive market. Suzuki Motor announced its strategy last year to enter at a full-scale BEV development by 2025, it has also tied-up with Toyota Motors for the purpose.

“India remains key to Suzuki’s business strategy as it accounts for 52.4% of the company’s total sales. Maruti Suzuki has recently been active in ceasing the diesel models and increasing its CNG product offerings. It had also announced to promote penetration of hybrids and introduction of BEVs in India, last year.

“The EV investment can write new fortunes for Maruti Suzuki in India which has been slightly losing its share to other automakers, primarily Hyundai and Tata Motors in ICE vehicles. EV market in India is still under creation with only a few players offering mass-market EV products including Tata, Mahindra, Hyundai and MG Motors. India registered sale of 13,543 BEVs in 2021, which is expected to grow by 39% CAGR over next decade, according to GlobalData.

“Local battery production will help Suzuki build a stronger supply chain and develop a complete EV ecosystem in India. Presently, Tata Chemicals is the only Indian manufacturer, producing 11.01K units of EV batteries annually for its sister company Tata Motors. Suzuki can capture significant opportunity in the area. However, it remains unclear presently whether battery production will be through a JV or a fully owned business and what capacity it would be eying. Toshiba and Panasonic are currently battery suppliers for Suzuki globally. Also, the electric version of WagonR has been spied multiple times and is a much-awaited product. Synergy between Indian and Japanese market i.e., high demand for small cars can act in the favor of the company’s BEV strategy.

 

Credits: Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData

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Vitesco Technologies places EUR 200 million Schuldschein loan https://tiresandparts.net/interaction/vitesco-technologies-places-eur-200-million-schuldschein-loan/ https://tiresandparts.net/interaction/vitesco-technologies-places-eur-200-million-schuldschein-loan/#respond Tue, 15 Mar 2022 10:00:27 +0000 https://tiresandparts.net/?p=39186 Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, has successfully taken out a Schuldschein loan in the amount of 200 million euros. In a currently challenging market environment, this long-term loan is an important component of the company’s financial strategy and at the same time contributes to […]

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Vitesco Technologies, a leading
international provider of modern drive technologies and
electrification solutions for sustainable mobility, has successfully
taken out a Schuldschein loan in the amount of 200 million euros. In
a currently challenging market environment, this long-term loan is an
important component of the company’s financial strategy and at the
same time contributes to investor diversification.

The overall transaction comprises tranches with terms of three, five,
seven and ten years, which could be priced at the lower end of the
marketing range. The tranches were offered with both fixed and
variable interest rates. The Schuldschein loan was arranged by
Helaba, LBBW and UniCredit.

“The Schuldschein loan strengthens our already solid liquidity
position and expands the current mix of financing instruments,” says
Werner Volz, CFO of Vitesco Technologies.

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SAIC joins league of global automakers with US$43bn investment in next-gen mobility https://tiresandparts.net/interaction/saic-joins-league-of-global-automakers-with-us43bn-investment-in-next-gen-mobility/ https://tiresandparts.net/interaction/saic-joins-league-of-global-automakers-with-us43bn-investment-in-next-gen-mobility/#respond Tue, 15 Mar 2022 07:01:46 +0000 https://tiresandparts.net/?p=39162 The move comes as a major encouraging development for the state-owned Chinese auto giant that will elevate its next-gen mobility business i.e., connected, autonomous, shared and electric mobility (CASE) in medium-to-long-term. With this, SAIC now joins the league of global OEMs including Volkswagen (VW), Toyota, Ford, Daimler, General Motors (GM) and Stellantis, which have announced […]

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The move comes as a major encouraging development for the state-owned Chinese auto giant that will elevate its next-gen mobility business i.e., connected, autonomous, shared and electric mobility (CASE) in medium-to-long-term. With this, SAIC now joins the league of global OEMs including Volkswagen (VW), Toyota, Ford, Daimler, General Motors (GM) and Stellantis, which have announced major multi-billion-dollar investments in new energy vehicles, connected cars and autonomous vehicles over the span of next five to 10 years. The investment will catalyze the company’s growth in the Chinese as well as the global electric and autonomous vehicle market.

“SAIC Group has already made significant investments and strategic partnerships in next-gen mobility with a focus on China. It has EV partnerships with VW, GM and Chinese tech giant Alibaba. Its brand MG Motors and ROEWE are emerging as ‘EV face’ for the group. The company had already hinted to have nearly 100 xEV models in its portfolio by 2025.

“SAIC Group, which is the largest selling group in China after VW presently, is IC Engine dominant with gasoline and diesel fuel type holding 80% of the total production, as per GlobalData’s Light Vehicle Powertrain Forecast data. With the plans under the announced investment till 2025, SAIC Group aims to reach annual xEV sales of 2.7 million units and a total global sale of 6 million units under SAIC and partner groups by 2025.

“Apart from the EV ambition, the company aims to mass-produce Level 4 autonomous vehicles and become achieve leadership in China. SAIC has already launched its level 4 self-driving robotaxi in Shanghai a few months back and is one of the leaders in the nascent but crowded self-driving business in China. No doubt that China holds significant opportunity in the scalability of the self-driving business but bold commitment to mass-produce AVs will be challenging for the company.

“Embarking presence in the next-gen technologies is now a ‘must have’ for the traditional auto OEMs to secure their positions in the future auto industry which will be dominated by technology. SAIC is heading in the same direction to secure its future, particularly in China – the world’s largest automotive market.

Credits: Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData

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Sony collaborates with Honda to fulfil electric vehicle ambition https://tiresandparts.net/interaction/sony-collaborates-with-honda-to-fulfil-electric-vehicle-ambition/ https://tiresandparts.net/interaction/sony-collaborates-with-honda-to-fulfil-electric-vehicle-ambition/#respond Mon, 07 Mar 2022 11:33:53 +0000 https://tiresandparts.net/?p=39088 The collaboration between Honda and Sony, which is focused on battery electric vehicles (BEVs), outlays Sony future mobility plans, which were awaited since it showcased its EV prototype at CES in 2020 and later in 2022. The collaboration will combine Honda’s vehicle manufacturing, components, and battery production/assembly capabilities with Sony’s experience in imaging, sensing, in-vehicle-infotainment, […]

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The collaboration between Honda and Sony, which is focused on battery electric vehicles (BEVs), outlays Sony future mobility plans, which were awaited since it showcased its EV prototype at CES in 2020 and later in 2022. The collaboration will combine Honda’s vehicle manufacturing, components, and battery production/assembly capabilities with Sony’s experience in imaging, sensing, in-vehicle-infotainment, connected and autonomous technology.

“Sony already enjoys several trading relationships within the automotive industry as a key supplier of image sensors and electronic components such as infotainment systems. However, there is a question mark over how much additional value Sony would be able to unlock by co-developing an entire EV project if key operations such as manufacturing, development of EV components, battery pack and motor drive units will be done by Honda.

“The move indicates Sony’s future vision is to put its brand name on battery-powered vehicles but remain only a technology partner rather than EV manufacturing as it requires expertise, high expenditure, higher volumes and limited margins. This is contrary to other businesses such as consumer electronics, photography, infotainment, and video game production, where Sony is present.

“Sony’s influence is much more likely to be felt is in the vehicle cabin. With the move away from combustion engines to EV drivetrains, automakers will be looking to ‘in-cabin’ technology to differentiate their offerings, especially as increased semi-autonomous functions give cabin occupants more time to focus on non-driving activities. Here, Sony’s wealth of knowledge in telecommunications, infotainment and UX design could help set a future Sony car apart from rivals with less-advanced in-cabin experiences.

“It will be interesting to wait and see if Sony’s EV plan could make a difference in a time where new entrants such as technology giant Foxconn are developing their EV manufacturing capabilities. However, on the flipside, it is also the best opportunity for Sony as it partners with one of the world’s largest automakers. EVs are likely to be much less defined by their powertrains but more by the strength of their technology packages and, here, Sony has the potential to make a big impact.

Credits: Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData

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Allianz Risk Barometer Business interruption and cyber risks main concerns for the automotive manufacturing sector https://tiresandparts.net/interaction/allianz-risk-barometer-business-interruption-and-cyber-risks-main-concerns-for-the-automotive-manufacturing-sector/ https://tiresandparts.net/interaction/allianz-risk-barometer-business-interruption-and-cyber-risks-main-concerns-for-the-automotive-manufacturing-sector/#respond Wed, 02 Mar 2022 11:51:03 +0000 https://tiresandparts.net/?p=39062 Two years after the outbreak of the Covid-19 pandemic – which left many firms struggling because of supply shortages and disruptions to production – business interruption concerns remain the biggest worry for companies in the automotive manufacturing sector. According to the Allianz Risk Barometer 2022, 68% of respondents identified this as their top threat for the […]

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Two years after the outbreak of the Covid-19 pandemic – which left many firms struggling because of supply shortages and disruptions to production – business interruption concerns remain the biggest worry for companies in the automotive manufacturing sector. According to the Allianz Risk Barometer 2022, 68% of respondents identified this as their top threat for the year ahead, with cyber incidents ranking second (53%). The consequences of a natural catastrophe event ranks third (31%), representing a new entry in the top five risks year-on-year.

The Allianz Risk Barometer 2022 was published in January 2022 for the 11th time. The annual survey, conducted at the end of 2021, features the insights of 2,650 experts in 89 countries and territories, including CEOs, risk managers, brokers and insurance practitioners. The number of participants from the automotive manufacturing sector worldwide totaled 144.

“The past year has seen unprecedented levels of business interruption caused by various triggers and 2022 promises only a gradual easing of the situation. Building resilience against the many causes of business interruption is therefore increasingly becoming a competitive advantage for companies,” says Thusang Mahlangu, South Africa CEO, at Allianz Global Corporate & Specialty (AGCS).

For example, one of the largest business interruption losses the insurance industry has faced in recent times was triggered by a fire at a Japanese semiconductor plant, which exacerbated chip demand and supply chain disruption in the automotive and electronics industries in particular.

“At AGCS, we are seeing a growing willingness from top management to bring more transparency to supply chains and rethink previous supply strategies as a result of the recent operational and supply chain disruptions. Companies are investing in tools and working with data to better understand risks, build inventories and buffers and redundancies in supply chains, and create a better business continuity and contingency plans,” explains Thusang.

The automotive manufacturing industry is also rapidly digitalizing – and with this progress comes the prospect of increasing vulnerability to cyber-attacks, reflected in cyber incidents’ ranking as the second most important risk. In most cases, financial motivation, such as extorting ransoms, lies behind attacks. Vulnerabilities can be exploited, for example,  to capture personal data or research and development data, with industrial espionage being a significant problem in the automotive industry. Furthermore, attacks on suppliers can result in lengthy production delays. At the same time, there is also the potential for direct attacks on vehicles themselves in future. Security experts have already succeeded in unlocking car doors or triggering alarm systems via remote access.

Natural catastrophe risks complete the top three perils for the industry. The peril also ranks as one of the top 10 risks in Namibia, and Morocco in Africa. Flooding events and other weather events have reinforced the message to the automotive industry, and other sectors, that secondary hazards such as floods, heavy rain, thunderstorms and tornados are increasing in frequency and severity and companies need to become more weatherproof. “Previous once-in-a century events may occur more frequently in the future, even in regions that were considered ‘safe’ in the past. Car manufacturers must also react to these new possibilities,” says Thusang.

Fire and explosion (26%), and defective product and recall issues (18%) are the other top risks in the ranking, according to respondents.

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