Do you know how many components are there in a car? It's as many as 30,000! This vast number highlights the intricate and intricate nature of the automobile manufacturing process. From the engine to the chassis, from the body to the interior, every aspect requires meticulous design and precision manufacturing. With the rapid growth of the car ownership market, the car maintenance industry is also experiencing significant growth. Whether it's due to accidents or regular wear and tear, cars require repairs and replacement parts, leading to a surge in demand for auto parts.
Market Insights: A Lucrative Opportunity in Auto Parts Sales
1. Surging Online Sales
The online sales of automotive products in the United States is projected to continue its growth in 2022, with auto parts sales surpassing $86 billion, representing a growth rate of 30.1%. Online retail is expected to account for 5.2% of the market in 2022.
2. Global Market Trends
According to Statista, a data statistics company, global online auto parts sales are forecasted to increase from $56 billion in 2020 to $140 billion in 2027, nearly tripling the market size.
3. Shifting Consumer Preferences
An increasing number of car owners are opting to refurbish their existing vehicles rather than purchasing brand new ones. According to data, the fastest-growing segments in the market are related to "Do-It-For-Me" (DIFM) categories, which include repair components such as filters, brakes, tires, and suspensions, as well as electrical components like light bulbs, starter motors, alternators, and fuel pumps. Additionally, there is a demand for interior and exterior products such as wiper blades and door handles.
However, in the truck market, the demand primarily comes from the B-end market. Unlike modifications, trucks prioritize functionality, resulting in distinct differences in the target audience. The majority of truck sales are made to professional buyers, particularly auto repair shops, with a higher number of Class B buyers.
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The drum brake chamber is a component that utilizes air pressure to generate braking force. It operates by converting the force applied to the brake pedal into the force required for braking, thus enabling the vehicle to come to a stop.
Drum brake chambers play a vital role in the braking system of large trucks and are in high demand in the market. As they are subjected to continuous pressure changes and experience friction and wear during frequent operation, regular replacement of drum brake chambers is necessary.
The engine air filter, as a crucial component in automobiles and mechanical equipment, serves as the primary defense against harmful road dust and dirt particles from entering the engine. The engine air filter market is being driven by the rising government standards for vehicle emissions and increasing consumer concerns regarding health and the environment.
Due to prolonged exposure to harsh working environments like road dust, sandstorms, and airborne particulate matter, the engine air filter gradually accumulates a significant amount of dirt and impurities, leading to a decrease in its filtration efficiency. Therefore, regular replacement of the engine air filter is necessary as it is a consumable part that experiences wear and tear.
3. Blower Motor
Blower motors have a significant and stable presence in the United States market. According to market research reports, the market size in the U.S. was approximately $1 billion in 2019 and is projected to experience consistent growth in the coming years.
A blower motor is composed of an electrically driven motor and a fan that is responsible for circulating air. It plays a crucial role in pushing hot or cold air generated by the air conditioner into the car through the air outlets. If the blower motor malfunctions, it can greatly impact the comfort and air quality within the vehicle.
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