Prepared for Suzanne M. | Delivered September 27, 2019
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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
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
sector in the United States.
The automakers in the country have exported vehicles and parts worth over
over the past five years.
The National Automobile Dealers Association highlighted in its 2018 review that new-vehicle sales reached
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
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
spent on R&D globally, almost a fifth ($18 billion) is spent in the United States.
The US auto market is becoming
. Analysts predict that over
worth of car parts and accessories will be sold using mobile phones in 2019. The figure reported in 2018 was just
. By 2022, smartphone sales are projected to hit the
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%