What is Auto Parts Industry

What is Auto Parts Industry

If you’re wondering what is auto parts industry, you’re not alone. This industry is growing rapidly and has become one of the largest and most complex industries in the world. The scope of the industry has expanded tremendously over the past several years, and today there are about 45,000 companies involved in the wholesale auto parts industry. Industry statistics indicate that this industry is worth $135 billion globally. Traditional auto parts manufacturers are jobbers or wholesale distributors. In addition to jobbers, retail outlets make up the automotive aftermarket.

While traditional brick and mortar auto parts retailing is a major source of revenue, e-commerce platforms have emerged as an alternative to traditional offline stores. Online platforms offer better research assistance and comparison tools, making the process much simpler. In addition, increased online activities and an ongoing pandemic are fueling the growth of the automotive aftermarket. In the United States, aftermarket automotive parts are becoming more accessible than ever before, and online sales have surpassed traditional retail outlets.

Auto parts represent all of the components used in automobile vehicles. These parts include: Driveline & Powertrain, Interiors & Exteriors, Electronics, Bodies – Chassis, Seating, Lighting, and Wheel & Tires. Today, these sectors are growing rapidly at over 4.3% CAGR. With the global demand for auto parts growing at an average of 3% per year, this industry is poised for significant growth in the years ahead.

In the early 21st century, the auto parts industry was a cornerstone of the American economy. It began with nuts and bolts and evolved to produce entire automobiles and total vehicle systems. In 2010, the industry was projected to produce 1.1 trillion dollars in goods. With a global reach, auto parts suppliers now operate in every continent except Antarctica. But before you get excited, take a closer look at what makes up the auto parts industry.

The auto parts industry has lost a large number of jobs over the years. During the Great Recession, the industry lost over 155,600 jobs. But today, there are still plenty of opportunities in this industry. You can become a warehouse worker, stocking shelves and fulfilling orders, or drive a car repair shop. In addition, many of the auto parts industry positions are sales-related. So, if you’re looking for a great job opportunity, consider a career in this industry.

The industry is highly global, with exports worth about $220 billion in 2005. Exports from the US to other countries have doubled over the last decade. The global market for auto parts also includes many emerging economies. However, Japan remains one of the most closed markets for auto parts from the U.S. There are Kieretsu groups of auto suppliers associated with some of the largest Japanese automakers. These organizations have been a major force in expanding the industry, and a significant portion of the industry is now located outside of the United States.

Despite booming exports, the United States continues to trade in auto parts with China, making China a significant player. The auto industry’s trade deficit with China is higher than any other country, and a growing global auto market has not helped U.S. automakers. While there are many thriving companies in China, the United States is the third largest auto part exporter. Only the United States and Mexico are larger countries than China.

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