If you’re in the market for auto parts, it’s important to find one that is made from reliable manufacturers. There are several advantages to buying refurbished parts. The best option is to ask your mechanic for his recommendation. Besides, the mechanic can also recommend you salvaged parts to save money. However, if you’re on a budget, you should opt for a new part if you are looking for the most cost-effective option.
The automotive industry is made up of thousands of small, independent companies. Most of these companies specialize in building parts for cars. Some of the top suppliers are Japan, the United States, and Germany. These countries have large automotive supply industries and more than one hundred of them have a sales volume of $1 billion or more. Other countries with large automobile parts manufacturing industries include Western Europe and the United States. In 2006, Germany was the largest auto parts builder, while the United States and Japan ranked second and third, respectively.
In 2004, the auto parts industry was valued at $220 billion. This was more than twice the size of the entire automotive industry in 2000. This growth is due to the fact that many emerging economies are growing much faster than developed industrial nations. The U.S. Bureau of Census has reported that by 2020, only fifty of these companies will be Tier 1 suppliers. Most of these suppliers sell directly to vehicle manufacturers. Moreover, the number of tier one suppliers is expected to decrease to as few as fifty or seventy by 2025.
The global auto parts industry is divided into two segments: OEM and aftermarket. The OEM segment is the largest, accounting for 67% of the market, while the aftermarket represents the majority of the rest. China is the fastest-growing auto parts market, representing over 25% of the total industry. In the next few years, the aftermarket is expected to surpass OEM by a margin of over 50%. This makes China the largest auto parts market in the world.
Apart from vehicle manufacturers, auto parts manufacturers also sell replacement parts to individuals. The vast majority of auto parts is made by the vehicle manufacturers. Most auto part suppliers sell only original equipment manufacturer products and do not sell aftermarket car parts. Hence, the aftermarket segment includes automobiles that are made by third-party carmakers. The industry is also booming, as the demand for aftermarket auto parts is growing at a fast pace. Many of these companies have established their own repair departments, and the demand for aftermarket parts is growing significantly.
While the auto parts industry is still a multi-billion dollar industry, it is still a significant part of the U.S. trade deficit. The auto parts industry continues to evolve, but the past few years have shown that the history of the auto parts industry is a constant. The U.S. imports of car parts grew by 18 percent between 1999 and 2006, and the exports increased by nine percent. Even though the trade deficit is still high, auto parts manufacturing companies are now the major suppliers of automobile components, with the U.S. imports reaching $95.2 billion in 2005.