of concentration ratios and HHIs to stop at national borders. Now, many industries find that their competition

comes from the global market. A few decades ago, three companies, General Motors, Ford, and Chrysler,
dominated the U.S. auto market. By 2014, however, production of these three firms accounted for less than half
of U.S. auto sales, although by 2021, with the emergence of COVID-19, the three firms accounted for essentially

half of U.S. auto sales. The three firms face competition from well-known car manufacturers such as Toyota,

Honda, Nissan, Volkswagen, Mitsubishi, and Mazda. When analysts calculate HHIs with a global perspective,

concentration in most major industries—including cars—is lower than in a purely domestic context.

Because attempting to define a particular market can be difficult and controversial, the Federal Trade

Commission has begun to look less at market share and more at the data on actual competition between
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