LONDON--(BUSINESS WIRE)--The global automotive industry and its major segments, such as the auto parts sector and electric car sector have experienced some major changes over the recent years. As the production of conventional vehicles enjoys steady growth in some countries, other factors, including E-commerce auto parts sales and the booming electric car market, may bring new opportunities and challenges to the global market. Details about these latest developments and global growth opportunities in the auto industry are some of this week’s top stories on BizVibe. BizVibe is the world’s smartest B2B marketplace, which allows its users to discover high quality leads, contact prospects, and source quotes in real time.
UK Automotive Production Reaches 17-year High
A recent industry report shows that UK’s automotive production reached 1.73 million units in 2016, marking the country’s highest auto production level since 1999. Passenger cars accounted for 95% of total automotive production in the UK and 96% of UK vehicle exports in 2016. Commercial Vehicle (CV) output remained steady in 2016, with an output of 94,000 vans, trucks, buses and coaches, a smaller 0.6% decline.
Despite the uncertainties caused by Brexit, the overall picture for UK automotive production remains positive with consistently growing automotive production and auto sales over the recent years. The UK’s automotive industry is expected to grow faster in the next five years than in the past five decades, as auto production in 2017 is predicted to reach 1.9 million units.
Connect with over 8,700 automobile companies in UK listed on BizVibe.
Amazon Expands Its Auto Parts Business in the US
Following Amazon’s recent entry to the auto parts industry, the American online retail giant has made several strong deals with some of the largest suppliers of US auto parts. Amazon’s current selection of parts is already selling for less than the biggest brick-and-mortar retailers offer them for; on average, the difference is 23% less. Amazon will also be offering same-day delivery of auto parts to 40 major US cities.
BizVibe predicts that lowered prices combined with the convenience of delivery services that Amazon offers for its auto parts sales could put a lot of US auto parts retailers in danger, as consumers will have greater access to auto parts and will benefit from reduced prices and speedy delivery, while retailers may have to struggle to attract new customers and make sales from their physical stores.
Connect with over 54,000 auto parts companies around the world listed on BizVibe.
How Is Booming Electric Car Market Threatening Oil Companies?
A recent industry report suggests that the ongoing success of the electric car market may reduce oil demand by as much as eight million barrels a day, about 8% of the expected global total. Oil companies around the world are beginning to treat electric vehicles as a serious threat to their profits as awareness of this potential outcome grows.
Industry experts point out that the growing popularity and availability of electric cars is pushing uncertainty into the futures of oil companies around the globe. The influence and revenue of oil companies could ultimately suffer as a result of electric vehicle adoption, as oversupply will likely lead to a reduction in oil prices.
Connect with over 110,000 automobiles companies around the world listed on BizVibe
In addition to auto companies, BizVibe is home to more than seven million companies across 700+ industries. Using BizVibe’s platform, users can generate leads, shortlist prospects, network with businesses from around the world, and trade seamlessly. The BizVibe platform allows you to discover the highest quality leads and make meaningful connections with companies of interest, all in real-time. Claim your company profile for free and let BizVibe connect you with potential business partners. To make things as simple as possible, use the BizVibe Chatbot to create new business opportunities.
About BizVibe
The single-minded focus of BizVibe’s platform is to make networking easier. Over the years, we've searched far and wide to figure out how businesses connect and enable trade. That first interaction is usually fraught with the uncertainty of finding a potential partner vs. a potential nightmare. With this in mind, we've designed a robust set of tools to help companies generate leads, shortlist prospects, network with businesses from around the world and trade seamlessly.
BizVibe is headquartered in Toronto, and has offices in London, Bangalore and Beijing. For more information on the BizVibe network, please contact us.
