Autonomics

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Definition: Autonomics



Full Definition of Autonomics


Autonomics refers to the economic conditions currently surrounding the automobile industry, mainly in the United States, but also worldwide.

The economics of the automotive industry in the US is starting to change with the current manufacturers in financial turmoil. GM is on the brink of failure, and Chrysler and Ford are struggling.

The US automotive industry is highly consolidated, with just a few (4-5) manufacturers controlling the majority of the market. This can be contrasted with the fact that at one time, in the US, there were more than 1,800 manufacturers.

Drivers

Some of the macroeconomic drivers behind autonomics are:

  • The financial crisis, the credit market, bailout issues
  • Globalization and outsourcing
  • Laws, legislation, and lobbying
  • Environmental matters
  • The cost of oil and petrol
  • Technology and technomics
  • Consumer demand and needs

Examples

  • The launch of the Tata Nano in India on 23 March 2009: This will change the automotive landscape in India dramatically, much as the Model-T Ford did in the US 100 years ago.
  • The resignation of GM’s Rick Wagoner on 30 March 2009: With increasing government pressure to reform its strategy and model, more government control is entering into GM’s management.
  • Oil rising to more than $147 a barrel in mid-2008. This awakened consumers up to the cost of transportation by fossil fuels and created new demand, or at least awareness, for alternative fuels.

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Definition Sources


Definitions for Autonomics are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 29th March, 2020 | 0 Views.