Modern Structure Of The Automotive Industry
The automotive industry is an industry where motor vehicles designs
, develops, manufactures, markets, and sells. Basically the world's motor vehicles industry. In 2008, more than 70 million motor vehicles, including cars and commercial vehicles were produced worldwide.The EU is the world's largest producer of motor vehicles. The automotive industry is therefore central to Europe's prosperity. It is a huge employer of skilled workforce and a key driver of knowledge and innovation. It represents Europe's largest private investor in research and development. It also makes a major contribution to EU's Gross Domestic Product, and exports far more than it imports.
In 2007, a total of 79.9 million new automobiles were sold worldwide: 22.9 million in Europe, 21.4 million in Asia-Pacific, 19.4 million in USA and Canada, 4.4 million in Latin America, 2.4 million in the Middle East and 1.4 million in Africa. The markets in North America and Japan were stagnant, while those in South America and other parts of Asia grew strongly. Of the major markets, China, Russia, Brazil and India saw the most rapid growth.
The automotive industry crisis of 2008-2010 was a part of a global financial downturn. The crises affected European and Asian automobile manufacturers, but it was primarily felt in the American automobile manufacturing industry. The downturn also affected Canada by virtue of the Automotive Products Trade Agreement The automotive industry was weakened by a substantial increase in the prices of automotive fuels linked to the 2003-2008 energy crisis which discouraged purchases of sport utility vehicles pickup trucks which have low fuel economy.
In 2008, with rapidly rising oil prices, industries such as the automotive industry, are experiencing a combination of pricing pressures from raw material costs and changes in consumer buying habits. The industry is also facing increasing external competition from the public transport sector, as consumers re-evaluate their private vehicle usage. China became both the largest automobile producer and market in the world after experiencing massive growth in 2009.
The automotive industry is no stranger to change. Many of the changes occurring in the global marketplace today - tightened credit markets in a capital-intensive industry, declining consumer confidence, increased government involvement - are the most recent manifestations of this reality.
The combination of these new realities with familiar industry challenges such as volatile raw materials costs and fuel prices, tighter regulations, capacity and sourcing challenges and the need to satisfy consumer demand for cleaner, greener cars, have combined to create a business environment that has had a profound effect on the global automotive industry.
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