It will not be immune, that's for sure.
Just as it was a few years ago, I think it will be the box shifters that will be hit the hardest. We could be left with a marketplace that is even more dominated by the major multinational brands than it is now. They are usually best placed to develop the innovation, not to mention ride out difficult periods in some markets and provide that extra style and image that draws buyers. Where once, we all looked to the box shifters for the best value for money, that seems to be no longer true.