The automobile has become the primary mode of transportation for the average American household. Its popularity has led to 1.4 billion automobiles worldwide, one-quarter of which are in the United States. Americans drive approximately three trillion miles per year. Automobiles are also among the most valuable types of Personal Property in the United States. Automobiles are also highly taxed, expensive to acquire, and a favorite target for thieves. Furthermore, they can cause significant personal injury and air pollution. Automobiles have evolved over the years into a complex industry that spans four general phases of automobile life.
Automobiles are generally four-wheeled, self-propelled vehicles intended for passenger transportation. Modern automobiles are sophisticated technical systems that feature thousands of component parts. They have undergone significant technological changes in the past century in response to the rise of air pollution, safety legislation, and competition between automobile manufacturers around the world.
In the automotive industry, Honda has lagged behind its peers, but it is improving its supply chain efficiency. It has integrated affiliated firms with Hitachi Automotive Systems and plans to introduce more common parts by 2021. It also plans to reduce the number of trim variants on global models and improve its global production network. While this business has been struggling to grow, it is still one of Honda’s most profitable segments.
The automobile industry was largely dominated by a few companies in the early twentieth century. Henry Ford pioneered mass production and introduced the moving assembly line. By the 1920s, Ford, General Motors, and Chrysler had established themselves as the “Big Three” automobile companies. After World War II, automobile production began to boom in Europe and Japan. By 1980, the automobile industry had become a global industry.