The auto parts industry has come a long way from its humble beginnings as nuts and bolts at corner hardware stores to the massive production of components and systems for automobiles all over the world. As of the early 21st century, the industry was estimated to be worth $1.1 trillion, with companies operating on every continent except Antarctica. Today, domestic and foreign companies produce auto parts in the USA. And as the economy continues to grow, the automotive industry is poised to continue its growth.
The automotive industry is increasingly becoming innovative. New powertrains and other technological advancements are bringing a new generation of vehicle parts to the market. Direct-injection clean diesel engines, advanced gasoline engines with electronic valve timing, and electrical and hybrid vehicles are all anticipated to come on the scene in the next decade. Furthermore, advances in safety features like smart airbags are also likely to come from auto parts suppliers. Meanwhile, the auto parts industry is under intense global competition, as costs continue to rise and many consumers are demanding lower quality products.
In 2014, the auto industry in the USA supported over 532,000 jobs. In Ohio, there were 599 auto manufacturing establishments, including 24 motor vehicle, 96 body and trailer manufacturing, and 479 parts manufacturing businesses. In Michigan, there were 975 auto manufacturing establishments, with ninety-four motor vehicle manufacturing facilities and seventy-four parts manufacturing plants. The auto industry in Ohio and Michigan supported around 305,000 jobs in 2014.
The auto parts industry in the United States is not immune to unfair trade policies. While it is unlikely that the industry will disappear, unfair trade policies are threatening the industry and every American job. In fact, unfair trade policies have resulted in the loss of more than $130 billion in exports from the industry in the U.S. and Canada in the past decade. In addition, auto parts are the largest component of automobiles, accounting for up to 70 percent of cars sold worldwide.
In the automotive industry, GMB is a leader in the automotive industry. Founded in 1919, this company is the leading independent manufacturer, distributor, and marketer of replacement auto parts. Its product line has expanded to include fuel pumps, fan clutches, and steering and suspension parts. And it has an extensive Asian footprint. And it exceeds OE standards. So, when you’re looking for quality, and affordable auto parts, the USA is the best place to buy.
There are many other automotive companies that make their products in the United States. Visteon Corporation, for example, is the world’s largest automotive supplier. It develops advanced technologies for the automotive industry, manufactures and distributes auto parts, and provides car service systems. With more than 260,000 employees, Bosch is one of the largest auto parts suppliers worldwide. However, since the U.S. has become less dependent on foreign suppliers, it has become more competitive.