Auto Parts are the parts that are used to build a car. They are also used for repairing a car that has problems. It is possible to find hundreds of different parts in an auto parts store.
Automotive industry R&D has focused on developing cars that are environmentally friendly and economical. New powertrains include hybrid and electric powertrains, fuel cell-powered vehicles, and direct injection clean diesel engines. The automotive aftermarket is expected to increase by $41 billion between 2020 and 2024.
During the past few decades, the auto industry has transformed into a global industry. This has resulted in an intense pressure on the auto parts industry. In a recent Ward’s Auto World report, the auto parts industry was estimated to be worth $1.1 trillion by 2010.
A large portion of the auto parts produced in the world is exported. However, many auto parts manufacturers are based in the United States.
According to the Bureau of Labor Statistics, there were 920,000 people employed in the auto parts industry in 2000. As of 2006, the total employment count was 721,900.
In the early part of the 21st century, most of the parts for a vehicle are supplied by independent producers. In the past, these suppliers were physically closer to their customers. Today, it is not a barrier to move around the world in order to do business.
Today, there are thousands of auto parts companies. Some are small, while others are medium to large. These companies are also facing intense competition.