Page Length: | 10-12 | |
Last Quarterly Update: | 7/15/2024 | |
SIC Codes: | 3711 | |
NAICS Codes: | 33611 |
Chapters Include: | ||
Industry Overview | Trends & Challenges | Industry Forecast |
Quarterly Industry Update | Call Prep Questions | Website & Media Links |
Business Challenges | Financial Information | Glossary & Acronyms |
Companies in this industry engage in manufacturing complete automobile and light duty motor vehicles, as well as vehicle chassis only. Major companies include Ford, General Motors, and Tesla (all based in the US); along with Honda and Toyota (both based in Japan); SAIC Motor (China); Stellantis (the Netherlands); and Volkswagen (Germany).
The world's automakers face a rate of change unlike that of any other time in the industry's history. Digitalization, connectivity, evolving powertrain technologies, tougher regulations, and shifts in consumer attitudes have created unprecedented challenges as well as opportunities. In pursuit of sales growth, global automakers have invested heavily in emerging markets, but slower demand, especially in China, has highlighted the risks of these investments. Accurately assessing economic conditions in specific markets has become more important than ever for automakers.
Annual car sales grew to over 67 million in 2022, up from about 66 million in 2021, according to Statista. These figures reflect a downward trend due to the adverse economic effects of the COVID-19 pandemic. Demand in China will lead global growth but is slowing amid a cooling economy. Leading countries for car manufacturing include China, Germany, Japan, South Korea, and the US. Unit sales are highest in China, North America, and Western Europe.
The US automobile manufacturing industry includes about 230 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $300 billion.
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