The Original Equipment Suppliers Association’s (OESA) Supplier Barometer Index rose by 14 points to index at 67 in Q4, compared with 53 in Q3 amid supplier optimism.
The OESA report also detailed that most automotive equipment manufacturers had improved their outlook about the last quarter, compared to Q3 as production has begun to rebound. However, suppliers are still struggling to bring their entire workforce back to the factories, creating an inability to meet consumer demand.
Most companies also underwent capital restructuring during the third quarter to ensure the sustainability of their business. North America and China are forecasted to see a rise in capex spending, while Europe and other Asian countries may not see this growth, OESA noted.