No other invention has touched a great height of our society as automotive did. It has completely changed our lifestyle, altered our financial system, and redefined our everyday life. Without automobiles, our world wouldn’t have been anything like that of what it is now.
The automotive industry includes a broad variety of companies and organizations which do the work of designing, developing, manufacturing, marketing, and finally selling out vehicles, like motorcycles, towed vehicles, mopeds etc. It is one of the world’s most important economic sectors in respect of revenue earning.
Various factors, like getting expert laborers at a reasonable cost, low-cost materials, production, robust Research and Development (R&D) centers, and low-cost steel production support the industry. This is not all, the industry offers great prospects for investment opportunities, and also direct and indirect employment for the skilled and unskilled labor.
Because of its historical effect from the 20th century, the automobile industry carries an outstanding focus. Even though the automobile was initiated in Europe in the late 19th century, the US commanded the world industry till the first half of the 20th century by inventing bulk techniques for automobiles.
As the western European countries, including Japan, turned out to be the major producers and exporters in the later part of the 20th century, the situation changed sharply in the automotive industry.
The outstanding contribution of the automotive industry to technological advances was the beginning of all-out mass production. It is a process that combines accuracy, consistency, interchangeability, harmonization, and permanence.