The Automotive Industry
The historical Industrial Revolution had introduced cars and automotive to the whole of humanity. With the people's discovery of the significance of cars in the daily lives of the people (the society), various car makers from different cultures have started to emerge at a very early time.
In the year 2007, millions of cars were recorded to be distributed all over the world. With this huge volume of cars, around 70 million were sold in the different parts of the world. In the earlier times, the whole automotive industry concentrated their efforts in first world countries like the United States of America, the United Kingdom, and Japan. However, the trend of selling automotive in the present time has changed. With the developing economies of many countries in Asia, the automotive industry has tapped this potential market. Without a doubt, a large percentage of car sales during the past three years are attributed to sales made in China, India, Russia, and Brazil.
During the year 2008, however, there was a dramatic drop in the sales of automotive and cars because of many economic factors. The continuing rise of oil prices and the increasing prices of raw materials have caused an adverse effect on many car manufacturers from different parts of the world. Nevertheless, seeing the uncontrollable economic forces have inspired some car makers to find solutions to the crisis faced by the whole automotive industry. With constant research and innovation, car manufacturers were able to develop fuel-efficient cars that use biodiesel gas and other environmentally-friendly fuel. This innovation has helped the automotive industry get back to its feet with its introduction of long-term low-cost solution to the increasing oil prices in the present market.