Technology
is reshaping the global automotive manufacturing industry. Certain vehicular
features that could only be imagined have now become a reality. These
technological companies provide a much required ground for companies to enter
this industry. New opportunities have been provided to the automobile
manufacturing companies. Technology has not only made the industry dynamic but
also changed its entire landscape. Manufacturing sites are becoming more
advanced, produces smart automobiles with utmost cost effectiveness and
efficiency. According to the study, ‘Automotive
Manufacturing Global Industry Guide 2013-2022’ the global automobile
manufacturing industry includes the manufacturing of trucks, passenger cars and
motorcycles. The trucks market is further divided into light commercial
vehicles, heavy trucks and buses & coaches. Region wise, the market was led
by Asian region followed by Europe and North America.
There
are multiple trends that are driving this industry. Developed countries all around
the world have a high penetration of vehicles whereas some fast paced economies
such as India and China have quite lower number of cars per 1000 people. Thus,
in the recent decade companies are trying to shift their focus from developed
saturated markets to potentially high growth markets. The companies form
conglomerates in developed countries and face a fragmented competition in the
developing countries and hence companies in the developing markets tend to
operate themselves with the objective of gaining maximum market share. Some of
the major trends that will still continue hinder the automotive industry is
increasing regulation especially because of rising environmental concerns and
also due to rising problems of energy constraints. The future is set to hold
tighter emission norms for manufacturing companies and simultaneously improving
the efficiency of the vehicle to travel large distances with less amount of
fuel. Due to these constraints many companies such as Tesla are trying to come
up with electricity powered vehicles and gain the first mover advantage.
Similar to other industries, companies that would be able to provide efficiency
in their products, better design, innovation and distribution mechanism would
be able to emerge as the market leader.
Some
of the major companies in the global automotive manufacturing industry are
Ford, Toyota, Daimler, Nissan, Renault, General Motors, Hyundai, Honda and
Tata. These companies have acquired major share in the market due to cutting
edge technology and improved efficiency, while Tesla is an automotive
manufacturer that focuses on production electric vehicles. The Tesla Model S
and Tesla Model X have become very popular primarily due to their design and
extreme efficiency even though being electricity driven.
The
growth in this automotive manufacturing shall be driven by many key drivers.
These include rising population, rising disposable income and improving
standard of living. New companies that are trying to enter this space shall
have to face tough competition from the existing companies that have become
huge corporations and some of them have been operating for the past century.
The overall competition scenario is quite concentrated with only few companies
operating at full capacity. The growth in this industry will be immense in the
coming years which shall be complemented with enhanced technology.
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