In terms of revenue, the automotive industry is the world’s most important economic sector; indeed, around the world, there are more than two billion vehicles on the road.
The industry is not solely limited to the manufacture of vehicles, but also relates to the ancilliary trades around the design, development, marketing and selling of motor vehicles.
With most of the developed world becoming increasingly reliant on motor transport and with developing nations fast catching up, the automotive sector has great potential for growth and wealth generation both for now and in the medium and long-term future. The automotive sector generates nearly 10% of UK trade in goods and accounts for 3% of UK GDP. Worldwide production of motor vehicles has grown from around 54.5million vehicles produced in 1997 to 89.7million in 2014.