The Automotive Industry in the 21st Century Essay

The Automotive Industry in the 21st Century - Essay ExampleThis industriousness is of gravid economic meaning to various countries that have exploited it largely for trade and employment creation. It is also unambiguous that the industry has largely experienced change and improvement in technology, though to a limited extent. The trip note from European Case Clearing House (ECCH) on the railcar industry covers the social and governmental significance of the automobile industry within the first ten years of the 21st century. It gives information on the challenges faced by the industry in the constant profit making process at individually stage. It also gives details on the value chain involved in the industry. Challenges in the introduction and make of new technology are also given a wide view, including the rigidity in the drill and use of particular raw materials.The competition in the industry has been on with different innovations emerging, as a result. More improvements h ave been seen, which has brought a variety of commodities for consumers to choose from. The major players in the field include the universal motors company of the United States, Toyota Motor Corporation of Japan, Hyundai motors of South Korea, Renault of France among others.Background Background The development automobile traces its logical argument late in the twentieth century. Entrepreneurs and engineers dealing in machinery in Europe and the US geared its progress. The countries include Germany producing their first car, France, United States and Japan, which also made their first cars between 1890 and 1914. 1) Scale and economic importance of the industry The industry scale is one that can be termed as large in a ecumenical view. This is because it ranges from large-scale manufacture of cars and car split widely spread in renowned nations such as China, Japan, USA, Germany, UK, among others. It is global since the trade barriers reduction has encouraged wide investments in the emerging markets (Mitchell, Borroni-Bird & Burns, 2007). Most manufacturers export their automobile products and some kept for their domestic markets. There is various economic importance of the industry being exhibited worldwide. To get off with, it provides market for fuel producing industries. All automobiles require fuel or energy to propel them. Petroleum is the roughly widely used fuel by most automobiles. Petroleum refining industries, therefore, market their products to the automobile users. full-strength steel has been used constantly used in the bodybuilding, as explained by Constable and Procter (2007). Another sphere of influence that has developed is employment creation. For instance, in Germany, the sector provides for not less than 14 percent of people occupied in the manufacturing. The world has, to a significant extent, experienced unemployment problems in the 21st century motor fomite industry has helped curb the problem through employing engineers, entrep reneurs, and managers, sales personnel among other professionals on permanent and daily basis. The industry is a major source of income. Innovation in the automobile industry has led to an add in flexibility and mobility of cash inflow to the various countries that deal in the industry. Marketing of the products and their spare parts locally and abroad generates cash. It can be noted that the industry is a major global driver of growth. 2) The static technology of the industry and factors that make it difficult for the industry to change to technology Technological innovations in the automobile sector has been rather static due to various factors including safety, risk of job loss, and