The social and the cultural environment also greatly determined the types of cars which are demanded by the consumes. Some consumers go for cars which emulate status and wealth, while others are more oriented towards green pollution free living and therefore want cars which have reduced emissions, fuel efficiency and alternative fueling options while being equally good in terms of performance.
The performance of the automobile industry has been increasing at a decreasing rate. This is largely influenced by the high rising oil prices in the international market and the depreciation of the dollar due to the failure of theUSeconomy. The CAGR for the period of 2003 to 2007 stood at 4.3 percent. “The global automobiles industry consumption volumes increased with a CAGR of 6.1% between 2003-2007, to reach a total of 86.2 million units in 2007. The industry’s volume is expected to rise to 118.5 million units by the end of 2012, representing a CAGR of 6.6% for the 2007-2012 periods. Automobile manufacturers sales proved the most lucrative for the global automobiles industry in 2007, generating total revenues of $1,167.5 billion, equivalent to 96.6% of the global automobiles industry’s overall value. In comparison, sales of motorcycles generated revenues of $41.5 billion in 2007, equating to 3.4% of the industry’s aggregate revenues.” (‘Automobiles Industry Profile: Global’, 2008)
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