The automobile industry has a special impact on modern-day man’s daily life, which requires fast mobility with reliability. The rapid growth in the automobile industry has had its ebbs and flows. Currently, it is undergoing a recession globally.
The auto industry is evolving strategies and signing new contracts and joint ventures to stabilize itself and avoid further slump. Rationalizing taxation and customs policies is necessary to support enterprises producing automobile components.
Automobile and automotive parts & components manufacturers comprise a major portion of the automotive industry worldwide. The automobile manufacturing sector consists of truck manufacturers, motor vehicle body manufacturers, and motor vehicle parts and supplies manufacturers. This is engaged in manufacturing automotive and light-duty motor vehicles, personal utility transport vehicles and chassis, cabs, trucks, automobile and utility trailers, buses, military small and heavy vehicles, and the main parts of the motor vehicle engines.
In 1997, most automobile construction enterprises had passed through the lowest critical point. They began to increase production volume, restructuring themselves while considering consumer requirements, their solvency, and the overall economic situation. Thus, in the first six months of 1997, production volume substantially increased compared to the corresponding period in 1996.
The global automotive industry is highly diversified and includes different sectors like manufacturers, suppliers, dealers, retailers, original equipment manufacturers, automotive engineers, spray painters, motor mechanics, auto electricians, aftermarket parts manufacturers, body repairers, fuel producers, environmental and transport safety groups and even many of trade unions Page Design Pro.
The auto industry’s global leaders are the United States, Japan, China, Germany, and South Korea. The United States of America is the world’s largest producer and consumer of motor vehicles and automobiles, accounting for almost 6.6 million direct and indirect jobs. The automobile industry is one of the world’s most significant, employing 25 million people worldwide. This industry is largely dominated by the five giant automobile manufacturing corporations: Toyota, General Motors, Ford Motor Company, Volkswagen AG, and Daimler Chrysler. These corporations have a presence in almost every country of the world. They continue to invest in production facilities in emerging markets, namely Latin America, the Middle East, Eastern Europe, China, Malaysia, and other Southeast Asia markets. Many mainstream auto corporations have established their units worldwide to overcome certain production costs.
Engine parts form one of the largest segments of the automotive components industry. The latest trend in this sector is outsourcing engine functions to vendors who provide good comparative technological expertise. Recently auto industry has been going through its worst periods. The global giants are facing the toughest economic crisis. This also results in heavy losses to the workforce through lost jobs. Various factors behind this decline of the automobile industry have badly affected it. Nonetheless, it is hoped that this industry, an integral part of modern-day life and has stood the test of time in previous recessions, has the tenacity and the resilience to bounce back again.