Automobiles are a popular mode of transport, and are used by millions of people worldwide. They require a variety of parts to maintain their condition, and also to improve their performance. Moreover, they need to be fitted with interior accessories to make driving comfortable.
The automobile industry is one of the world’s largest economic contributors, and generates almost trillion dollars annually. The market is expected to continue its growth in the coming years. Increasing demand for vehicles will drive sales of auto components. In addition, advancements in engines and propulsion technology offer several market opportunities.
Automotive part manufacturers supply OEM with replacement parts. In addition, the industry is driven by increasing consumer spending. Consumers are increasingly using online resources to research and purchase products. Moreover, retailers are leveraging the Internet to increase their exposure and boost sales. This is because the technical infrastructure necessary to perform online sales has become more accessible, and less expensive.
The automotive industry has been around for a long time, and many companies have been in business for decades. These include Aisin Seiki, Faurecia, Hyundai Mobis, Magna International, Lear Corp., and Robert Bosch. However, there is room for growth in the industry. Manufacturers must ensure that they develop new strategies to match the changing industry landscape.
The global auto parts and accessories market is expected to grow at a steady rate of 6.4% between 2017 and 2022. This growth is due to increasing consumer spending and the rising demand for vehicles. Moreover, technological advancements in engines are reducing fuel consumption and emissions.
Moreover, traditional brick-and-mortar retailers are entering the e-commerce marketplace, which is increasing the number of consumers purchasing auto parts online. Online shopping is often easier for buyers, and they are able to view how-to videos and read reviews. Buyers also have greater access to financing, which helps them purchase replacement parts.
Online retailing of auto parts has been gaining momentum over the last few years. Despite the rise of eCommerce, in-store auto parts sales still account for a large portion of the industry’s revenue. However, the industry is undergoing a period of structural change that is expected to result in stronger revenue growth in the coming five years.
One of the leading players in the auto parts and accessories industry is eBay, which is reported to have six auto part sales per second. Additionally, eBay reports that the top 20 products on its site are auto parts.
Amazon is a major player in the auto parts and accessories market, selling a wide range of automotive parts. Products sold on Amazon include seat covers, light bulbs, window tints, and other interior parts. Some of the most popular products sold by Amazon include floor mats, shift knobs, and universal interior molding trim.
Other key players in the market are AutoZone, which is known for its extensive selection of auto parts, and WeatherTech, which has a line of products for vehicles and trucks. While many of these companies specialize in narrow niche markets, some have been in business for a long time.