When you think about the U.S. auto parts industry, you’re probably picturing giant companies like General Motors or Chrysler. But in reality, the number of suppliers is much smaller. In fact, there are fewer than six hundred auto parts manufacturers in the Chicago metro area. But that doesn’t mean the world is ending. In fact, the auto parts market has grown substantially over the past decade, and it is expected to continue growing for a long time.
The global auto parts market is divided into two main sectors, the aftermarket and the OEM. While the OEM segment currently represents 67% of the market, the aftermarket segment is growing at a faster rate, driven by the growing number of automobiles around the world. In fact, China is the world’s largest auto parts market, accounting for more than 25 percent of global auto parts consumption. With the growth of China’s automotive industry, the demand for auto parts is booming.
The auto parts market is comprised of three major segments: the original equipment (OE) parts and aftermarket (aftermarket) parts. OE parts are designed for assembly on vehicles while aftermarket parts are designed to replace damaged or worn out OE items. The aftermarket market focuses on aftermarket replacement parts and aftermarket car accessories. The industry is expected to grow at a CAGR of 4.3% over the next five years, and it is estimated to be as big as $1.1 trillion by 2010.
The global auto parts market can be broken down into two main categories: aftermarket and OEM. The OEM segment accounts for approximately six7% of the market, while the aftermarket is growing at a faster rate due to increased automobile ownership globally. Aftermarket auto parts are categorized by the company that built them and how and where they are purchased. So, if you’re looking for a replacement part for your vehicle, it may be wise to look for an OEM brand.
The global auto parts industry is vast and is made up of thousands of independent companies. The US, Germany, and Japan dominate the industry with more than a thousand top-rated companies. In 2006, Germany had 23 of the top 100 companies in the world. Among these, Robert Bosch, GmbH is the largest auto parts manufacturer. Its products are used in the manufacturing of automobiles. In addition to the OE, aftermarket parts are also sold after the original sales of a vehicle.
The history of the auto parts industry is similar to the history of the auto industry. There are two major types of car parts: original equipment (OE) and aftermarket. OE is the one that the manufacturer makes and sells to consumers. While OE is intended for the production of cars, aftermarket parts are made by companies for other brands. And aftermarket auto parts are sold after the sale of the vehicle. These companies can also sell parts that are not branded.