The automobile industry in the United States has a long and storied history, dating back to the early days of the 20th century. In those days, the American automobile industry was the envy of the world, with automakers like Ford, General Motors, and Chrysler producing some of the most popular and innovative vehicles ever made.
Today, the American automobile industry is still a significant force on the global stage, with companies like Ford, GM, and Chrysler continuing to produce some of the most popular cars and trucks globally. However, the industry has undergone a significant transformation in recent years, as foreign automakers have increasingly entered the US market and made significant inroads.
However, automobile manufacturing isn’t the only multi-billion dollar market in the sector. There are other forms of businesses earning a lot of money. Here are some of the most profitable companies in the automobile industry.
Car Wash
Believe it or not, the car wash market is worth $13 billion in the United States. It’s the second-largest market in the outdoor and recreational services industry.
Auto dealerships are typically the biggest investor in car washes, with many of them owning and operating their facilities.
Other companies that benefit from the trend include manufacturers and distributors of automotive chemicals and equipment and private owners who operate their car wash businesses. These businesses provide products and services that help keep cars clean and running smoothly, making them part of the automotive industry ecosystem.
Auto Parts Manufacturing
The US auto parts manufacturing industry is one of the most competitive markets. Millions of different auto components are made every year by hundreds of small companies, many of which are family-owned businesses or privately held entities. Auto parts manufacturing is a much cheaper venture to start than automobile manufacturing.
The auto parts manufacturing market is worth over $60 billion. Some examples of popular products produced by these vendors include tires, batteries, and brake pads.
The industry is expected to grow even larger in the coming years as new technologies, such as electric vehicles become more prevalent. This shift will create new opportunities for auto parts manufacturers to develop and produce components that are unique to these types of vehicles.
Car Accessories Manufacturing
Americans love their cars, and they love to accessorize them. The most popular products are audio equipment, spoilers, and custom wheels. However, certain products such as car tint are also popular, and producing them isn’t too hard or expensive. All you need is a heat transfer supplier to help you out. They’ll know how to get you started in this kind of manufacturing.
This industry has seen a surge in recent years due to the rise of social media platforms like Instagram and YouTube. Car enthusiasts are using these platforms to show off their tricked-out rides, which has created a demand for new and unique car accessories.
As the trend continues, we can expect to see even more growth in this market as companies vie for a piece of the pie.
Auto Repair & Maintenance
Auto repair and maintenance services are a $62 billion industry in the United States. This figure includes everything from oil changes and tire rotations to more complex services like engine repairs and transmission replacements.
There are two main types of businesses that make up the auto repair industry: full-service repair shops and specialty service providers. Full-service repair shops offer a wide range of services, while specialty service providers focus on specific types of maintenance or repairs, such as transmission work and oil changes.
Most auto repair shops in the US are small businesses owned by individuals. Many operate out of neighborhood garages or standalone facilities, while others are located inside larger automotive stores or malls.
Used Car Dealerships
The used car market is worth $575 billion in the US. This accounts for nearly one-quarter of all automotive sales in this country, making it a very lucrative industry to be involved in.
Many people prefer buying used cars over new ones because they are more affordable. Additionally, they often come with lower maintenance costs and insurance premiums.
Used car dealerships are typically smaller businesses that operate out of either standalone facilities or large stores within shopping malls. They usually offer a wide range of different makes and models to suit many different buyers.
With the automobile industry still growing, demand for auto repair services is expected to remain high in the years to come. This will create opportunities for new players looking to enter the market and established vendors who want to expand their service offerings.