The pandemic created huge shifts in demand by both businesses and consumers, resulting in unprecedented supply chain disruption that hit technology manufacturers particularly hard. The sharp decline in demand experienced by the automotive industry, followed by a sooner-than expected recovery, strained chip and electronic component manufacturers’ ability to respond. At the same time, manufacturers of consumer electronics and other technology products experienced a steady surge in demand that further strained the supply of critical components, delaying production and resulting in shortages of popular products.
