The Future of the European Automotive Industry
The European automotive industry is one of the most heavily regulated industries in the world, with over a hundred Directives and Regulations covering the industry. While the sector is a major grantmaker and employer, fundamental changes are threatening its leadership […]
The European automotive industry is one of the most heavily regulated industries in the world, with over a hundred Directives and Regulations covering the industry. While the sector is a major grantmaker and employer, fundamental changes are threatening its leadership position. As such, European leaders must take bold decisions and develop a shared vision to ensure the continued growth of the industry.
The automotive sector is crucial to Europe’s economy and creates over 13 million jobs. This represents about 6.1% of all EU employment. Of those, 2.6 million work in direct manufacturing. In addition, the sector is the largest private investor in research and development. The European Commission also provides significant funding for the sector. The automotive sector is an essential part of the EU’s competitiveness.
To ensure your vehicle’s longevity and performance, it is important to visit a professional car service that specializes in European cars. These auto shops usually offer a range of services, including diagnostics, repairs, and parts. While European automotive specialists specialize in BMWs, they also provide collision repairs and performance tuning. Some of their clients have cars from other brands, including Mercedes-Benz, Volvo, Jaguar, Audi, and Volkswagen.
Electrification and automation are key technologies that are revolutionizing the automotive industry. These trends are largely driving changes in the global market. The success of European manufacturers depends on their ability to move into a higher gear and meet global and Chinese competition. However, European manufacturers must also ensure they have the right framework conditions in place to achieve their goals.
The European automotive industry is a world leader. By harnessing Europe’s unique diversity in mobility realities, talents, and technology, European companies are able to develop optimal mobility solutions for a diverse range of markets. By embracing and actively shaping a global mobility ecosystem, the European automotive industry can create new levels of economic value.
The recent decline in global car demand has impacted European automotive manufacturers. German automotive manufacturers expect their production levels to remain low for the rest of this year. Similarly, British producers are downbeat in their production plans compared to previous years. Further, Brexit-related concerns have lowered demand prospects in the EU. As a result, European automakers are cutting their workforces at the fastest pace since mid-2009.
In the United States, Mercedes-Benz and BMW are the top selling luxury car brands, followed by Audi and Porsche. Volkswagen and PSA are also on the list. However, most of the growth in the automotive industry will occur outside of Europe. The largest car makers in the region include Volkswagen, Renault, and PSA.