New Revival of Auto Industry after Financial Crisis
The latest recession has hit us hard on every aspect of our lives and consumption of cars was not different. Car selling had dropped significantly during this period. The situation grew worse and the government had to come forward to bailout the automobile industry.
The crisis in the auto industry started during 2003-2008 when the gas prices shot up. The bad time continued and the industry took the worst hit when the economy plunged into the worst economic slowdown of the recent times. Companies, which were there for many years like - Chrysler and General Motors, had to file for bankruptcy due to the significant drop in car sales, Ford even had to secure a line of credit to avoid unpleasant credit crunch in the future. During this period, auto industry experienced significant changes, when the market share of the Big Three American auto manufacturers suffered significantly. There were huge layoffs and salary cuts as well as discontinuation of many popular car models.
The situation was equally glum for the automotive parts manufacturers and aftermarket parts manufacturers such as – luxury grills or custom grills makers.
Since the official end of recession in the last year the auto industry, however, is showing trends of improvements. The car sales have persistently grown in the quarters following the recession. The auto parts suppliers and manufacturers too, who were left to fend for themselves during the slowdown, are likely to see improvements given the rising demand for finished cars. The auto parts manufacturers and aftermarket parts manufacturers producing custom car grills or Luxury Grills, wheels, tiers, brakes and such have seen as much as 30% improvement in their production since 2009.
Auto industry is one of the biggest employers worldwide. The major five auto manufacturers of the world provide employment to a population of over 25 million. Further, the auxiliary industries, auto parts and aftermarket parts manufacturers, further provide employment to million others. Hence, the performance of the auto industry plays a significant role in the overall performance of the economy.
The auto industry is very closely associated with the performance of the rest of the economy. When there is a drop in the income of people, demand for new cars is likely dwindle most since people will postpone new car purchases. During the period of recession the car production had significantly dropped from 15 million to 13 million in the USA, which is over 15% reduction in automobile production. But things are rapidly improving for the industry which has made the experts hopeful for future.
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