The automotive aftermarket is related to the producing, reproducing retailing, distribution and installation of the parts of all kind of vehicles, chemical equipment, and accessories. This market is a minor one and its work start after the sale of these parts and accessories from its original manufacturer to its customers. It is very much possible that OEM will not be the manufacturer of all these sold out parts and accessories. The international trade administration of the department of commerce has stated in his report that the aftermarket has being categorized in two parts first is the replacement parts and second is of accessories. Replacement parts are those which are being remanufactured to be installed as the alternatives of the original parts when they get damaged or get too old to work properly or efficiently. Accessories are those parts which help in the customization of the vehicle, if people want to add some new gadgets for comfort, convenience or for safety purpose; all these parts are designed to be add after the sale of the cars or other auto motors.
All the parts which have been made to enhance performance, looks or to be replaced after the accidents when some of them get too much damaged to be used. These markets give a big range of parts all of them different in quality, and prices and are according to the models and the style in which vehicles have been made.
Installing of many of these parts is very easy and owners can do it themselves if they have interest in this job or they have knowledge what is needed to be done, or they can take their cars to professionals to install these parts for them. Consumers do have option to update their cars according to needs and new technologies. This industry helps very much to make sure that vehicles o run on the roads for as much time as the owners wants, not everyone has budget to change them every now and then so this industry helps to keep vehicles in running conditions.
The aftermarket industry of united state is being considered the biggest one in the world and it has worth of $318.2 billion and is giving more than 2.3% to GDP. This market has 4.2 million employees working in different departments such as retail, repair, supply and manufacture. This industry also has online roots and is increasing day by day.
Singapore is not itself a manufacturer of these parts but it is the most important country in the trade of them. in 2013 it was estimated that Australian industries have turnover of AUD$ 5.2 billion and has employers more than 21000.
