The global automotive aftermarket for e-commerce is expected to
Newark, NJ, November 03, 2021 (GLOBE NEWSWIRE) – According to the report published by Fior Markets, the global automotive e-commerce aftermarket is expected to increase from $ 42.5 billion in 2020 and reach $ 132.75 billion by 2028, with a CAGR of 15.3% during the forecast period 2021-2028.
The e-commerce automotive aftermarket is an aftermarket for the automotive industry that operates on an Internet platform. After the original equipment manufacturer (OEM) delivers the vehicle to the consumer, this includes the production, remanufacturing, distribution, retailing and installation of all auto parts, chemicals , equipment and accessories. Parts, accessories and other products for sale may or may not be made by the OEM. Spare parts are divided into two categories: spare parts and accessories. Aftermarket parts are auto parts that are manufactured or remanufactured to replace original equipment manufacturer (OEM) parts that are worn or damaged. The e-commerce automotive aftermarket provides online marketing and sales of almost all vehicle parts as well as some automotive related services. Both customers and service experts are served by market players. The widespread use of e-commerce services by customers has fueled the expansion of the global automotive e-commerce aftermarket market. In addition, the rapidly growing electric car industry is expected to open up new opportunities for market players in the coming years.
Growing consumer awareness of different auto parts, their technical details are boosting the automotive e-commerce market. The convenience of purchasing them online and the increasing number of In-Service Vehicles (VIOs), increasing number of traffic accidents are other factors contributing to the growth of the market. In addition, the increasing average age of vehicles, the growing number of DIY customers and the growth of the automotive aftermarket are the main growth drivers of this market. With the temporary shutdown of many physical aftermarket businesses, the automotive e-commerce aftermarket has seen a significant increase in revenues in 2020. Consumer purchasing preferences are expected to migrate from traditional brick and mortar businesses. to online platforms, propelling global e-commerce in the automotive aftermarket at a rapid pace. The COVID pandemic has had a severe impact on the automotive components supply chain, and it has also prompted consumers to stop buying non-essential items, thus e-commerce in the automotive aftermarket is currently experiencing a slowdown. Aside from the supply of automotive components, manufacturing has halted due to the lockdown of several countries to stop the pandemic in its tracks. However, as the situation improves, online auto parts sales will increase.
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Among the major players in the e-commerce market are Amazon Inc., Napa Auto Parts, O’Reilly Auto Parts, AutoZone, Arch Auto Parts, Alibaba Group, Bosch, CARiD, and Denso Corporation.
- For example, in March 2020, Front Row Motorsports (FRM) and US Auto Parts Network Inc. (CarParts.com), an e-commerce automotive component supplier specializing in collision, repair and maintenance parts, announced a collaboration for the NASCAR Cup 2020 Series. US Auto Parts Network Inc. will be the main sponsor of veteran driver Michael McDowell in the NASCAR Cup Series due to this relationship.
The engine parts segment dominated the market and held the largest market share of 26.5% in 2020
On the basis of components, the global e-commerce automotive spare parts market is segmented into transmission and steering parts, engine parts, electrical parts, suspension and brake parts. The engine parts category of the components segment held the largest share of the global automotive aftermarket online market with 26.5% in 2020. This is due to an increase in the number of vehicles on the road, as well. than an increase in the average age. of these vehicles, both of which drive demand for engine components, which are essential to the proper functioning of automobiles.
The direct-to-consumer segment dominated the market and held the largest market share of 60.7% in 2020
On the basis of channel, the global e-commerce automotive aftermarket is segmented into direct-to-consumer and third-party retailers. The direct-to-consumer category, segmented by channel, held the highest market share in automotive aftermarket e-commerce, at 60.7% in 2020. This is due to a shift in consumer preferences towards online shopping and an increase in the number of people who prefer to do their own car repairs and modifications. Due to the growing number of DIY consumers and the increased propensity to turn to online platforms for the acquisition of aftermarket components, the direct-to-customer category is expected to grow at a faster pace through 2030. The benefits of buying directly from online platforms include additional savings and the same. daytime home delivery.
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Regional segment of E-Commerce Automotive Aftermarket
- North America (United States, Canada, Mexico)
- Europe (Germany, France, United Kingdom, Italy, Spain, rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and rest of South America)
- Middle East and Africa (UAE, South Africa, rest of MEA)
On the basis of geography, the global e-commerce automotive aftermarket is classified into North America, Europe, Asia-Pacific, Middle East and Africa, and South America. The Asia-Pacific region held the largest market share of 25.16% in 2020. Due to the booming automotive industry in the region, it is a lucrative market for vehicle spare parts and components. India, South Korea, Japan and China have some of APAC’s most profitable auto parts markets. Due to the high urbanization rate of the country and the presence of a dynamic and technologically informed clientele who are rapidly moving towards e-commerce services, China has become the most important among them. North America is seeing an exceptional surge in the online automotive aftermarket. The North America region is expected to grow at a faster rate by 2028. The ability of online e-commerce platforms to directly connect end-users and DIY enthusiasts is a major development in the industry. Eliminating middlemen will increase the profit margins of small producers. In addition, market value will be boosted by the shift from brick and click channels to hybrid channels with simultaneous online presence.
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About the report:
The global automotive e-commerce aftermarket market is analyzed on the basis of value (USD billion). All segments were analyzed on a global, regional and national basis. The study includes analysis of over 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges to get the key insights of the market. The study includes the model of the five forces of the wearer, the analysis of attractiveness, the analysis of raw materials and the analysis of the position grid of the competitors.
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About Fior Marchés
Fior Markets is a futuristic market intelligence company, helping clients develop their business strategies and make better decisions using actionable intelligence. With a transparent information pool, we achieve client goals, high level engagements and targeting possible perspectives for SWOT analysis and market research reports. Fior Markets deploys a wide range of regional and global market research reports, including in industries such as technology, pharmaceuticals, consumer goods, food & beverage, chemicals, media, materials and many more. Our strategic intelligence capabilities are purposefully planned to drive the expansion of your business and elucidate the strength of a diverse industry. We hold distinguished units of highly expert analysts and consultants according to their respective fields. The global market research reports we provide involve qualitative and quantitative analysis of the current market scenario according to the separate geographic regions and complete performance in different regions with a holistic approach. Plus, our syndicated research reports offer a comprehensive guide to keeping businesses up to date with the major overhaul coming in their fields. Fior Markets facilitates clients with personalized research analyzes based on their exact needs, specifications and challenges, whether it is full desk research, investigative work, composition of multiple methods, detailed interviews or competitive intelligence. Our research experts are experienced in matching the exact people and methodology to your business needs.
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