Who are the major players in the Automotive Industry?
The automotive industry deals with the development, manufacture, design, marketing and selling of motor vehicles. Automobiles have been around as early as 1769 in the form of steam engines that could be used to transport individuals from one place to another. Italy, United Kingdom, Russia, Germany, France, India, Brazil, Japan, United States and China are the top auto makers around the globe. Iran and Indonesia hold the potential to become the powerful automakers. Most of the sales of light vehicles have been made in emerging markets.
Bearings, Engines, Steering wheels, Tires, Seating, Brakes, Exhausts, Lighting, Gears, Shock Absorbers and Valves are all the different sectors that come under the automotive industry. Auto makers around the globe are looking to reduce the costs incurred and focus on improving the designing and quality standards. The global automotive tire market consists of passenger car tires, heavy truck tires including other segments. Currently North America dominates the tire market with nearly 30% of the global total.
The challenges that seem to be prevalent in this industry include economic uncertainties with regards to new technologies, long lead time and delay in production schedule, lower customer loyalty, and costly inventories. The recycling of automotive plastic parts is another big challenge. To overcome these hurdles the manufacturers have tried to offer newer and better services and find ways to innovate their products.
Bugatti Veyron Mercedes-Benz, Audi Le Mans, Super Sports, Aston Martin One-77, Lamborghini Reventon, Rolls-Royce Hyperion Pininfarina, Jaguar XJ13, Koenigsegg Agera R, Ferrari Enzo and SSC Ultimate Aero are few of the most expensive automobiles in the world. The other brands include Honda, Mahindra, Bentley, Chevrolet, Fiat, Ford, Volvo, Toyota, Suzuki, Renault, Proton, Navistar, Hyundai, Hummer, Daimler, Lexus, Land Rover, Mitsubishi, Skoda etc.
The latest trend to be witnessed in this industry is the initiatives provided by the government in favor of green vehicles. There has also been emergence in demand for electric vehicles in the global automotive plastic market. In the coming years the digitalization of automotive will continue grow and for this purpose all components of the vehicle which includes vehicles system, vehicle safety and vehicle connectivity will all continue to rise. In order for the automobile makers to succeed, they must develop effective customer relationship management and have a one on one relationship to understand better their customer needs. Also the manufacturers must integrate the demand and supply chains to make effective on time deliveries and prevent losing out on customers.