Automotive vehicles have been around for more than a century now and there have been a lot of changes in that department. Since 1913, the automotive industry has undergone several changes that have constantly been for the improvements. We have come so far from using combustion engine of yesterday to power steering of today.
Today, automotive industry is one of the largest grossing industries in the world. It accounts for a total of 3.5% of the US’s GDP. In 2018, the industry made over $250 billion that contributed to the US economy growth. In 10 years, the US automotive market is set to hit $6.7 trillion.
It is of no doubt that the US has the largest automotive market in the world and it is also the world’s second highest manufacturer by volume. With that rate of immense production, it is expected to reach 12 million by 2025.
Electric vehicles are the future now and it looks bright. Tesla has contributed to a lot to the autonomous vehicles which can put an end to the gas and diesel consumption in automobiles. Self-driving cars can save up to 250mh to commute from one place to another.
Take a look at the following infographic for more details.
Infographic by: tactqinsights