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The North America Automotive Sectors : A Company and Industry Analysis (October 2004)
Mergent, Oct 2004, Pages: 32
This report examines the automotive sectors in the United States and Canada, focusing on three segments: automotive manufacturing; parts accessories; and trucks, buses and other vehicles
Current Environment - Key Points
- The Big Three (General Motors, Ford, and the Chrysler arm of DaimlerChrysler) saw their market share fall to 59% in June, down from 60.6% for the first six months of last year
- Incentives such as interest free loans continued to play a dominating role in the US market in 2003 and 2004, especially for the Big Three automakers
- The Big Three are actively engaged in recovery plans to increase sales, improve product quality and cut costs to close the gap with Japanese rivals
- A shortage of government incentives over the past few years has hampered Canada's ability to compete for new auto investments
- Canadian July vehicle sales for all automakers dropped 9.1%, with steep declines at Ford Canada and GM Canada
- Toyota Canada attributed its strong July sales, which surpassed year earlier levels by 10.5%, to its strong product line-up
Industry Profile - Key Points
- The US automotive parts industry comprises some 4,000 firms including 500 Japanese, European and Canadian manufacturers
- Of the 16.6 million vehicles sold in 2003, over 8.8 million were light trucks, the third consecutive year trucks outsold cars
- Many of the world's major auto manufacturers are active in China, including GM and Ford
- While US auto manufacturers expand their operations overseas, foreign manufacturers continue to implement their own strategies and investments in the US
- The Canadian automotive sector is the world's eighth largest, and accounts for 12% of manufacturing gross domestic product (GDP)
- Canadian-made vehicle exports slipped 11.5% in 2003
- The Honda Civic is Canada's best selling car due to its compact size, reasonable pricing and fuel economy
- Canada has not attracted new plants in recent years as auto manufacturers look to Mexico, China and India for cheap labor
Market Trends and Outlook - Key Points
- Automakers continue to roll out more hybrids that produce lower emissions and better fuel economy
- The industry is developing vehicles equipped with safety systems such as blind-spot detection and pre-crash sensing systems
- Auto suppliers are reducing capital spending and trimming other operating costs to offset rising costs
- Online sources have replaced the traditional newspaper as the preferred method of used-vehicle advertising
- Automakers are developing new products to attract young buyers
- Canadian drivers are changing their driving practices due to escalating fuel prices
- While big trucks such as the Cadillac Escalade are perennial favorites in the US, it is the Toyota Corolla and the Honda Civic that have topped the charts in Canada
- Canadians feel that not enough resources have been devoted to investment in their roads and highways
- Parts sector employment over the last decade has increased by about 40,000 workers
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