Automotive

The automotive industry is a wide range of companies and organizations involved in the design, development, manufacture, marketing, and selling of motor vehicles. It is one of the world’s most important economic sectors by revenue. The automotive industry does not include industries dedicated to the maintenance of automobiles following delivery to the end-user, such as automobile repair shops and motor fuel filling stations. Around the world, there are about 806 million cars and light trucks on the road, consuming over 260 billion US gallons of gasoline and diesel fuel yearly. The automobile is a primary mode of transportation for many developed economies. The Detroit branch of Boston Consulting Group predicts that, one-third of world demand will be in the four BRIC markets (Brazil, Russia, India and China). Other potentially powerful automotive markets are Iran and Indonesia. Emerging auto markets already buy more cars than established markets. According to a J.D. Power study, emerging markets accounted for 51 percent of the global light-vehicle sales. The study expects this trend to accelerate.