
Will the global automotive market continue to grow?
It is projected that the global automotive industry will grow to just under nine trillion U.S. dollars by 2030. It is anticipated that new vehicle sales will account for about 38 percent of this value. Globally, Volkswagen Group and Toyota Motor are the leading carmakers in terms of revenue. The Japanese auto giant generated almost 250 billion U.S. dollars in revenue in 2020, while Volkswagen raked in a little more than 245 billion U.S. dollars. The U.S.-based Tesla has also recorded a steep growth throughout 2021, as the brand with the highest brand value growth worldwide across sectors. Electric vehicles have gained popularity in the past years, with their use increasing over threefold between 2016 and 2019, including battery electric and plug-in hybrid units.The auto industry has reached a crossroads
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Mass production of automobiles started in the early 1900s when Ford introduced assembly line car production to mass-manufacture the 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 2020's best-selling light vehicles worldwide.