The European Commission published a report in 2005 which reveals that the EU is the world's leading automotive manufacturing region. The report states that almost 34 percent of vehicles in the world are manufactured in Europe. The EU has a share of 7.6 percent in the manufacturing sector. Its automotive industry offers direct employment to more than two million people. Indirect employment is provided to over 10 million people. The big names in the European automotive industry are Volkswagen, Mercedes-Benz, Aston Martin, BMW, Ferrari, Jaguar and Lamborghini.
France and the UK are the leading employment providers in the aerospace industry. Spanning over 4 million employees, a majority of them are absorbed in aircraft technology, while the remaining employees are recruited in space and missile programs.
Advanced technology is what European industry is best known for. It is also known for employing highly sophisticated forms of technology such as nanotechnology and biological innovations to supersede potential security threats. The European defense industry generates employment for 770,000 people.
The defense industry includes:
Top European companies in the defense industry are:
European industry is a global leader in the production of chemicals. It comprises 27 percent of the world's total production, with Germany as its leader, followed by France, Italy and the UK. Small to medium sized companies dominate the production of chemicals.
Major chemical products include:
uropean industry is known to be generating annual revenue of $23.3 billion. The EU 2005 report reveals that almost 20 percent of the medicines and 50 percent of the drugs come from the biotech industry. Pioneers in the biotechnology industry are the MEDICON Valley and the Munich region.
European industry dominates the food industry as its largest importer and second largest exporter in the world. Its most popular destination is the US, followed by Japan, Switzerland and Russia.
European industry faces the challenge of tackling scarcity of skilled employees so that it continues to sustain its share in global trade.