Automotive Industry
The automotive industry, one of the most important industries in the world, has left its mark not only on the economy but also on the world cultures. The automotive industry is involved in the design, development, manufacture, marketing, and sale of motor vehicles.
More than 73 million motor vehicles, such as cars and commercial vehicles were produced worldwide in 2007 with a total of 71.9 million of new automobiles sold: 22.9 million in Europe, 21.4 million in Asia-Pacific and 19.4 million in USA and Canada. While markets in North America and Japan have stagnated, those in South America and Asia have grown, with the most rapid growth coming from Russia, Brazil and China.
The Automotive Industry produces automobiles and other gasoline-powered vehicles, like buses, trucks, aeroplanes, and motorcycles, but also electricity-powered vehicles, such as trains. Not only does it provide jobs for millions of people worldwide, but the revenues generated reach well over billions of dollars, providing the necessary base for a wide range of other service and related industries.
The invention of automobiles revolutionized transportation in the early 20th century, and the way people lived and commuted for pleasure or business was forever changed. Goods could be taken farther and faster, and new market areas were now opened to facilitate business and commerce.
Overall costs of production were brought to a minimum with methods such as mass production, meaning that several products were made at once, mass marketing- products were sold nationally not only locally), and last but not least, globalization of production assembling products with parts manufactured all over the world.
However, in 2008 due to increased oil prices the automotive industry is subject to pressures from higher prices of raw material combined to changes in the buying habits of consumers. Moreover, the industry is at the same time up against external high competition coming from the public transport sector, since consumers are just now starting to evaluate the use of their private vehicle.
In North America, the automobile industry is dominated by the famous Big Three:
- General Motors (producer of Chevrolet, Pontiac, Buick and Cadillac, etc)
- Chrysler (Chrysler, Jeep and Dodge)
- Ford Motor Co – (Ford, Lincoln and Volvo)
Unfortunately, the automobile also means related problems, like air pollution, the emission of gases leading to imminent global warming, traffic, not to mention fatalities. Nevertheless, the automotive industry is still an important source of employment and transportation for billion of people all over the world.
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Vladimir Gonzalez –
About the Author:
I have studied economics for years and love to write about economic trends and conditions. I write for www.economywatch.com and www.economypedia.com.