Whether you are just starting out in the auto parts and accessories industry or you’re just looking for a new way to shop, there are a lot of things to consider before you start. Whether you’re looking for a new engine oil or a spark plug, you’ll want to make sure you find the right auto parts accessories for your car.
- 1 Online sales of auto parts and accessories will reach $21.4 billion by 2023
- 2 LED replacements will be the largest single item type among all auto parts and accessories sold on Amazon in 2020
- 3 Spark plugs will be an essential part of your engine
- 4 Shop by service type displays vehicle-specific product groupings
- 5 Challenges of getting started in the auto parts and accessories industry
Online sales of auto parts and accessories will reach $21.4 billion by 2023
Increasingly, automobile enthusiasts are putting their passions to work. The internet has given these hobbyists the chance to sell their creations. They may also have the chance to earn a few extra bucks while they’re at it.
The automotive aftermarket industry is a $380 billion industry in the United States. In fact, the industry is expected to grow at a 4% compound annual growth rate through 2024.
The automotive aftermarket industry is not only important to automakers, but also to consumers. In fact, 57% of auto parts and accessories consumers use a manufacturer’s website to order parts. Moreover, 74% of consumers use the internet to search for auto parts.
Among the major players in the market, Amazon is the largest online retailer of auto parts and accessories. Amazon was ranked number one in the 2020 Digital Commerce 360 top 1000.
LED replacements will be the largest single item type among all auto parts and accessories sold on Amazon in 2020
Compared to the standard incandescent bulb, LED bulbs last up to five times longer, emit less heat, and do not produce the harmful emissions. LED lighting also provides convenience, as it does not require an ongoing disposal program. LEDs can be configured to produce different light outputs.
Aside from being energy efficient, LED bulbs are also brighter than halogen bulbs. They are used in many different applications, from outdoor lighting to daytime running lights.
Halogen bulbs are the oldest type of bulb on the market. Halogen bulbs produce a high level of heat, which is why they are the least durable bulb type. The life expectancy of halogen bulbs is 800 hours, while LED bulbs can last for 30,000 to 50,000 hours.
Spark plugs will be an essential part of your engine
During the course of driving, spark plugs play a significant role in your vehicle’s overall performance. Faulty or worn out spark plugs can cause misfiring, reduced fuel efficiency, and decreased acceleration.
A spark plug is a small metal cylinder that provides high voltage to the combustion process in your vehicle. It is located near the fuel injectors in your engine.
Spark plugs can be found in three basic types. Some models even have up to sixteen spark plugs. Depending on your vehicle, you may need to change a spark plug every 40,000 miles or so.
The most basic spark plug has a threaded metal discharge shell. It is usually made of aluminum, but can also be coated with nickel plating for improved conductivity.
Shop by service type displays vehicle-specific product groupings
PARTS iD’s proprietary site infrastructure has a few tricks up its sleeve, including a shop by service type that is unrivaled by its peers. Using this system in tandem with a well crafted customer reward program, the company has been able to create a highly efficient, well-oiled auto parts machine that is capable of producing a new car sales win every quarter. One thing is for certain, PARTS iD is set to dominate the industry. Putting it all together, the company has already accumulated 14 billion unique product data points from more than a half-dozen vendors. This isn’t an unheard of feat for a company of PARTS iD’s size. The company’s ace in the hole is a talented team of software engineers that is capable of deploying an augmented reality mobile app in under three months.
Challenges of getting started in the auto parts and accessories industry
Despite its promising outlook, the aftermarket parts industry faces several challenges. These include the complexity of the parts and the speed of technological change. The industry is expected to grow at an average rate of 4.7% per year over the next four years. In order to be successful, manufacturers should develop a strategy to overcome each challenge.
Increasingly complex designs are forcing manufacturers to adopt higher-tech solutions. This means that auto-parts manufacturers need to differentiate their products and reach new buyers early.
Aftermarket business owners also have to consider how they’ll market their products. The internet has opened up new avenues for aftermarket parts manufacturers. These new sales channels allow consumers to do research on manufacturer websites months before they actually engage with a salesperson.