Assessing the Impact of COVID-19 on Automobile Sales in the United States

Authors

  • Lumin Chen

DOI:

https://doi.org/10.54097/62x6bt43

Keywords:

COVID-19; Automotive industry; ARIMA model; dynamic regression.

Abstract

This comprehensive study delves into the COVID-19 pandemic's substantial impact on the American automotive industry, emphasizing its specific effects on sales volume, production, and market demand. It thoroughly examines the sector, including an in-depth analysis of the supply chain and market dynamics. Utilizing a time series model, the research meticulously analyzes data from the onset of the pandemic in early 2020, offering a quantitative assessment of its impact. The findings reveal a significant influence of COVID-19, particularly in the decline of sales volume, which has been alarming for industry stakeholders. Production processes have also faced severe disruptions, leading to challenges in meeting market demand efficiently. Moreover, there has been a notable shift in market demand, reflecting changing consumer preferences and the economic uncertainties triggered by the pandemic. These changes have posed considerable challenges, necessitating strategic adaptations in marketing, production, and overall business strategies within the automotive sector. The study underscores the need for resilience and innovative approaches to effectively address these issues. The study concludes that COVID-19 has had a profound and multifaceted impact on the American automotive industry. It not only highlights the current challenges but also proposes strategic measures for overcoming these hurdles. The study offers valuable insights for future development and innovation in the sector.

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References

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Published

29-03-2024

How to Cite

Chen, L. (2024). Assessing the Impact of COVID-19 on Automobile Sales in the United States. Highlights in Science, Engineering and Technology, 88, 1207-1213. https://doi.org/10.54097/62x6bt43