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Future of 2020 Automotive Industry - Research Paper Example

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The automotive industry is in the midst of considerable alteration, with rising challenges in customer demands, growth of technology, globalization, amalgamation, and collaboration. This industry is a very strong pillar that supports the world financial system. It affects all…
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Download file to see previous pages of the global financial crisis have been noticeable since early 2008, and the crisis has by now proved itself to be the most horrible economic crisis. It is almost similar to the Great Depression of the 1930s. The economic crisis had been impending for some time, ignored by many, due to the accomplishment of an extremely limited amount of products, like light trucks and sport utility vehicles (SUVs). At this point, it is apparent that the automotive service sector, which is one of the leading service industries, is struck hard by the current economic and financial crisis. With global financial crisis as a starting point, the arrival of a new atmosphere in automotive business sector is expected. There is increased necessity to predict future prospects and to be ready for it. Clubbed with the current global crisis, various other factors too have largely affected automotive business; for example, problems related to energy, sustainable growth, technology growth, aging, natural tragedies, etc. Environmental alterations in the automotive business affect each part of the business, which include its structure and size, its positions and even more than that. Besides global economic crisis, on the whole, change is required to revamp the industry, to and to overcome all the troubles. The unexpected changes required in automotive industry must be established with a long-term view covering specific areas like generating new business, technology growth, organizational development, etc. There are also various other factors that influence the crisis in automotive industry. Those are long term and short term factors. The short-term factor is simply the unexpected and huge collapse of sales. In an industry or business with high level of fixed costs, this brings a dramatic effect on the companies. The preceding assessment of the impacts of the economic crisis, and the solutions for the problems, point out to the following conclusions:
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