This whitepaper looks at the economic impact of the novel Coronavirus and attempts to gage possible global consequences, especially in the automotive and tourism sector. Compared to previous estimates, combined sales of passenger cars and motorcycles in China are estimated to decline by 69%. We estimate that the market of Travel & Tourism will decrease by 34.7% worldwide as an impact of the novel coronavirus, resulting in a reduction of worldwide revenue in Travel and Tourism from US$685.1 billion in 2019 to US$447.4 billion in 2020.
The COVID-19 outbreak has had a major impact on several industries worldwide. Mass lockdowns and work suspensions have strongly affected companies in China, especially those in the sectors of catering and accommodation, traditional retail trade, leisure, and manufacturing. The COVID-19 outbreak in 2020 may have a positive impact on the online food delivery revenue in China with a growth rate of 16.4% compared to 2019.