The auto parts industry is worth almost $70 billion in the United States. It’s one of the larger manufacturing industries in the country and for good reason.
All these parts are needed for the auto industry. Every time you get in your car to drive it, there was so much behind the scenes to get it there. And these processes are constantly changing.
Are you curious to know what’s happening in the auto and auto parts industries as of 2023? Keep reading to learn a little bit more about what’s going on!
Electric Is on the Rise
RAM created a concept for the first full-size electric pick-up truck. The electric pick-up is just as edgy, cool, and large as the regular RAM pick-up trucks.
Although you may not think that many people would be interested in an electric pick-up truck, the RAM model sold out in just three days.
Brand Loyalty Is Not As Strong
So many people used to stick with a specific car brand once they fall in love with one. However, U.S. consumers are changing that narrative.
The brand loyalty rate hovers around the 50% mark in the United States market for the auto industry. Although a lot of that may be due to people wanting to try new things, a lot of it is definitely in part due to the global microchip shortage. Many people had to change what kind of car that they wanted to purchase based on what was available.
However, although people are changing brands, body-style loyalty is still extremely strong. Most people will stick with the type of body style that they like already.
Hyundai Is Becoming More Popular
Hyundai is a brand that has become more and more popular in terms of consumer interest in the last several years.
In fact, J.D. Power designated it as the highest-ranked mass-market brand in 2021.
Van Sales Are on the Rise
More and more people are switching over to life on the road. As more people do this, sales for vans rise.
Many people prefer to have smaller rigs as opposed to larger RVs for ease of use and for maintenance reasons as well.
Ford has begun creating specific vehicles meant just for van life as well because of how hot this market is.
More Advanced Technology for Auto Parts
There is a lot of new technology coming out, one of which is plastic injection molding. This is used a lot in the creation of auto parts and is becoming increasingly popular for creating more complex parts.
Auto and Auto Parts Industry News
There is always something happening in the auto parts industry. From new technologies to consumer trends, things are constantly changing.
If you are in the auto industry and in need of help with a new project, you can contact us at Nova Stevensville. We are here to help!
