The auto parts market is composed of thousands of independent companies that make parts for cars, trucks and other four-wheeled vehicles. Other transportation vehicles have separate parts networks, including motorcycles, golf carts, construction equipment, and commercial vehicles. Ships and aircraft are also part of the automotive industry. Manufacturing of cars, trucks and other transportation equipment employs more than 1.56 million people and generates almost $84 billion in total sales in 2016.
The automotive parts market is growing rapidly. The global auto parts market was valued at $220 billion in 2005, a 12.7% annual growth rate. This represents nearly 30% of all exports. Emerging economies are increasing the production of cars and trucks, and the sales of auto parts are increasing. This is due in part to higher purchase power among consumers. The growth of the auto parts industry is projected to continue through 2017. Here’s why.
Emerging economies have increased pressure on auto parts suppliers. Since 2000, exports of automotive parts from these nations grew by 21 percent, faster than those from industrialized nations. In addition, China is a key competitor in the auto parts industry. In 2000, the United States imported $1.6 billion worth of auto parts from China. This growth can only be good for the industry. These countries are looking to increase their production and exports of automobiles.
The global auto parts industry is one of the fastest growing industries globally. Exports of auto parts to emerging nations have grown at a 12.7% CAGR between 2001 and 2005, reaching $220 billion. This growth was driven largely by emerging economies, as sales of these parts grew faster than those from industrialized nations. The growth of the auto parts industry is expected to continue in the coming years. The auto parts market is forecast to grow by a CAGR of over 4.3% in the next few years.
The global auto parts industry is highly competitive, and the global auto parts market has witnessed strong growth in recent years. The demand for automotive components is growing exponentially, and it is estimated to grow by over four percent by the end of 2017. The automotive parts market is growing globally, with the demand for auto parts continuing to rise in emerging countries such as India and China. This means that the competition for auto parts is high, and it is critical for both markets to keep the market moving.
The demand for auto parts has been increasing for decades. The demand for auto parts is growing globally as more consumers move from one country to another. While some of these countries are struggling to meet the growing demand, others are thriving. With an ever-increasing population, the world has a high demand for these products. By providing quality and affordable auto parts, the market has continued to grow steadily. In addition to the OE and aftermarket markets, the global market is booming, with more than $23 billion in sales in 2000.