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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