In this module, you will be learning more on Nehmeh Automotive Solutions.
Now lets look into the introduction to Automotive Aftermarket:
The automobile business is a capital and knowledge intensive industry that plays an important role in the country’s socio-economic development.
The development of a country’s economy is difficult to imagine without the growth of the automobile industry. In 2017, 73 million cars were produced in the world. This is a 25% increase in production from 2007. Cars are one of the world’s largest export products, surpassing oil revenues.
The industry is booming.
In recent years, the global share of the automotive industry in the GDP is increasing. The auto industry consumes steel, iron, aluminum, plastic, glass, carpeting, textiles, computer chips, rubber and much more. In the economy of developed countries, growth in the automotive industry by 1% causes a GDP growth of 1.5%. Indirect impact of the automotive industry on GDP is strengthened through related industries.
The share of the automotive industry in the GDP of developed countries ranges from 5 to 15%. Here are a few examples of some of the major global players:
- Germany: 14%
- Japan: 12%
- South Korea: 10%
These numbers are significant and clearly show the importance of that industry in large economies. The automotive business contributes to the expansion of taxable revenues, develops auxiliary branches and influences scientific progress.