The importance and effectiveness of change management can easily gauged by the fact that different industries are adopting change management strategies because they are effecting in both the short and the long run. Automobile industry is progressing quite rapidly and they are adopting the strategies of change management to progress in this changing world. The overview of this massive industry and their approaches of change management are discussed below:
Overview of the automobile industry
There are different factors that are associated with the automobile industry these factors are market value, forecast of the market value and share of the market. As far as the total value of the industry is concerned the total value of this industry is about $2,409.6 billion. In the similar manner the components industry shrank by an astonishing 14.5% in the year 2008. The forecast of this industry is quite forward looking it is forecasted that in the year 2013 the entire group is forecasts that it would have a value of $2861.4 billion and the increase would be of 18.8%. The individuals that are from this industry or they are considered as the industry executives are regarded as the main target market of this industry. In the similar manner it can be evaluated that 74.1% are regarded as the group value of this industry. In the similar manner it can be easily said that Americans are regarded as the 34.2% buyers of this industry and they are also involved in the purchase of components (Datamonitor 2008).
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