To understand the automotive industry and the trends surrounding it.
- In 2018, US light-vehicle sales reached 17.2 million units.
- The United States is the world’s second-largest market for vehicle sales and production.
- The revenue per utility vehicle auto brands pocketed in Q1 2019 skyrocketed from $800 to $33,100 compared to the same time last year.
- According to the American Automotive Policy Council, the automotive industry is the largest manufacturing sector in the United States.
- The automakers in the country have exported vehicles and parts worth over $692 billion over the past five years.
- The National Automobile Dealers Association highlighted in its 2018 review that new-vehicle sales reached $1 trillion.
- The Automotive Aftermarket Network estimates the value of the aftermarket segment, which includes over 530,000 individual businesses serving light, medium, and heavy-duty vehicles, to go over $400 billion in 2019.
AUTOMOTIVE INDUSTRY: FUTURE TRENDS
- The automotive industry is at the forefront of innovation. New R&D initiatives are transforming the industry to better respond to the opportunities of the 21st century. According to Auto Alliance, of the $105 billion spent on R&D globally, almost a fifth ($18 billion) is spent in the United States.
- The US auto market is becoming more digital. Analysts predict that over $7.4 billion worth of car parts and accessories will be sold using mobile phones in 2019. The figure reported in 2018 was just $5.8 billion. By 2022, smartphone sales are projected to hit the $13-billion mark.
Car subscription will become the primary alternative to private vehicle ownership. When it transpires, car subscription programs would command 23.9% of the share, while ride-hailing and car-sharing would only have 1% and 0.8%, respectively.
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