The United States became a key automotive market in the early 1900s, when Ford introduced assembly line car production to mass-manufacture its Model T. Today, the Ford Motor Company still ranks among the leading manufacturers of passenger cars, its most popular passenger light truck model being the Ford F-Series, which was also one of 2018’s best-selling light vehicles worldwide. In terms of revenue, Toyota, Volkswagen, and Daimler topped the list of major motor vehicle manufacturers in 2018, while the automotive supplier industry was dominated by Bosch, Continental, Denso and Magna.
Prompted by global initiatives such as the Paris Agreement several countries around the globe are enacting stricter emissions controls on new vehicle models. As such, automakers are beginning to expand their business into the electric mobility sector. China is expected to lead the way with projected electric car production to reach some 6.8 million units by 2021.
Over the next decade, Internet-connected car technologies and autonomous vehicles are set to stir up yet another revolution in the automotive sector. In 2018, some 11 percent of U.S. respondents stated that they had a very positive attitude towards driverless cars, presumably because they consider autonomous vehicles to be safer than conventional cars. The global market for autonomous driving hardware components is expected to grow from 13 billion U.S. dollars in 2019 to 26 billion U.S. dollars in 2025.