The Automotive Industry
代写经济essay However, Singh (2021, n.p) suggests that an 8% increase in global automobile production and sales is anticipated, an increase that
The automotive industry comprises semi-autonomous industries producing different components that are assembled to create automobiles. Most of these components, however, are geared towards making both personal and commercial vehicles. Some of the industries summating to the production of cars include battery manufacturing companies. Tyres manufacturing companies, body and chassis production companies, Engine production companies, among other companies.
These companies work concurrently to ensure that final vehicle assembly is achieved. The automobile is among the most diverse and technologically equipped industries due to its evolution from air-powered tricycles to the current gasoline and electric-powered vehicles. Consequently, the global automotive industry has expanded to meet the rising demands for automobiles. Hence, the paper shall focus on the key drivers to the worldwide expansion of the automobile industries, focusing on the role of labor, market consumption, and technological advances.
The automotive industry produced and sold about 100 million units by 2019 (Knoema 2021, n.p), with passenger vehicles leading the production statistics in the last ten years. 代写经济essay
Knoema (2021, n.p) suggests that Europe and North America are the leading automobile consumers. With about 40 million units sold in the two regions by 2019. These sales translate to about $1 trillion global sales for vehicles worldwide, with passenger vehicles leading with sales of over $900 billion (Knoema 2021, n.p), contributing to an over 30% increase in sales revenue in the last ten years. However, automobile demand has declined over the previous two years due to market contraction in the major automobile markets (Europe and North America. Also, the COVID-19 pandemic resulted in the partial closure of automobile companies leading to a decline in automobile sales worldwide.
Knoema (2021, n.p) suggests that electric vehicles' demand in the last year also reduced the market share for gas-powered automobiles with over 7 million EV units in the market and by 2019.
However, Singh (2021, n.p) suggests that an 8% increase in global automobile production and sales is anticipated, an increase that would overtake the Pre-COVID (2019) statistics. According to the researcher, vehicle production companies are anticipated to reinvent their marketing strategies to increase their market shares. More emphasis is expected to be invested in digital marketing to enhance broader markets reach. Summarily, the researcher suggests that technology optimization in the automobile industry would be critical for its resuscitation.
The complexity and diverseness of the automobile industry demand a constant supply of inputs and monitoring of market forces to determine market expansion strategies . That would increase the sales revenue. According to Bharawadj (2015, p. 33), the automotive industry is vital for the global economy. The researcher states that the enormous investments pumped in the sector open avenues for employment opportunities and technological innovations as calls for sustainable innovations to reduce vehicle emissions and efficiency increase and dominate the world forums. Therefore, it implies that globalization of the automobile industry relies on three key aspects: labor, market consumption, and technological innovations.
Labor
According to Cody (2015, p.1), labor is an essential input for the automobile industry's continuity.
The researcher states that the automobile industry serves as a crucial source of labor for many people. The researcher exemplifies the US and German automotive labor forces cases and says that the automobile industry was considered the best employer in the two countries in countries. The researcher attributes the early automobile industry to the increased vehicle demand prompting massive employments in the sector. However, the researcher also notes that recent advancements in robotics and computer and technology in vehicle design have slashed the need for human labor. The situation, however, opens an avenue for employment of the skilled personnel to handle and tune these industries.
There are critical labor factors that influence the globalization of the automotive industry. According to Cody (2015, p.1), job security attracts more labor force. According to the researcher, job security linearly increases the distribution of salaries and wages. Therefore, the vastness of the automotive industry requires a constant supply of labor; thus, increasing and job security would aid in its globalization.
The researcher exemplifies Germany and the US's automotive market and indicates that Germany has a relatively stable and automotive industry attributed to high levels of job security of its workforce. The researcher also states that the economic depression of 2008 adversely affected the US automotive industry compared to Germany hence causing the stability of the German automotive industry. Conclusively, the availability and supply of skilled labor aids in the globalization of the automotive industry.
The Role of Technology 代写经济essay
Technology plays a vital role in the automotive industry; since automobiles' inception in the transport sector, there are numerous developments centred on ensuring cars' comfort and safety. According to Qiu (2013, p. 8), the Chinese automotive market's exponential growth is due to the technological innovations embraced in vehicle manufacture. Consequently, the Chinese market has attracted substantial foreign investments from key players in the automotive industry.
According to the researcher, the Chinese automotive market exponentially grew by over 15 million automobile units between 2001 and 2011, making China the biggest producer and consumer of automobiles. However, the researcher states that the use of technology in the automotive industry depends on the internal manufacturing environment and policies. For instance, Qiu (2013, p. 10) says that since the onset of globalization in the late 20the century. Most countries' business environment favored automobile entities' merging. For example, the joint ventures between Toyota-Nissan signified that these companies could exchange technologies and increase their holding stocks, thus increasing vehicle sales.
Additionally, the researcher states that the development of hybrid vehicle technologies is also a key innovation in the vehicle industry—calls for environmental sustainability fuel electric vehicles' development among other low emissions to reduce the greenhouse effects. The researcher further states that tax incentives on technologies also encourage globalization of the automotive industry. I
n the US, for example, the researcher says that low emission vehicles have a 20% tax relief, a move that resulted in an increase of 20% car sales and reduction of carbon emissions by over 700,000 tons. Also, Qiu (2013, p. 11) states that lowering import tariffs in China at the onset of globalization led to the formation of regulations that allowed companies automotive companies to function as joint ventures and establish research and development facilities technological developments in the automotive industry.
Consumption
Innovations in the automobile industry directly impact consumer behavior. According to Shaikh et al. (2016, p.1).Innovations directly affect the market competitiveness of products. The researcher states that sustainable innovations in the automobile industry focus on understanding and meeting market need to ensure . That the products meet the vehicle's quality aspects and provide excellent customer services to the customers. According to the researchers, innovations that feature in the main markets are always customer oriented. Thus, consumption linearly increases the globalization of the automotive industry. As earlier discussed, for example, electric vehicle sales increased due to consumer behavior and attraction towards technology.
In conclusion, the automobile industry's globalization depends on the technologies employed. Understanding of market consumption strategies, and management of labor. The discussions above feature the importance of the mentioned aspects in the industry's growth while focusing on the growth impacts of the industry. Notably, technology and market needs are the key drivers towards the globalization of the industry. Companies, therefore, ought to invest in technology and market research to increase their fiscal revenues.
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