The UK’s car industry is worth PS78.9 billion, which is equivalent to more than PS15 billion a year and contributes more than 15% to the UK economy. By 2030, the global automotive industry is expected to be worth $9 trillion. The car industry has changed as a result of changing consumer needs and wants. It is now more fashionable than ever to buy a car based on a trend. Upstream activities within the auto industry will be worth $60 billion in value by 2035.
Automotive aftermarket worth $273.4 billion in 2017
The automotive aftermarket is a growing industry, estimated to be worth $273.4 billion in 2017. This represents a 35 percent increase from four years ago, according to the Automotive Aftermarket Suppliers Association. While the industry is a complex one, it is important to keep in mind that most consumers consider the environment when shopping for a new vehicle. The following are some of the main factors that make up the automotive aftermarket industry.
Profit pools will generate 40% of car industry profits by 2035
By 2035, more than half of all profits will be made by emerging profit pools, such as battery-powered electric vehicles (BEVs), data and connectivity services, on-demand mobility offerings, and autonomous vehicle components. The decline in new car sales is likely to accelerate the shift to these emerging profit pools, which are expected to generate nearly half of industry profits by that date. The car industry is likely to experience a long, slow decline in profits from traditional profit pools – especially as the growth of new cars slows.
Exports from the United States were worth $60 billion in 2017
The United States exported 1.8 million light vehicles and 131,200 medium and heavy trucks in 2017. In 2017, the country’s automotive exports totaled $60 billion. The …
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