The automotive industry refers to the broad sector of the economy that encompasses the design, development, manufacturing, marketing, and selling of motor vehicles. This industry includes a variety of companies and organizations involved in the production of all types of vehicles, including cars, trucks, buses, and motorcycles, as well as the components and systems that support their operation, such as engines, transmissions, and electronic systems.
The automotive industry is a significant contributor to the global economy, providing employment opportunities and driving technological advances in areas such as safety, fuel efficiency, and environmental sustainability. It also includes related services such as financing, insurance, and repair services. The industry is characterized by its complex supply chains, which involve numerous suppliers and manufacturers across different regions.
In recent years, the automotive industry has been undergoing significant transformations with the rise of electric vehicles, autonomous driving technologies, and an increasing focus on reducing environmental impact, influencing both production methods and consumer preferences.
BYD, a leading Chinese EV manufacturer, entered the Japanese market in 2023 and rapidly increased sales, surpassing Toyota with 2,223 units sold by 2024. The transition from traditional vehicles to…