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 two American companies and one Chinese firm made it into the list of major motor vehicle manufacturers in 2018, and the automotive supplier industry was dominated by European and Japanese players such as Bosch, Continental, and Denso.
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 automotive sector. China is projected to lead the market by 2040. Chinese customers are tipped to purchase about 14.5 million autonomous vehicles in 2040.