The Development of Automobile Industry

With the rapid development of economic globalization, the automobile market in developed countries is becoming increasingly saturated. However, due to the rapid development of the national economy, developing countries' consumption structure is in an upgrade stage, driving the sustained and rapid growth of the global automobile industry. In the global auto industry landscape, international auto giants and local automakers have increased their capacity investment in developing countries, boosting the market position of developing countries in the global auto industry. The global auto production center has gradually moved from Europe and the United States to developing countries represented by China. According to the PricewaterhouseCoopers research report, global auto production has reached 108 million by 2018, an average annual increase of 5.6%. Developing country markets will become the main growth driver, accounting for 83% of the increase in production, of which China accounted for 40.4%, India 12.3%, Brazil 6.8%, and Russia 4.5%. The traditional automobile powers such as the United States, Japan, Germany, and France are affected by the economic crisis. The industry's overall development will be stable with the moderate recovery of the economy.

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