The auto industry has reached a crossorads
As our Statista Dossier on the impact of COVID-19 on the automotive industry intends to outline, the fate of the industry seems to rely on how fast production will be ramped up following the coronavirus outbreak in the winter of 2019/2020. Amid the outbreak of the pandemic in China, many factories were closed and no new vehicles were rolling off the assembly lines in Wuhan. Work stoppages resulting from outbreaks continue to affect the industry on a global scale, although factories have reopened in many markets.
Mass production of automobiles started in the early 1900s, when Ford introduced assembly line car production to mass-manufacture its Model T. Today, the Ford Motor Company still ranks among the leading manufacturers of passenger cars, its most popular passenger light truck model being the Ford F-Series, which was also one of 2019’s best-selling light vehicles worldwide. Surprisingly, only one American company made it into the list of major motor vehicle manufacturers in 2019, and the global automotive supplier industry was dominated by European and Japanese players such as Bosch, Continental, and Denso.
Environmental regulations are becoming stricter
Prompted by global initiatives such as the Paris Agreement, several countries around the globe are enacting stricter emissions controls on new vehicle models. As such, automakers are beginning to expand their business into the electric mobility sector. Every third new car sold is anticipated to be propelled or assisted by an electric battery by 2025. Over the next decade, mobiliy services and autonomous vehicles are set to stir up yet another revolution in the auto sector. China is projected to lead the market by 2040 with projected autonomous vehicle sales of 14.5 million units.
This text provides general information. Statista assumes no liability for the information given being complete or correct. Due to varying update cycles, statistics can display more up-to-date data than referenced in the text.