Auto Industry Influencing Economy And Job Market
The Auto Industry can be best termed as the engine of the economy all over the world
. It has been contributing towards the economy of all the major manufacturing countries worldwide. It is not only having economic effects but also providing countless job opportunities. The global automotive industry is highly diverse and comprises of various product segments like engine parts, drive transmission and steering parts, suspension & braking parts, electrical parts and other auto components.Autos industry covers a wide range of vehicles like luxury cars, passenger cars, specialist vehicles, motorcycles, scooters, and off-road vehicles manufacturers & dealers of automobile components and accessories, car-care products, environment and safety equipment, garage and service equipment, moulds and dyes, oils & lubricants, petrol vending machines, tires, batteries and auto electrical, upholsteries and much more.
With the help of automobiles, people are able to travel much faster and much easier and has opened wider business and commerce opportunities. The auto industry has led to the reduction to the overall cost of transportation by utilizing methods such as making several products at once, rather than one at a time, selling products nationally rather than locally and globalization of production. In the early days of its inception, this invention had to face many problems. There was no real established industry and the manufacturing processes involved were slow.
With the expansion of base of automakers and buyers globally, auto making became the world's largest manufacturing activity. Now this industry is making approximately 58 million new vehicles each year all across the globe. The diverse mobility offered by the automotive industry allowed remote populations to interact with one another, which increased commerce. The transportation of goods to consumers and consumers to goods has become an industry in itself.
Vehicle emissions are the single most rapidly growing source of the carbon emissions contributing to global warming, yet the government and automakers have refused to act. Still the automobile industry continues to be an important source of employment and transportation for millions of people worldwide. The automobile industry directly influences the economies of the United States and other countries around the world. In a typical year, the U.S. automobile industry generates between 12 and 14 percent of manufacturers' shipments of durable goods.
The automobile production consumes large amounts of iron, steel, aluminum, and natural rubber. Many other industries support the automobile industry. These include the insurance, security, petroleum, and roadway design and construction industries. Still other industries, such as motels, drive-in theaters, and fast-food restaurants, owe their existence to the mobility provided by the automobile.
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