Changes are occurring in all the fields tremendously. Particularly, the development in the transport industry is remarkable. A wide improvement has occurred and the means of transport is much developed when compared with the recent past. It is because of the automotive industry that is producing the vehicles in large number that could facilitate the transport system.
Automotive and economy
There is always a connection between the automotive and the local and global economy. It is because; this industry is producing cars that are most wanted and highly exporting products in the world. This leads to surpass the oil revenue and helps in the world economy. It also acts as an innovator and makes them invest more than 84 billion Euros in research, development, and production.
Being one of the world’s largest industries, automotive provides an overall 3.5% of GDB and contributes to the nation’s economy. This industry acts as a key sector of the economy for all the major countries in the world. it provides job opportunities and offers placement for many people and thereby helps in the improvement of the individual’s economic status. This industry is growing every day and the need also remains static.
What are all the key segments in the automotive industry?
The key segments in the automotive industry are
Light vehicles: this consists of the motorcycles and cars that are used for business transportation that involves goods and people. SUVs, passenger cars, minivans, and pick-ups are all examples of light vehicles.
Buses and Trucks: These vehicles are purely for commercial purposes and helps in the transportation f goods and people. Coaches, trailers, and heavy buses are examples.
Agriculture and Construction: The vehicles that are used in industrial machinery, mining, and involving in agricultural and construction transportation comes under this category and include earthmovers and commercial vehicles.
Electric cars and plugged-in hybrids: These are associated with single or several electric motors. They use electrical energy that is stored in the form of batteries to function. The electric motors are capable of providing instant torque in electric cars and create a stable and smooth acceleration.
Autonomous Vehicles: These are self-driving or robotic cars that can navigate without human output and they remain successful in using global positioning systems, radar, and computer vision to detect their surroundings.
Benefits of the automotive industry
The automotive industry gives rise to the automobile industry that can produce vehicles in large numbers. This helps the people to reach their destinations earlier. The traveling time is saved with the help of the vehicles.
The technology helps in inventing new types of vehicles and made the industry a profitable one. Several changes are adopted by this industry to meet up today’s needs and efficiently run the industry.
This industry increases the quality of life by increased mobility and concentrates on comfort and safety. Several job openings are offered and also help in the skill development. It enables the people to travel much farther in a short time. it is unimaginable to lead a life without vehicles that became a part of human life!