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New Product Development was the Most Dominant Strategy Adopted by Market Players to Achieve Growth in the North American Light Duty Vehicle Market.
The light duty vehicle market for North America is projected to grow at a CAGR of 5.65% during the forecast period, to reach 24540.0 thousand units by 2021 from an estimated 18647.1 thousand units in 2016. The base year for the report is 2015 and the forecast year is 2021. The increasing demand for light duty vehicles in North America, stringent emission regulations leading to light weighting/engine downsizing, and infrastructure growth has led to an increase in North American passenger car production
New product development was the most dominant strategy adopted by market players to achieve growth in the North American light duty vehicle market. General Motors (U.S.), Ford Motor Company (U.S.), Honda Motor (Japan), and Toyota Motor Corporation (Japan) are the major companies that adopted this strategy. Agreements and partnerships was the second most adopted strategy by companies to cater to the changing needs of consumers. Toyota Motor Corporation (Japan), Hyundai Motors (South Korea), and Fiat Chrysler Automobiles (U.K.) are the companies who have adopted this strategy, in the light duty vehicle market.
General Motors (GM) are known for their R&D, manufacturing, marketing, and distribution of automobiles. They have a worldwide distribution network of 20,252 outlets for sales and financial services. GM operates in more than 59 countries worldwide with a major presence in the U.S., Canada, Brazil, South Korea, the U.K., and Germany. The company has a strong hold in the hybrid vehicle segment as well. GM has developed a plug-in hybrid electric vehicle technology (PHEV) and named it the 2016 Chevrolet Volt, and a new model, Bolt EV, in partnership with LG Electronics vehicle components, which can travel more than 200 miles on a single charge.
Another important player is the Ford Motor Company. The company has two major business segments: automotive and financial services. The automotive segment includes manufacturing, designing, marketing, financing, and servicing passenger cars, SUVs, trucks, and electric vehicles under the Ford brand. The core competence of the company is its R&D. Ford has invested USD 6.7 billion in 2015 for the same, which accounted for 4.48% of its total revenue. The company also sells luxury vehicles under the Lincoln brand. Ford announced its collaboration with Silicon Valley-based 3D-printing firm Carbon3D for producing high-quality automotive-grade parts.
Light Duty Vehicle Market for North America by Key OEM & Model, Engine Capacity, Fuel, Turbocharger, Transmission, Aftertreatment Devices, Steering & Safety System, RVD, ADAS and Country, & Vehicle Type (Passenger Car, Light Trucks & AFV) - Forecast to 2021
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