In addition to being the largest revenue-generating industry, the automotive industry is also one of the largest investors in research and development. The industry traces back its origins to the 1880s, when manufacturers began producing carriages without horses. Currently, the Automotive industry includes the production of motor vehicles and their components, such as engines and bodies, but excludes the manufacture of batteries, gasoline, and tires.
Passenger vehicles, light trucks, SUVs, vans, and other related vehicles are the primary products of the Automotive industry. However, the early days of the industry were radically different than they are today. In the early days of the automobile industry, the majority of companies were small businesses that produced a handful of handcrafted vehicles. Sadly, due to a dearth of demand, a number of these businesses were abandoned.
In the United States, manufacturers only assemble components made by other companies. Not until the early 1900s did the industry begin mass-producing automobiles and components, resulting in the industry's explosive growth. Today, the Automotive industry is an enormous global industry comprised of countless companies that manufacture vehicles, components, and related goods.
In addition, the industry's commitment to research and development has resulted in the production of vehicles that are more fuel-efficient, safer, and innovative, thus meeting the diverse requirements of consumers.
