Abstract
The automotive industry has come a long way since its starting with a horseless carriage in the 1860s. The automotive sector is regarded as an important driver of economic growth. The paper looks into the ongoing development in the automobile industry. The Asian market with its availability of large and cheap labor force and growing market has seen significant maturation, while the European market with its culture of research and innovation, and presence of major automobile companies have been able to draw growth from other parts of the globe, which has ultimately allowed them to maintain their stance in the market. There has been massive development in the automobile sector in recent years. But an increasing number of competitors, environmental laws and other multiple factors are affecting the industry. These factors need to be properly tracked as it plays a crucial role to predict the future market and helps in better understanding the automobile market to gain sustainable competitive advantage.
Highlights
There has been a remarkable development in the automotive industry with the changing business environment and innovative technology
With its vision of 2050, the European market is aiming for long-term sustainability of the automobile industry
According to AECA, there has been a significant decrease in the waste in European automobiles in terms of Volatile organic compounds (VOC), CO2, and water to obtain higher efficient automobiles with reduced environmental impact
Summary
There has been a remarkable development in the automotive industry with the changing business environment and innovative technology. The industry is constantly evolving and always finding new ways to make the manufacturing and production processes effective. The industry has been able to meet with the massive and diverse demands of consumers by careful management of its dependency in the specialized system and logistically handling the manufacturing process following lean, just-in-time and multiple innovative processes. There have been multiple changes in the Asian and European markets, which is driving the automobile industry. The advancement of technology has made a massive effect on the industry like the invention of self-driving. The transformation of the industry has caused changes in multiple policies and laws regarding the automobiles along with production, process and strategies followed in the automobile industry. The numerous changes within the automobile industry have caused drastic changes within the automobile market
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