Global Automobile Industry Impacting Economy Growth

HONG KONG, China - Dec. 7, 2022 - PRLog -- The global automotive industry is the major contributor to the global manufacturing industry. It is one of the world's largest industries by revenue. It is also the industry with the highest spending on research & development. For many decades US has led the production market of the automotive industry. But with time almost all regions and countries GDP is highly dependent on the automotive industry of the nation. In 2021, 79.1 million motor vehicles were produced around the world, an increase of 1.3% compared to 2020.The overall vehicle production of passenger cars increased in the year 2021 by 2% as compared to the year 2020. Asia-Pacific region saw an increase in production by 7%, Africa by 8%, but North America and Europe saw a fall in the production of passenger vehicles by 10% and 7% respectively in the year 2021.

COVID-19 Impact: The COVID-19 restrictions that resulted in a double-digit decline in sales due to the suspension of vehicle production and sales worldwide also had a significant negative impact on the automotive industry. Later in 2020, the market was also negatively impacted by supply chain disruptions, which are anticipated to persist into 2021. However, the auto industry is recovering faster than expected, partly due to consumer trends favouring personal mobility over shared and public transit.

Further Key Findings
§  Artificial Intelligence:  Artificial intelligence (AI) application in automobiles enables drivers to improve safety. Several contemporary vehicles, such the 2022 Toyota Tundra, use this technology and automatically turn on their lights when it is dark. Headlights fade when they detect approaching vehicles.

§  Increasing Demand for Electric Vehicles: The new trend of global automotive industry is moving towards the increased production and sales of electric vehicles and hybrid vehicles across all the regions. Rise In Innovative Subscription-based Vehicle Usership (Not Ownership) Models has also become a key trend in the global automotive industry. New car sales might be in trouble on boom times for used cars in 2021.

Makreo Research has published a study on Automobile industry, report titled "Global Automobile Industry Production and Demand – Regional Trend Assessment" is a detailed study that covers regional assessmenta also.

Report Link-
> https://www.makreo.com/report/global-automobile-industry-production-and-demand-regional-trend-assessment-edition-2

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