The Automotive Parts industry produces a diverse range of products. The auto industry includes all parts of a vehicle, except the body and tires. According to the U.S. Bureau of Census, there are eleven distinct industries. There are nine major product categories. In 2006, the U.S. exported more than $46 billion worth of auto parts. It was led by companies like Borg-Warner, which no longer produced many of its parts in local factories.
The global auto parts industry is comprised of numerous sectors, each with its own specific market. For example, original equipment (OE) parts are made for assembly on a vehicle, while OE (original equipment) service parts are designed for use by the vehicle manufacturer’s service networks. Aftermarket (aftermarket) parts are constructed and sold after a vehicle is sold. These types of auto parts can be used for maintenance or repair of a vehicle, and are also used as a replacement for damaged OE parts.
The manufacturing industry produces all of the auto parts that make up an automobile. Original equipment parts are intended for assembly on vehicles in production. OE (original equipment) service parts are designed for use by vehicle manufacturers’ service networks. Aftermarket parts are manufactured to replace faulty OE parts, and accessories are sold after a vehicle’s original sale. In addition, aftermarket auto components are usually cheaper than OE parts. And in the United States alone, there are about 3.5 billion OE auto parts being produced.
The Auto Parts industry is a globally diverse industry. From corner hardware stores to total vehicle systems and automobiles, the market is growing exponentially. The U.S. is the largest auto-parts producer, accounting for about two-thirds to three-quarters of the industry’s sales. The remaining 30% is distributed to commercial installers, and the remainder is sold in the retail market. This makes the Auto Parts industry one of the largest in the world.
The auto parts industry is split into two main segments: OEMs and aftermarkets. The OEMs account for 67% of the global auto-parts market, while the aftermarkets account for 30% of the market. The largest auto parts market in the world is in China, with the market representing over 25% of the global auto parts industry. There are many factors driving the growth of the Aftermarket segment. But the major factors driving this growth are the increasing number of vehicles and the demand for spare parts.
The worldwide auto parts industry is highly competitive. There are many companies that offer a wide range of products and services. Most of them have their own manufacturing processes. The majority of auto parts are made by a single company. These companies can be found in any country, as long as the part is made by a single company. If it is made by a single manufacturer, then the car part will be made by that manufacturer. However, the specialized industry is the largest in the world.
