Employment in the US Automotive Market Is Estimated to Increase by 10.8% by 2018
The report "Automotive Industry in the US" that the employment will likely rise by around 10.8 %, with complex average expansion rate of 2.1%. The production in the U.S. is estimated to continue growing, expanding at compound increase rate of 2.4 %; this result is projected raise of 12.6 % within production in 2013-2018.
USA, March 14, 2016 (Newswire.com) - The auto industry is a very important part of the economic growth, having wide-ranging connections in the cultural and industrial structure in the United States. The auto sales in the U.S. have improved by over 50% ever since the financial crisis in the year 2009 (16 million from 10.4 million in the year 2014).
Between 2010 to 2014, the auto makers have exported over $560 billion in parts and vehicles
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Auto makers as well as their dealers are the biggest manufacturing sector of America; accountable for approx 2% to 3% of America’s GDP. Auto manufacturing sector produces maximum jobs in American. They purchase American steel, rubber, iron, glass, and semiconductors every year worth billions of dollars. Today, over 735,000 Americans are working for the auto supplier industry.
Research & Development
Suppliers and automakers spend around $18 billion for R&D every year in the U.S. – around $1,200 for every vehicle sold. Whereas R&D spending had slow down during the fiscal crisis of 2009, this has returned strongly. Between the 2012- 2013, the auto had R&D augmented by $7 billion. The suppliers and automakers in the U.S. have invested around $18 billion in the previous year for alternative fuels development, superior power trains, newer materials and superior sensors. And for that, they are given around 5,000 patents every year.
Employment
Over 1.5 million natives are employed in the automotive industry. Additionally, this industry is an enormous buyer of services and goods from other sectors as well as contributes to the net employment involvement in the U.S. financial system of over 7 million jobs.
Jointly, the 16 main automakers in the U.S. recruit around 300,000 Americans. General Motors, Chrysler, and Ford employ over 200,000 Americans from these. The General Motors, Chrysler, and Ford together have 65% share of the U.S. automotive jobs which is amazing, because they have only 45% market share in the U.S. The reason behind this disproportion is very simple. The General Motors, Chrysler, and Ford produce majority of their vehicles, conduct research, and purchase their parts from here. Therefore, they have 8 times more global workforce than their opponents in the U.S.
Forecasts
The U.S. auto employment forecast plans that from 2013-2018, the employment will rise by around 10.8 %, with complex average expansion rate of 2.1 %. The production in the U.S. is estimated to continue growing, expanding at compound increase rate of 2.4 %; this result is projected raise of 12.6 % within production in 2013-2018.
This report analyzes Automotive market in the US, future growth potentials, key drivers, restraints, opportunities, and best practices in the market. The report also examines the growth potential, market sizes, and revenue forecasts across the country.
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