The automotive industry has become extremely popular in the current generation and it now sees an excessive demand that is supported by a huge increase in the supply. This industry has managed to ease transportation throughout the globe which is the reason for its extensive growth. The world depends highly on the automobile industry for most of its work as transportation is a big part of every existing industry. From trucks to cars and motorbikes, everything comes under the automobile industry and without it, the current generation would not have reached the heights that it has reached now. Therefore, there’s a lot to learn about this industry right from its origin, history, growth to its future.
Where did the automotive industry originate from?
The automotive industry typically originated during the 1860s and 70s when gasoline engines were developed for the first time. This happened in Germany as well as France which is why these countries are the ones who are known for originating the automotive industry. Sooner, the British and the US forces joined them and started producing automotive largely as well. After the origin, mass production made automotive into a massive industry that has gained extreme heights in the current time.
How much has the industry grown recently?
The automobile industry has seen significant growth ever since it originated in the 1860s. Since then, the industry has been growing rapidly without any stop and is still growing currently. This industry has so much potential that even years of continuous rapid growth cannot prevent it from growing even further. The automobile industry makes about 60 million or more cars and trucks annually and it has also generated employment opportunities for over 4 million people. This massive growth has seen no stop but the recent coronavirus pandemic has temporarily slowed down the progress.
Why is this industry growing so rapidly?
There are various reasons why this industry is growing so rapidly. First of all, the automotive industry originated in the 19th century. However, it was not easily accessible to the common public due to the high prices. It was around the beginning of the 20th century when this industry became more accessible to the people and its growth shot up unimaginably. This happened because the world had never seen such a convenient transportation method that could help them commute longer distances without any difficulties. It changed everyone’s lives and made transportation accessible to everyone, making life simpler. The automotive industry changed everyone’s lifestyles worldwide and this change was accepted wholeheartedly. With the growing dependency on automobiles for transport, the industry keeps growing rapidly with no stops.
What is the future of the automotive industry?
The future of the automotive industry is also quite bright since people are heavily dependant on cars, trucks, bikes, and more for transportation. It is a personal need for the people and contributes towards a major part of all industrial processes, i.e., transportation.
The automotive industry will keep growing to make lives even easier!