Despite their recent rebound in the auto industry, the auto parts manufacturers in Canada have fallen from the global rank of top 10 quality manufacturers.
A report carried by Bank of Nova Scotia said that while the rest of the world is gaining momentum in terms of sales in vehicles and auto parts, the auto parts manufacturers in Canada are completely lagging behind from the competition.
“Canada saw what’s coming for them. There were lot of opportunities awaiting for them to display their marketing strategies. But they failed to explore the potential market in Asia and Latin America. An auto part is a booming market since the last decade. And irrespective of any car manufacturer, the global leaders have proved their worth in marketing auto parts," said Carlos Gomes, Senior Economist at Bank of Nova Scotia.
"Except the Canada, which was positioned at number 6th position is now struggling to regain their place in the top 10. Still there’s lot of time left for the local auto parts manufacturers to come up with their own strategies,” Gomes added.
Even after their debacle in terms of losing their quality status, the Canadian auto manufactures have posted an impressive growth in the opening months of the year. The statistics show that the market has seen a profit of more than $20 billion, which is their highest since 2008, but the whole scenario changed when the country started to face economic crisis in the later years.
“Even during the toughest years due to the economical crisis, Canada still manages to regain their status in the global auto market. There was this time when any car produced outside North America were fitted with auto parts manufactured in Canada. But now I don’t think this is a reality. During the economical debacle, Canada was overtaken by Korea, Spain and China and they were also positioned in top 10. Canada could definitely bring in a perfect strategy to see some improvement in their exports,” said Gomes.