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Impacts Of 2001 And 2008 Economic Crises On Turkish Automotive Market

5988 words - 24 pages

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ABSTRACT

The automotive industry is undoubtly an area that has significant effects concerning to the world economy as well as influencing every household world wide. Changes in the supply and demand of automobiles impact the current and future purchases of consumers. Consumers must determine the budget that they can allocate to certain necessities. Because most consumers have a limited budget, the budget spent on transportation it limited. Since numbers of industries have an influence on the economy, the automotive industry has potential impacts exceeding that of other industries.

The aim of this study is providing a brief understanding of general overview of automotive industry and the importance of the industry in large. In this framework, this study initially will look at the conditions led to economics crises in 2001 and 2008 and the consequences of those crises, from interest and inflation rates to consumption. The following part of the study will evaluate the impacts of 2001 and 2008 crises over Turkish automotive industry. In this context, this study will look at changes in production and sales and employment levels in Turkish automotive industry by making comparison between pre-crisis and in-crisis periods.

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1. INTRODUCTION

The auto industry has been an established market for the United States for many years. A boost to the market came at a time in when the United States was in the worst possible position for growth of many industries. During the great depression not many companies were turning a profit. President Roosevelt implemented a way to stimulate the economy by building roads. This gave many people employment and may have provided a way for the auto industry to grow. This could have been a motivator in automotive sales now that people had an easier way to drive across the country.

With Henry Fords implementing the assembly line aided in mass producing the automobile and began the industry present day. At the time it was "the big three," Ford, General Motors and the Chrysler Group, between the three they had a major share of the U.S. market. The mass production helped to create a prosperous economy, not only were jobs created to work on the assembly line many companies were formed to build certain parts for the automobile. Like today, one company makes the seats for the trucks while another produces the carburetors. A national economic boon was soon to follow. While the automobile industry did not create the economic windfall the diligence of the manufacturers were given credit for...

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