Newark, NJ, Nov. 03, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global e-commerce automotive aftermarket is expected to grow from USD 42.5 billion in 2020 and to reach USD 132.75 billion by 2028, growing at a CAGR of 15.3% during the forecast period 2021-2028.
The e-commerce automotive aftermarket is a secondary market for the automobile industry that operates on an internet platform. After the original equipment manufacturer (OEM) has delivered the vehicle to the consumer, it includes the production, remanufacturing, distribution, retailing, and installation of all car parts, chemicals, equipment, and accessories. Parts, accessories, and other products for sale may or may not be produced by the OEM. Aftermarket parts are divided into two categories: replacement parts and accessories. Replacement parts are car parts that are made or remanufactured to replace original equipment manufacturer (OEM) parts that have worn out or become damaged. E-commerce automotive aftermarket provides online marketing and sales of almost all vehicle spare parts as well as some automotive-related services. Customers and service experts are both served by the market players. The widespread use of e-commerce services by clients has fuelled the expansion of the worldwide e-commerce automotive aftermarket. Furthermore, the rapidly growing electric car sector is expected to open up new opportunities for market participants in the future years.
Rising consumer awareness of different auto parts, their technical details is driving the e-commerce automotive market. The convenience of purchasing them online and rising number of vehicles in operation (VIO), burgeoning number of road accidents are other few factors adding towards the growth of the market. Also the increasing average vehicle age, booming number of do-it-yourself (DIY) customers, and growing automotive aftermarket are the strongest growth drivers for this market. With the temporary closure of numerous physical aftermarket businesses, the e-commerce automobile aftermarket saw a significant surge in income in 2020. Consumer purchase preferences are projected to migrate from traditional brick-and-mortar businesses to online platforms, propelling global e-commerce in the automobile aftermarket at a rapid rate. The COVID-pandemic has had a severe impact on the automotive component supply chain, and it has also influenced consumers to stop from acquiring non-essential items, thus e-commerce in the automotive aftermarket is now experiencing a downturn. Aside from the supply of car components, manufacturing has halted as a result of several countries locking themselves in to stop the pandemic in its tracks. However, as the situation improves, online auto parts sales will increase.
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Amazon Inc., Napa Auto Parts, O’Reilly Auto Parts, AutoZone, Arch Auto Parts, Alibaba Group, Bosch, CARiD, and Denso Corporation are among the major players in the e-commerce market.
- For instance, In March 2020, Front Row Motorsports (FRM) and U.S. Auto Parts Network Inc. (CarParts.com), an e-commerce automobile component provider specialised in collision, repair, and maintenance parts, announced collaboration for the 2020 NASCAR Cup Series. U.S. Auto Parts Network Inc. will be the principal sponsor of veteran driver Michael McDowell in the NASCAR Cup Series as a result of the relationship.
Engine Parts segment dominated the market and held the largest market share of 26.5% in the year 2020
On the basis of components, the global e-commerce automotive aftermarket is segmented into drive transmission and steering parts, engine parts, electrical parts, suspension and braking parts. Engine parts category of components segment held the largest share of global e-commerce automotive aftermarket accounting to 26.5% in the year 2020. This is due to an increase in the number of vehicles on the road, as well as an increase in the average age of those vehicles, both of which are driving demand for engine components, which are critical to the proper operation of automobiles.
Direct-to-consumer segment dominated the market and held the largest market share of 60.7% in the year 2020
On the basis of channel, the global e-commerce automotive aftermarket is segmented into direct to consumer, and third party retailer. The direct-to-consumer category, segmented by channel, owned the highest market share in e-commerce automotive aftermarket accounting to 60.7% in the year 2020. This is due to a shift in consumer preferences toward 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 increased propensity toward online platforms for acquiring aftermarket components, the direct-to-customer category is anticipated to develop at a quicker rate through 2030. Benefits of purchasing directly from online platforms include additional savings and same-day delivery to one’s home.
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Regional Segment of E-Commerce Automotive Aftermarket
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., 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 & Africa, and South America. Asia Pacific region held the largest market share of 25.16% in the year 2020. Because of the region's thriving automobile sector, it's a lucrative market for vehicle replacement parts and components. India, South Korea, Japan, and China have some of the most profitable car aftermarkets in APAC. Due to the country's high urbanisation rate and the presence of a dynamic and technologically aware customer base that is quickly moving toward e-commerce services, China has emerged as the largest among them. North America is observing exceptional surge in the e-commerce automotive aftermarket. North America region is anticipated to grow at faster pace by 2028. The capacity of online e-commerce platforms to directly link end-users and DIYers is a major development in the industry. The elimination of intermediaries will enhance profit margins for small-scale producers. Furthermore, the market value will be driven by the change of brick-and-click channels to hybrid channels with simultaneous online presence.
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About the report:
The global e-commerce automotive aftermarket is analysed on the basis of value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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