Impact of Auto Loan Market on the EconomyImpact of Auto Loan Market on the Economy
The automotive industry is the largest branch in the manufacturing industry. In terms of sales, it is the most important branch of industry.
Auto loan credit score – anchor of stability for the German economy
The value chain in the automotive industry consists of very heterogeneous elements. One example is that vehicle manufacturing requires different raw materials and components. As a result, many industries are involved in the manufacture of vehicles that do not initially appear to be working closely with the automotive industry.
These include materials that come from the chemical industry or the steel industry, as well as parts and components from mechanical engineering. However, the sphere of influence of the automotive industry is even more far-reaching. Engineers, car dealers and workshops are directly or indirectly related to the automotive industry.
Auto supplier industry – a crucial part of the value chain for economy
The added value of an automobile rests ¾ with the suppliers. For example, a total of around 900 companies in Germany are automotive suppliers, with more than 300,000 employees generating sales of over 80 billion euros per year. The two largest automotive suppliers worldwide are companies from Germany. If you look at the 100 largest automotive suppliers, you will find 17 German companies that generate around ¼ of total sales.
Auto loan credit score: Germany’s innovative success
Every third patent that is registered worldwide in the field of e-mobility comes from Germany. This shows that German companies, manufacturers and also many suppliers are working intensively on the technologies of the future. They check Auto loan credit score of people who want to buy a car through financing.
An important factor in the global success of the German automotive industry is its innovative strength. In 2019, it increased its global research and development expenditures to 45 billion euros. This corresponds to an increase of around 5 percent compared to the previous year. This puts it at the top, ahead of Japanese (33 billion euros) and American (18 billion euros) companies.
At the same time, Germany as an automotive location thrives heavily on exports. A total of 3.5 million passenger cars were manufactured in Germany in 2020. Of these, around 2.6 million cars were exported, which makes an export quota of around 75.2 percent.January 24, 2022January 24, 2022