Automotive

Economy

In 2007, there were about 806 million cars and light trucks on the road, consuming over 980 billion litres (980,000,000 m) of petrol and diesel fuel yearly. The automobile is a primary mode of transportation for many developed economies. The Detroit branch of Boston Consulting Group predicted that, by 2014, one-third of world demand would be in the four BRIC markets (Brazil, Russia, India, and China). Meanwhile, in developed countries, the automotive industry has slowed. It is also expected that this trend will continue, especially as the younger generations of people (in highly urbanised countries) no longer want to own a car, and prefer other modes of transport. Other potentially powerful automotive markets are Iran and Indonesia. Emerging automobile markets already buy more cars than established markets. The industry's expansion has also led to specialised academic programs in automotive marketing and dealership management; for example, Northwood University in Michigan hosts the annual Northwood University International Auto Show, which is the largest student-run outdoor automotive exhibition in North America.