Mold Spending Fell 31% In North American Automotive Industry

Mold Spending Fell 31% In North American Automotive Industry

In the first three quarters of 2020, the North American automotive industry and its mold suppliers faced difficult journey, and the future prospects are not optimistic.

Laurie Harbour, President and CEO of HRI, said: "We know that this year will be a challenge for the automotive mold industry, but we can never predict the impact of the global epidemic on the health of the automotive manufacturing industry."

HRI predicts that automakers will face difficult strategic decisions about where to invest money and what cars to launch. The current forecast for mold spending in 2021 is $7.8 billion, as new electric vehicle (EV) manufacturers enter the market, and existing automakers are also launching new electric vehicles and trucks. However, as the industry rebounds, many planned cars will be at risk.
Harbour said: "Original equipment manufacturers will eliminate those models that are not profitable. What I am worried about is that with battery electric vehicles, many moldmakers will not be able to do so. OEMs are very uncertain and cannot predict that they will When to launch what product."

Harbour suggested that as the mold market shrinks, positioning for the future is important. She said: “Leaders need to promote marginalization and eliminate complacency. Equally important, moldmakers need to continue to make plans to compensate for weaknesses, maximize the use of technology and talent, and control costs.”