The Global Auto Parts Industry
Auto parts are a global industry, with thousands of manufacturers worldwide. The United States, Germany and Japan are the top three markets for automotive parts. In 2006, Germany had the highest number of top-100 companies and a market share of more than 20%. Leading suppliers are Robert Bosch, GmbH, known for fuel injection systems, chassis systems and automotive multimedia and electronics. In addition to producing quality car parts, suppliers also produce a range of other items.
According to Wikipedia, the automotive industry is divided into two segments: OEMs and aftermarkets. While OEMs make up the majority of the market, the aftermarket is growing at a faster rate due to rising automotive ownership. The growth in auto parts has been fueled by China’s growing automotive industry, and it has become the largest auto parts market in the world. There are currently nearly 900 auto parts retailers in China. Their growth has been driven by increasing consumer purchasing power.
The automotive industry started in corner hardware stores selling bolts and nuts. By the early 21st century, auto parts industry had grown to produce parts, components and whole automobiles for the world’s car producers. By 2010 the industry is expected to exceed $1.1 trillion in sales, and it operates on every continent except Antarctica. The following table lists some of the most important parts in the auto market: overall sales, prices, and production. These are all part of the overall industry.
In the early 21st century, the auto parts industry is not the only one facing tough times. One-third of all automotive suppliers are experiencing financial difficulties, with a significant portion in the Americas, Europe, and Asia. This is a serious problem, but the industry will survive and grow as long as it stays focused. But what can be done? First, the auto industry must be restructured. A restructuring process is needed to make sure that suppliers remain viable.
The auto parts industry is a vast industry. It comprises all the components of an automobile. They are distributed through several networks. OE parts are intended for assembly on vehicles under production. OE (original equipment) parts are designed for the vehicle manufacturer’s service network. Aftermarket parts are designed to replace damaged OE parts. OE and aftermarket parts are sold after the original sale of the vehicle. Aside from the automotive industry, many suppliers also provide automotive accessories.
As an industry, the auto parts industry has been dominated by manufacturers and suppliers for many years. The history of the auto parts industry can be traced back as far as the founding of the automobile itself. The early automakers created and sold their own parts to customers, while the OE-original parts are intended for vehicles that are in production. In addition to the OE-aftermarket system, auto parts industry also includes aftermarket retail outlets and automotive wholesalers.
About Author
